We can envision the Obama campaign hacks on the phone to the folks at Reuters excoriating them for pointing out the ugly truths of this failed administration: Everything costs more and if Obama is re-elected things will be getting a whole lot worse.
Consumers will have to dig deeper into their pockets next year to pay for costlier healthcare, more expensive grocery bills and higher taxes, an extra drag on the country’s already slow-moving economy.
The additional outlays look set to test the resilience of consumers, whose spending accounts for around two-thirds of the U.S. economy.
“We think it’s going to be a difficult six to nine months,” said Scott Hoyt, senior director of consumer economics for Moody’s Analytics. “If anything, conditions are likely to get worse, particularly at the start of the year.”
We wonder how many of the braindead Obama voters realize how much more they’ll be paying in taxes? They’re mostly low-information voters, so we doubt they have a clue.
Boy, won’t they be in for a shock.
Another area of concern for consumers is food prices. Rises in the prices of corn and soybeans and other field crops as a result of drought this year in the U.S. Midwest are expected to feed through into food prices late this year and in early 2013.
U.S. soybean prices jumped 40 percent over the summer, while wheat shot up about 50 percent. Prices have eased a bit since then, but the increases are expected to filter down to consumers.
“We are starting to see evidence of food prices moving up so that’s definitely going to be a drag on disposable incomes,” said Hoyt of Moody’s Analytics.
The economy will barely be hanging on if this failure is re-elected. Don’t say you weren’t warned.
Another big extra outlay will be in healthcare premiums, which on average are costing employees more than $2,200 in 2012, according to Aon Hewitt, a human resource consulting firm.
Average health care premiums are forecast to jump by 6.3 percent in 2013, according to Aon Hewitt
Over the last five years, employees’ share of healthcare costs will have increased more than 50 percent, it said.
Great thing we’ll have ObamaCare, huh?