A few simple questions will decide this year's presidential election. Are you better off than you were four years ago? Were Donald Trump or Joe Biden's policies better for your wallet? I can't find a single public opinion poll that suggests people are happy with the economy or their personal financial situation under Biden.
If you delve into the data, you quickly see an ugly picture. But the pro-Biden media rarely shares the facts. No amount of happy talk about “job creation” or throwing around vast amounts of federal money can change the facts.
To put it simply, everything costs more. Prices have risen 18.6% since Biden took office. The latest consumer price index data shows year-on-year inflation rose again to 3.2% last month – double the level when Biden took office and higher than expected.
Under Biden, inflation averaged 5.6% year-over-year, more than double the rate under each of the last four presidents. Under President Trump, inflation averaged 1.9%.
Can you believe that since Biden took office, food prices are up a whopping 21.2%, rent is up 20%, and electricity is up 28.4%? Not only can you believe it, you can feel it every time you pay for these monthly staples in your family budget.
The inflation-adjusted average weekly wage was $397.90 when Biden took office and is now $381.20, meaning Americans have seen a 4.2% pay cut under Biden. Under President Trump, real average weekly wages rose 8.2%.
Here are some really sad statistics: 78% of Americans lived paycheck to paycheck in 2023, up 6% from the previous year. Unfortunately, Americans are increasingly borrowing to cover their daily expenses as their regular income is no longer enough to make ends meet.
Total household debt is at an all-time high of $17.5 trillion. Credit card debt recently hit a new record of $1.13 trillion. The share of Americans experiencing financial hardship due to credit card debt is the highest since the Great Recession.
The Fed has raised interest rates 11 times since March 2022 – now at their highest level in 22 years – making it harder for families to buy a home, finance a car or pay off debt. These higher interest rates mean the monthly mortgage payment for a median-priced home is twice what it was when Biden took office.
Moody's said buying a home or a car is currently “completely unaffordable for the typical American household.” Car insurance is now at a new record high, up 26% compared to last year.
Average U.S. gasoline prices are currently $3.39 per gallon, 42% or $1 per gallon higher than when Biden became president. Under Biden, the price of a gallon of gasoline has been above $3 a gallon for 1,037 days in a row.
Here's the bottom line: Life under Biden has become unaffordable. Who can afford to vote for four more years of this?
Scott Hennen hosts the national radio show “What's On Your Mind?” heard on AM 1100 “The Flag” in Fargo and AM 1090 KTGO “The Flag” in Watford City/Williston. Email him at [email protected].
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