Democrats Cause Staggering New Price Increase
Would this have happened under Trump? You know it wouldn’t have.
President Joe Biden has referred to himself as a person with a strong interest in cars, but unfortunately, due to inflation under his administration, the cost of cars has become more difficult for many Americans to manage financially.
According to data from the Department of Labor, the consumer price index for new vehicles has risen by over 19.4% between March of 2021 and March of 2023.
According to Breitbart, as per the Kelly Blue Book, the average price of a new car in the United States has reached $48,008, which is an increase of 18.6% from March 2021.
In comparison to March 2020 when the pandemic lockdown had a significant impact on the economy, prices have risen by 30%.
According to The Washington Post, the 2021 Consumer Expenditure Survey’s latest data indicates that this increase in car prices has resulted in a “car-gap.”
Spending on new cars by the lowest 20% of earners has decreased to its lowest point in 11 years due to the increase in car prices.
On the other hand, the top 20% of earners have reached their highest level of spending on new cars since 1984, as per The Washington Post report.
Looking for a used car may not be a viable solution either, as the consumer price index indicates that used car prices have risen by 20.3% since March 2021.
