The recent data on inflation under President Joe Biden’s administration paints a troubling picture for the American consumer. Despite assertions of a decrease in inflation, it’s crucial to understand that what has actually slowed is the rate of inflation, not inflation itself. The reality is that prices, particularly for essential items like food and energy, continue to rise, albeit at a reportedly slower pace. This distinction is vital because it affects the day-to-day financial burdens faced by the average American.
According to Fox Business, the increase in prices since Biden took office in January 2021 is significant. Food prices have soared by an astonishing 33.7%, and energy prices have jumped by 32.8%. Shelter costs aren’t far behind, with an 18.7% increase. This surge in prices is hitting middle and lower-income families the hardest, contrasting starkly with the relatively unaffected financial status of the wealthier segments of society.
The Biden administration might tout the December inflation report as positive news, but a deeper look reveals a different story. The consumer price index, which measures a range of everyday goods, rose 0.3% in December from the previous month. Year-over-year, there was a 3.4% increase. While these numbers show a reduction from the 9.1% peak in June 2022, they still remain significantly above the Federal Reserve’s 2% target. More importantly, compared to January 2021, overall prices have escalated by a concerning 17.6%.
This increase in costs has tangible implications for American households. In December 2023, an average family had to spend approximately $211 more per month compared to 2022. The financial strain is even more pronounced when compared to 2021, with a staggering increase of around $1,020 per household per month.
These figures should serve as a wake-up call for voters. The impact of “Bidenomics” is evident in the rising costs that are burdening American families. As the country approaches the next election, it’s crucial for citizens to keep the issue of inflation at the forefront of their minds, as the economic policies of the current administration continue to shape the financial landscape of the nation.
Author: Scott Dowdy
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