The combination of runaway costs and high interest rates has been catastrophic for ordinary Americans.
It was February of 1992 and President George H. W. Bush, while out campaigning for reelection, gave a speech to the National Grocers Association. What could possibly go wrong? It was a non-event, evidenced by the fact that only one pool reporter was present, Gregg McDonald of the. Before Bush gave the speech, he toured the new grocer technology, including a state-of-the-art scanner that could weigh produce and read damaged bar codes.
Millions of Americans are experiencing pain like Holdsworth's. We're keeping cars longer than we've ever kept them. Indeed, the average age of passenger vehicles in America hit a record-high 12.5 years this year, Yahoo Finance reported in mid-May. The two contributing factors are rising prices and rising interest rates. Since 2020, the average price of a new vehicle has risen 24 percent to a whopping $48,000, according to Edmunds.com.
The vast majority of cars being sold in America, it's worth noting, are not new cars, but old ones. In 2022, fewer than 14 million new vehicles were sold, while used cars racked up 36.2 million units sold. There are currently 284 million cars on the road with a record 122 million over the age of 12. Americans aren't driving such old vehicles because we want to or because we like it. We're driving them longer because we can't afford not to.
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