Are You Better Off Now than You Were Four Years Ago?

October 11, 2024

As Grandpa Stan has wondered, “Why is STUFF so Darn Expensive!”

You, like Grandpa Stan, likely feel that you’re not keeping up with costs that have been rapidly rising over the past four years. You are not alone. And it is not just in your head.

The Kiplinger Retirement Report, October 2024, reported that

• In November 2020, the year-over-year inflation rate was 1.2%. In June 2022, it peaked at 9.1%. In July 2024, it was 2.9%
• Gas prices are up 66%, from $2.12/gallon in November 2020 to $3.52/gallon in July 2024
• Food and beverage inflation experienced by seniors went up by 22% over the 44 months from November 2020 to July 2024
• Monthly electricity bills have gone up 26% over the 44-month period
• Credit card Interest rates are up 48%, from 14.65 % in November 2020 to 23.17% in July 2024

Yet, our Minnesota economy is growing such that we can keep up, right? Not so!

The Kiplinger Letter, Sept 26, 2024, projects Minnesota to have less than 1% employment growth in 2025. Almost half the states are projected to higher growth. Unemployment rates actually increased during the summer in Minnesota by at least 0.3%.

We need a legislature that drives productive growth in the private sector, not growth in government. We need a legislature that will diligently oversee the spending of our tax dollars and return surplus revenues to the taxpayers.

Does your DFL state representative have the right priorities?