Cumulative Inflation Reset 10-12-24

The US inflation experienced in the 1970s and 1980s became permanent. Working Class wages moved from $5/hr. to $8/hr. from 1975 to 1985 and moved again from $8/hr. to $10/hr. from 1985 to 1990. Middle Class salaries moved from $20,000/yr. to $30,000/yr. from 1975 to 1980 and moved again from $30,000/yr to $40,000/yr. from 1980 to 1985. The Electronics Revolution moved Middle Class Salaries again from 1985 to 1990 from $40,000/yr. to $50,000/yr. 

In 2024, The Average Pay of the US Population shows that US Citizens have suffered inflation that prevents the Working Poor who earn 0-$24,999 from being self-sustaining. There is no way they can pay rent that costs $18,000/yr.

The Working Class who earn $25,000 to $49.999 can pay rent, but struggle to pay for gas, car repairs and food.

The Middle Class who earn $50,000 to $99,999 can pay their bills, but many are stuck renting as they wait for Home Prices and Mortgage Interest Rates to subside.

Annual                    % Pop

0-15,000                 8.3%      Working Poor

15,000-24,999        7.4%      Working Poor

 

25,000-34,999        7.6%     Working Class

35,000-49,999      10.6%     Working Class

 

50,000-74,999      16.2%     Middle Class         

75,000-99,999      12.3%     Middle Class

 

100,000-149.999  16.4%  High Middle Class

150,000-199,999   9.2%   High Middle Class

 

Over 200,000       11.9%  Upper Middle Class

 

US Citizen’s Pay by Group

0-24,999                    15.7%   Working Poor

25,000-49,999           18.2%   Working Class

50,000-99,999           28.5%   Middle Class

$100,000-$199,999   25.6%   High Middle Class

Over $200,000          11.9%   Upper Middle Class

Source: NTL 8-10-24

The US should be able to reduce the cost of Government to allow prices to relax and reestablish affordability for US Citizens. Producing more Oil and Natural Gas will increase supply and lower the price of energy. Reducing Corporate Taxes from 21% to 15% will allow companies to re-shore manufacturing and provide jobs.  Lowering Income Taxes for the Working Poor, Working Class and Middle Class will allow affordability to be restored.

In 1965, a good family income was $10,000/yr.  Now in 2024, a good family income is $100,000/yr. If inflation continues, in 60 years, a good family income will be $1,000,000/yr.

The US should be able to reduce government spending to ensure that we stop the further devaluation of the US dollar and pay down the National Debt. Wars can be replaced by total economic isolation of our enemies. Our Oil and Natural Gas Reserves are sufficient to export our way out of debt. Bringing back Manufacturing to US Workers will provide needed jobs for US citizens and restore our technological innovation capabilities. It will also reduce the expense of our Supply Chains.

Electing Republicans in 2024 will allow the US to regain affordability.

Norb Leahy, Dunwoody GA Tea Party Leader