Why is the cost of living so high in America? Americans have been watching almost helplessly as the cost of living continues to aim for the sky. Everything, from diapers to gas, is adding more to its cost. This is trimming down the size of Americans’ wallets. Last year, for instance, the Organization for Economic Cooperation and Development (OECD) says prices in the US jumped at the rate of 4.7 percent, faster than any other G7 country. Are Americans getting close to their breaking point? Even living in suburbs in the U.S. can be pricey. In this video, we will look at facts and figures surrounding the cost of living in the US. The focus shall be answering the question, why is the cost of living so high in America?
Facts From Key Observations
According to the data from the Labor Department, the cost of cooking dinner on weekdays and fueling the car for average users has already shot up by 38 percent within one year. What about the cost of food, rent, utility, and transportation? The same source says, in the 12 months that ended February, prices of each of these have gone up by at least 13 percent. That’s the least percentage of increase in items making up the cost of living. That month, according to a global chief economist and strategist at Manulife Investment Management, Frances Donald, consumer prices increased at a level the country has not seen since the start of 1982. He added that these were more optional types of inflation.
The True Living Cost in America
The true living cost or TLC reveals what inflation numbers are hiding. The question, then, is what's the way to measure in America, and by extension, everywhere the cost of living? Those hitherto indicators like the consumer price index (PCI) and unemployment rates are no longer able to provide reliable snapshots of modern economic realities. Why do they fall short? A former comptroller of the currency the Ludwig Institute for Shared Economic Prosperity boss described what he termed the TLC as an alternative metric called TLC. It provides a more accurate analysis of the struggles of families with median or lower incomes. It also factors the cost of those items we earlier mentioned together with food, housing, utilities, child care, health care, technology, and other miscellaneous expenses.
What is the True Cost of Living?
We would try to give you certain figures as presented by dependable numbeo.com and other reputable websites. But before then, it will be nice to provide some caution. First, it has to be noted that the cost of living varies from state to state. It even varies within the same state. Therefore, any figure you find will be the average of what obtains in America at best. If you want the basic lunchtime menu in the business district, you will be spending around 19 dollars for one. In an expensive restaurant, it averages around 17.50. Domestic beer costs somewhere between 2.97 dollars to 5 dollars per 0.5 liter. One bottle of good quality red wine costs between 12 dollars to 15 dollars. Still on food; bread for two people for one day costs about 3.10 dollars. Now, let’s talk about rent. The monthly rent for 900 square feet home in an expensive area averages 3,073 dollars. A 1-bedroom apartment in the city center on average costs 1,704.18 dollars while the same outside of the city center costs 1,376.65 dollars. If you compare these figures with what those items cost in other countries, you will realize that they’re more expensive. Comparing those prices to what those items cost within the past 5 years, the increase in the cost of living in the U.S. will become really alarming. We can say the same thing about utilities such as electricity, heating, cooling, water, and garbage disposal. Even prepaid mobile tariffs and internet are not cheap either. Let’s look now look at some of the reasons the cost of living is so high in America.
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