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September 17, 2023
Financially Brutal Months Up Ahead: Gas & Food Cost Rising With A Colder-Than-Expected Fall And Winter Coming, Are Going To Test Our Prepping Capabilities
With summer nearing the end, and fall set to begin, so does the colder weather, but we as a nation will once again be dealing with higher electricity bills as the price of gas continues to rise. Autumn is when we start pulling out our warmer clothes and begin our preparations for the upcoming winter which starts on December 21 of this year.
For some, like Stefan and I, it is time to stock up on cords of wood for the fireplace, pull out the sweaters, gloves and scarves, because Autumn does start to get chilly up in the mountains.
Those in warmer climates have a little more leeway in deciding when to start winter preparations because Autumn doesn't get quite as cold as it does in colder climates, but with inflation rising again, food costs approximately 20% higher in 2023 than it was in 2020, gas prices on the rise now that the manufactured relief from Joe Biden releasing the Strategic Reserves is almost all gone, it is likely a prudent idea to get everything in order earlier, before prices rise any more.
• Oil prices are surging again, but the Strategic Petroleum Reserve remains near 40-year lows.
• Last year, the Biden administration drained 180 million barrels from the SPR as oil prices soared.
• Oil's latest uptick has raised fears of persistent inflation and the possibility of more Fed rate hikes.
The point here is despite different geographical areas cooling faster than others, preparation for winter, and in colder areas, the fall, everyone is going to want to spend the least possible to prepare, and to keep warm in both the fall and winter.
FINANCIALLY BRUTAL MONTHS UP AHEAD....
We'll get back to what can be done to minimize the financial pain expected in the coming months, but first, proof of my assertions regarding the economy and how much more difficult it is about to get.
Breitbart: "The Census Bureau on Tuesday released its calculations for the change in real median household income for last year. By its calculations, the median income of U.S. households fell in 2022 by 2.3 percent, the worst decline since 2010."
That’s before taxes. Once you calculate in changes to the taxes paid and subsidies handed out, household income fell 8.8 percent. A lot of the post-tax decline had to do with the lapsing of the Biden administration’s pandemic “rescue” policies—like child tax credits and the super-sized earned income tax credit—that pumped up incomes and contributed to the worst inflation in decades.
CNBC: "The August 2023 consumer price index rose 3.7% on an annual basis, the U.S. Bureau of Labor Statistics said Wednesday."
The chart below represents what has risen and what continues to rise:
Go to the CNBC link above to see what products have gone down.
Bloomberg, via Yahoo News: "Gasoline prices have surged to a record high for this time of year in the US, jeopardizing the fight against inflation that’s dogged President Joe Biden."
Average regular gasoline now costs $3.866 a gallon, a seasonal record on a trailing-12-months basis, according to data from the American Automobile Association. Prices have risen by 7.8% in just eight weeks in a rare late-summer rally.
Via The Hill, we see Georgia's Governor, Brian Kemp, has declared a state of emergency over inflation.
“From runaway federal spending to policies that hamstring domestic energy production, all Bidenomics has done is take more money out of the pockets of the middle class,” Kemp said in a press release.
“While high prices continue to hit family budgets, hardworking Georgians deserve real relief, and that’s why I signed an executive order today to deliver it directly to them at the pump,” Kemp continued. “Working with partners in the General Assembly, we’ll continue to help Georgians weather the economic headwinds caused by this president, his administration, and their allies in Congress.”
The order will suspend gas and diesel taxes in the state. This would be the second time in two years Kemp has suspended fuel taxes.
The point here in this section is that household income decreased, while prices are increasing again, food higher than overall inflation, gas continues to rise, and we have cooler weather heading our way.
WHAT WE ARE PREPARING FOR......
According to the Farmer's Almanac, out of 18 regions, 12 are expected be colder than normal this upcoming winter, with just six expected to be above normal. 16 of the 18 regions will see more snow and/or precipitation or rain, while two regions will be drier.
With the cost of electricity rising, and heating gas getting more expensive the closer to winter we get, and having less money to spend percentagewise of our income, preparing early and figuring out how to stay warm and dry for the least amount of money, will be key.
Heating just the rooms you use the most with space heaters rather than using central heat, will save money. Thick socks, sweaters, scarves and gloves, all can be helpful in keeping your heating bills down in the fall and the winter.
The closer to winter we get is when those that do not prepare early start rushing to get what they need, which in turn causes sellers to raise their prices, which is basically the same thing that happens when a massive storm hits and people go panic shopping at the last minute, emptying the store shoves.
BOTTOM LINE
Incomes down, prices rising again, gas continuing to rise without relief in sight, and a winter that is going to be largely snowier, colder and rainier than normal.
The bottom line here is simple. Prepare early and save more money.
This next video a women takes the time and effort to compare her exact order from 2020 to the same items in 2023, and then created a spread sheet to show viewers the difference. There is a short advertisement for her sponsor towards the beginning, but the side-by-side comparisons are are a real eye-opener.
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