Inflation is a reality we’re all familiar with. Surveys show the economy was the top issue for voters who sent Donald Trump back to the White House. CBS News reported, “[Trump] was propelled by an electorate dissatisfied with the state of the country, the economy and by the many voters who were feeling the impact of inflation.”
Wondering why everything is so expensive? The Heritage Foundation explains “prices are rising because of the federal government’s reckless spending, paid for by printing new money that devalues your dollars. It acts like an invisible tax.”
Since September, The Heritage Foundation’s website has offered a Personal Inflation Calculator, “your tool for seeing just how much more the government has taken.”
How to Use the Personal Inflation Calculator
Click the link to go to the Personal Inflation Calculator on Heritage’s website. Then …
- Choose the standard version for quick results, or the detailed version for more precise results.
- Select your region, subregion, or metro area from the dropdown menu for data tailored to your location. Unfortunately, choosing “Midwest” seems to be the best option for those of us in Northeast Wisconsin; Chicago appears to be the closest city on the list … and who really believes Chicago is representative of our region?
- Enter your current monthly expenditures in each category or pick from pre-selected expenditure profiles for quick results. All fields need to be filled out for the calculator to work. If you don’t spend anything on a category, enter zero.
- Choose a reference year and month to compare to the present. I chose November 2019.
- Click the calculate button for your results.
My results? “Compared to November 2019, you are paying $1,237 more every month for the same goods and services. That is a percentage increase of 26.2% over 4 years and 9 months.”
The website also allows you to find out how inflation is affecting your state; explains the calculator’s methodology; and offers links giving you an opportunity to do a “deeper dive” into the issue.
