American consumers paid record prices for necessities this year across the United States after nearly three years with President Joe Biden at the helm of White House economic policy.
A new study by Bloomberg Economics and Businessweek recently reported, “It now requires $119.27 to buy the same goods and services a family could afford with $100 before the pandemic. Since early 2020, prices have risen about as much as they had in the full 10 years preceding the health emergency.”
“It’s hard to find an area of a household budget that’s been spared,” the study’s authors say. As a result of the drastic price increases in the consumer basket since Biden took office, “[U.S.] consumers are shouldering a burden unlike anything seen in decades.”
Today, Biden demanded private companies “[bring] their prices back down as inflation has come down.”
There is so much wrong with such a moronic take.
👉 “Inflation,” as defined by the Federal Reserve, “is the increase in the prices of goods and services over time.”
The latest… pic.twitter.com/qzVsjbOQA5
— RNC Research (@RNCResearch) November 30, 2023
Among the findings in the study, groceries now cost Americans 25% more than they did in 2020 when former President Donald Trump was still in office. Meanwhile, the average cost to rent is up 20%. Transportation and energy costs have also soared. Car insurance is 33% more expensive, a used car costs 35% more and electricity costs are up 25%.
The authors of the study noted that “Americans continue to register strong dissatisfaction with the economy.” They concluded that “frustration with prices and elevated borrowing costs could help decide whether President Joe Biden wins a second term.”
NBC News recently reported the president has dropped any mention of the term “Bidenomics” from his speeches during November after using it 101 times from June through October.
Bidenomics means higher costs, higher inflation, and fewer jobs in the oil & gas industry in the 3rd District. Coloradans simply cannot afford Bidenomics! pic.twitter.com/lrr3MACS28
— Lauren Boebert (@laurenboebert) November 30, 2023
A recent Morning Consult poll of voters in key 2024 battleground states, such as Michigan, Pennsylvania, Wisconsin and Arizona found former President Donald Trump leading Biden by an average of 4%. About 3 in 4 swing state voters said they believe “the country’s economy is headed down the wrong track.”
It might be a different political situation for Biden if average U.S. wages had kept up with prices since 2020. But the authors of the Bloomberg / Businessweek study cite data from the Bureau of Labor Statistics that show wages have hardly moved since Biden took office after accounting for inflation.