Thanks to a new tool from the Heritage Foundation, you can figure out how much more the government has taken from you.
Americans are paying more for just about everything due to the federal government's massive overspending and printing of new money which is causing inflation. Gas, groceries and the price of housing are the real heavy hitters with rising costs. Thus, the Heritage Foundation has recently introduced a Personal Inflation Calculator so folks can know just how bad it's been for them financially.
EJ Antoni, Public Finance Economist at the Heritage Foundation, said the calculator is easy to use and any individual can can punch in their exact situation.
"You can customize it to fit your own life," he said. "It allows you to fit the numbers exactly to your scenario."
The calculator will show a percentage and a dollar amount that someone or a family is paying more each month due to the rising costs of necessities and inflation. An individual may not align with the national averages, so this tool can be of assistance to a suburban woman with multiple children or even a retiree. It also allows for someone to put in the city in which they live.
"In one city, you may have a typical family whose expenses are $1,000 more per month, but in a different city it could be much more," Antoni said.
The tool has been out now for a few weeks. Antoni added that the usage and feedback they've gotten on it has been positive.
With inflation coming down since last year, but still at a high rate, Antoni said it may be time for a change in personnel at the White House to try and limit the federal spending and printing of new money.
"I think we need new policies and I think the only way you get that is with new leadership in Washington," said Antoni.