What The Federal Government’s New Year’s Resolutions Should Be

Heading into 2024, consumers are expected to spend more on certain items than last year to ring in the new year. 

According to the Consumer Price Index for All Urban Consumers (CPI-U), champagne for New Year’s toasts is 2.9% higher than last year. Admissions to events for celebrating the coming of 2024 increased by 8.1%. Appetizers and snacks for New Year’s parties cost 2.2% more. Women have to spend 0.4% more on outfits for parties. The price of engagement rings has gone up 2%.  

Thankfully, traveling back from the holidays has decreased, 12.1% by plane and 8.9% by car, but this only after high increases last year.      

Those who make New Year’s resolutions to join a gym or pick up a new recreational hobby will dish out 4.8% more than last year.

These increases in prices have led to consumer distrust and worry. Going into the New Year, 31% of adults say that inflation is “their top financial stressor.” Inflation not only affects everyday expenses, but it also impacts individuals’ and households’ ability to pay student loans, other debt, rent, and mortgages and to save for retirement. A recent survey found that 85% of Americans with a financial resolution for the new year believe inflation will make it difficult for them to accomplish it compared to 81% last year.   

Now, most Americans consider economic issues an important consideration in their voting choices. 62% of young adults pick economic issues over social issues in determining their vote with 93% saying the economy is “only fair” or “poor.”

Rising prices and low consumer satisfaction should spur the federal government to make some New Year’s resolutions of its own. Decreasing federal spending, lowering taxes on Americans and small businesses, reducing regulations, and protecting independent contracting would be a good start.