A virus known as porcine epidemic diarrhea has pushed pork prices up to new all-time record highs. It has already spread to 27 states, and as I mentioned above, it has already killed up to 6 million pigs. It is being projected that U.S. pork production will decline by about 7 percent this year as a result, and Americans could end up paying up to 20 percent more for pork by the end of the year.
The price of beef has also soared to a brand new all-time record high. Due to the drought that never seems to let up in the western half of the country, the total size of the U.S. cattle herd has been declining for seven years in a row, and it is now the smallest that is has been since 1951.
If the overall price of food in this country increases by just an average of a little more than 12 percent a year, it will double by the end of this decade.
What would you do if you suddenly walked into the grocery store and everything was twice as much?
That is a frightening thing to think about.
Meanwhile, all of our other bills just keep going up as well. For example, we just learned that the price of electricity hit a brand new all-time record high for the month of March.
If our incomes were keeping up with all of these price increases, that would be one thing. Unfortunately, that is not the case. As I wrote about earlier this week, the quality of our jobs continues to go down and more Americans fall out of the middle class every single day.
According to CNBC, there are hundreds of thousands of Americans with college degrees that are working for minimum wage right now…
While a college degree might help get a job, it doesn’t necessarily mean a good salary. According to a report released last month by the Bureau of Labor Statistics, some 260,000 workers with bachelor’s degrees and 200,000 workers with associate’s degrees are making the minimum wage.
The federal minimum wage is $7.25 an hour, and the minimum wage for tipped workers is $2.13 an hour. Some cities and states have recently raised their minimum wage, but the BLS report defines only those making $7.25 an hour or less as “minimum wage workers.”
And according to the U.S. Census Bureau, median household income in the United States has dropped for five years in a row.
This is why so many families are financially stressed these days. The cost of living is going up at a steady pace, but for the most part our paychecks are not keeping up. Average Americans are having to stretch their money farther than ever, and many families have reached the breaking point.
So what is going on in your neck of the woods? Are you starting to see prices rise at the grocery stores where you live? Please feel free to join the discussion by leaving a comment below…
This article is brought to you courtesy of Michael Snyder.