Biden’s Inflation: How Much More Money Do Americans Need To Afford Basics?

Under President Joe Biden’s leadership, Americans have been grappling with the challenges of soaring inflation, and a recent study reveals the extent of the rising cost of living, shedding light on the economic impact of Biden’s policies.

The study, conducted by Bloomberg, attempts to attribute the escalating prices to the aftermath of the C-19 pandemic, despite the pandemic having ended some time ago. It underscores that the responsibility for the price surge lies with Biden’s economic policies.

According to the study, it now takes $119.27 to purchase the same goods and services that a family could afford with $100 before the pandemic.

Bloomberg proceeds to delve into various sectors of the economy to provide a comprehensive view of price increases. It highlights that prices have surged to the same extent between early 2020 and the full 10 years preceding the health emergency. The impact has been widespread, affecting nearly every aspect of household budgets. Groceries have experienced a 25% increase since January 2020, as has electricity. Used-car prices have skyrocketed by 35%, auto insurance by 33%, and rents have risen by approximately 20%.

Another study conducted by Republican lawmakers on the Senate Joint Economic Committee delves further into the issue. It reveals that while wages have risen by an average of 13.6% since the start of the pandemic, families need to earn an additional $11,400 to cope with the heightened costs of food, transportation, housing, and energy. These four expenses account for 80% of the increase in the cost of living for most Americans.

Gene Ludwig, Chairman of the Ludwig Institute for Shared Economic Prosperity, emphasized the fragility of middle- and low-income Americans in the face of these rising costs, stating that they are living on the edge.

Furthermore, a study examining the varying impact of inflation on each state found that Colorado experienced the most significant effects, while Arkansas was the least affected. In Colorado, households had to spend an extra $15,000 annually to maintain the same standard of living compared to 2021. In contrast, Arkansas residents only had to spend approximately $8,500 annually to maintain their standard of living.

These findings underscore the economic challenges Americans are currently facing, highlighting the potential shortcomings of the Biden administration’s economic policies. The president’s decreased use of the term “Bidenomics” in his recent speeches may reflect the awareness of the negative perception of these policies. A recent NBC News poll revealed that only 38% of Americans approve of Biden’s handling of the economy, indicating widespread discontent with the current economic situation.