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Tags: investopedia | american dream | inflation

Report: Inflation Drives American Dream to $3.4M

By    |   Wednesday, 06 December 2023 07:12 PM EST

The aggressive rise in inflation has driven the benchmark to achieve the "American dream" to $3,455,305, outpacing Americans' average lifetime earnings by roughly one million dollars, according to a new report from Investopedia.

Caleb Silver, the editor in chief of Investopedia, told the Daily Mail that "While everyone's idea of the so-called American dream is unique, the rising cost of everything a family might reasonably want and need to afford, like health insurance, owning a vehicle, buying a home, raising children and sending them to college, continues to put that dream further out of reach for most households."

Among the top costs plaguing the dream is paying off a mortgage, which for the average home buyer will cost $796,998 — assuming a 10% down payment and a 30-year fixed rate of 7.2%. Other figures factoring into the calculation included raising two kids at $576,896, the average lifetime purchase of six cars at $271,330, paying for the kids' college at $42,070, a wedding at $35,800, owning a pet for 15 years at $67,935, health insurance at $934,752, health insurance at $715,968, and finally a funeral cost of $7,848.

According to House Minority Leader Hakeem Jeffries, D-N.Y., "inflation is coming down."

But according to Heritage Foundation economist Peter St. Onge, there's been a 20% inflation" that's occurred under President Joe Biden. Per the Bureau of Labor Statistics, their CPI Inflation calculator shows that from Jan. 2021 to Oct. 2023, $100 is now $117.62, marking a decline in purchasing power.

Nick Koutsobinas

Nick Koutsobinas, a Newsmax writer, has years of news reporting experience. A graduate from Missouri State University’s philosophy program, he focuses on exposing corruption and censorship.

© 2024 Newsmax. All rights reserved.


Newsfront
Achieving the "American dream" now outpaces Americans' average lifetime earnings by roughly one million dollars, according to a new report from Investopedia, bringing the new benchmark to $3,455,305.
investopedia, american dream, inflation
249
2023-12-06
Wednesday, 06 December 2023 07:12 PM
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