Under the leadership of President Joe Biden, Americans have been struggling to afford basic necessities due to rampant inflation, and a new study has shown just how much the cost of living has gone up.
Peter Doocy schools KJP on the economy: "Almost 3 years in office, inflation is up over 17% since Biden came here. And you’re saying that it’s still Trump’s fault?" pic.twitter.com/6FrLq9cKQw
— Media Research Center (@theMRC) November 27, 2023
The new study from Bloomberg attempts to center the issue around COVID, the pandemic has been over for some time now — but prices have still risen, and the responsibility falls on Biden’s economic policies.
According to the study, “It now requires $119.27 to buy the same goods and services a family could afford with $100 before the pandemic.”
The outlet went on to break down the price increases in various sectors of the economy.
“Since early 2020, prices have risen about as much as they had in the full 10 years preceding the health emergency,” Bloomberg noted. “It’s hard to find an area of a household budget that’s been spared: Groceries are up 25% since January 2020. Same with electricity. Used-car prices have climbed 35%, auto insurance 33%, and rents roughly 20%.”
Meanwhile, another study from Republican lawmakers on the Senate Joint Economic Committee has delved deeper into the issue — showing that while wages have increased an average of 13.6% since the beginning of the pandemic, families need to earn an additional $11,400 just to keep up with the increased cost of food, transportation, housing, and energy. The increase in those four expenditures account for 80% of the increase in the cost of living for the majority of Americans.
“Middle- and low-income Americans aren’t doing well enough — they are living fragilely on the edge,” Gene Ludwig, chairman of the Ludwig Institute for Shared Economic Prosperity, wrote in a statement.
Yet another study has shown the difference in how inflation has affected each state, revealing that Colorado was the hardest hit, while Arkansas saw the least effect.
According to CBSNews, “Around the U.S., the state with the highest additional expenditures to afford the same standard of living compared with 2021 is Colorado, where a household must spend an extra $15,000 per year, the JEC analysis found. Residents in Arkansas, meanwhile, have to spend the least to maintain their standard of living, at about $8,500 on an annual basis.”
“The differences in costs are tied to local economic differences. For instance, typical housing in Colorado requires an additional $267 per month compared with January 2021, while other states saw much smaller increases, the analysis found,” the outlet added.
With all of this information about the economic woes Americans are facing, it is clear that “Bidenomics” is not an effective campaign strategy for the White House — which explains why it appears that the president has stopped using that terminology in his recent speeches. As NBC News noted on Wednesday, “Biden has used the word 101 times since June, but he has made no mention of it for almost a full month.”
As a recent NBC News poll showed that only 38% of Americans approved of Biden’s handling of the economy, it makes sense that attaching his name to a set of economic policies that the majority of Americans are suffering under was not a good choice.
#Bidenomics is such a disaster that @JoeBiden is trying to put as much distance between himself & it as possible.
I said this would be a disaster from Day ONE.
Spending money we don't have ALWAYS leads to inflation.@RubenGallego & @kyrstensinema enthusiastically voted for it.… pic.twitter.com/6xPolzD0ub
— Kari Lake (@KariLake) November 30, 2023
