Finance
January 1, Biden’s Inflation Nightmare: The Staggering Cost For Average Americans Revealed
Just to maintain the same standard of living that Americans had at the beginning of President Joe Biden’s term, households have to spend an additional $11,434 per year, according to CBS News.
Since January 2021, when Biden first took office, inflation has risen 17%, far outpacing the 2% per year that the Federal Reserve aims for, while average hourly wages have only increased 13.6%, according to the Congressional Joint Economic Committee’s (JEC) state inflation tracker.
As a result, more Americans reported that they are struggling financially than they did before the COVID-19 pandemic as persistent inflation continues to take its toll, according to CBS News.
“Food costs and basic costs are up more than other costs,” Gene Ludwig, chairman of the Ludwig Institute for Shared Economic Prosperity, told CBS News. “Putting on a Thanksgiving dinner costs the same if you’re a lower- or upper-income American, but for a lower-income American it’s a bigger portion of your spending.”
Inflation peaked at 9.1% year-over-year in June 2022, remaining elevated but decelerating to 3.2% in October. In an attempt to quell inflation, the Fed raised its federal funds rate to a range of 5.25% and 5.50%, the highest point in 22 years, after 11 rate hikes since March 2022.
The price increases related to groceries have culminated in a 26% rise in the cost of a Thanksgiving dinner since the beginning of Biden’s term, making it the most expensive in history. The price of a turkey, measured through the index for uncooked poultry excluding chicken, increased by 31.2% in the time frame.
Many economists have pointed to Biden’s high-spending policies as one of the reasons for rising prices and high inflation. Biden signed the American Rescue Plan in March 2021, which added $1.9 trillion in new spending, while the Inflation Reduction Act, signed in August 2022, approved $750 billion in new spending.
States like Colorado and Utah got the worst of inflation, with costs rising $14,995 and $14,551 since Biden took office, respectively, while Oklahoma and Maine only saw increases of $8,869 and $8,650, respectively, according to the JEC.
The nonpartisan Leading Economic Index, which takes an aggregate of a number of key economic components to determine the health of the U.S. economy, predicts that the country will enter a recession soon and that real gross domestic product will only increase by 0.8% in 2024.
The White House did not immediately respond to a request to comment from the Daily Caller News Foundation.
Why It Matters (op-ed)
Under President Biden, Americans face unprecedented financial burdens. Inflation has risen 17% since January 2021, and households must spend an additional $11,434 just to maintain their standard of living.
This economic disaster is the result of Biden’s high-spending policies, such as the $1.9 trillion American Rescue Plan and the $750 billion Inflation Reduction Act. States like Colorado and Utah suffer the most, with costs skyrocketing since Biden took office.
The nonpartisan Leading Economic Index predicts a recession and a mere 0.8% increase in real GDP by 2024. As we gather for the most expensive Thanksgiving in history, Americans must recognize the failures of this administration and demand change.
As our loyal readers, we encourage you to share your thoughts and opinions on this issue. Let your voice be heard and join the discussion below.
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john todd
December 2, 2023 at 7:28 pm
THIS IS JUST ONE SMALL STEP ON THE ROAD TO THE NEW WORLD ORDER.
The wealthy have the most to gain while the hard working middle class families have the most to lose, everything.
KLAS SCHWAB “YOU WILL OWN NOTHING AND BE HAPPY WITH THE NEW WORLD ORDER,”
John
December 2, 2023 at 7:38 pm
What part of chicom jotato bribum wreeknomics do Americans not get?
Rick
December 2, 2023 at 7:58 pm
This has NEVER been a Secret ! when you elect a demonRAT they tax the crud out of you, and spend like money grows on trees, It has been this way all of my 70 years, and the larger percentage of demonRATs in the government the larger the spending spree, also they like to increase the sheer size of Government, and then begin the free give-aways, to buy votes from such as the criminal invaders, and the blems and antifa, and the lgbtq and the like, which means more Taxes, and more inflation and less kept income, less spendable grocery money, It is best to remember that Voting demonRAt will cost you in the end, in higher prices, less take-home pay with which to pay those higher prices more expensive EVERYTHING, and they are still going to be Giving away Everything YOU HAVE WORKED FOR TO BUY THOSE ILLEGAL INVADER VOTES, AND TO PAY FOR THE OTHER PROGRAMS THEY WILL INSTITUTE, INCLUDING SEX CHANGES FOR MENTALS AND OTHER FAILED POLICIES OF THE DEMONRAT PAHHHTI, AND IN THE 21st CENTURY WE ALSO HAVE THE COMMUNISTS TO CONTEND WITH IN OUR OWN COUNTRY
Donald R Cook
December 2, 2023 at 10:05 pm
now who do we believe, the fact finders or Honest Biden?
Nate
December 2, 2023 at 11:28 pm
Joe biden is 5 foot, 10 inches of shit!
Gerald Scott Ladd
December 3, 2023 at 10:10 am
Put a clown in the WH, and watch the circus.
Harvey McLeroy
December 3, 2023 at 12:57 pm
America has to many smart voters who love to give their money to the government.
Spike
December 3, 2023 at 4:33 pm
Families who have dropping income are suffering. Eventually the working folks will catch up – although I do realize that until Trump’s administration the middle class had NO INCOME GROWTH for some years! To go from that finally happening, to a loss of income to live on is hard. But the permanent losers are the Old Folks – as always happens in these highly inflationary periods. The federal government and the states who collect taxes on old people’s social security benefits could give these folks some relief very quickly by discontinuing that policy now! It is a particular hardship for middle class retirees and there is no other way they can overcome the loss!!