The wonders of Bidenomics have caused the average American to spend over $1,000 more per month. Biden, fortunately, is focused on the important things – like funding jihadist supporters in Gaza and repaying student loans using taxpayer money that the government can’t spare.
Fox Business highlighted a $1,069 increase in cost compared to the same period three years prior before Joe Biden’s disastrous economic policy drove inflation up higher than Hunter Biden consuming Parmesan cheese. The statement that inflation has fallen since 2022 is misleading. It is referring to the fact that inflation is still increasing, just at a slower rate. Inflation rose by 18% during Biden’s tenure. The cost of basic living is still higher than it was two or three years ago. This is why Americans have more credit card debt.
In February, 2/3 of American full-time workers reported that their income has not kept up with inflation. Since Biden’s election, real wages have steadily declined.
Fox Business:
According to Mark Zandi, chief economist at Moody’s Analytics and a FOX Business contributor, the average U.S. household had to spend $227 extra a month to buy the same products and services as they did a year ago due to high inflation.
Americans pay $784 extra per month on average compared to the same period two years ago. They also pay $1,069 additional each month when compared to three years prior, before the crisis of inflation began.
The Biden administration has made the essentials, such as food, child care, and rent, prohibitively expensive. Fox quoted Bright MLS Chief Economist Lisa Sturtevant as saying, “Inflation is not only stalled but moving in the wrong directions.” Low-income Americans are most affected by rising costs.
Fox explains that the Consumer Price Index (CPI), a measure of the cost of a “basket” of goods, is still well above what the U.S. experienced before the COVID-19 pandemic. Food, rent, and child care are all significantly more expensive today than they were a year earlier.
Fox said that “housing and gasoline costs accounted for more than half the monthly increase in inflation.” Auto insurance and food costs have also increased, the latter by a staggering 22.2% over 2023. Inflation is forcing Americans to spend their savings and rack up debt on credit cards to cover expenses. This is both a risky and unsustainable situation.
Fox Business, citing New York Federal Reserve data, noted that credit card debt in America would reach a record high by the end of December 2023.
Bidenomics is a disaster for the average American, as it costs them more money while their real wages are decreasing.
