This Is Exactly How Much Inflation Has Cost Average Americans Under Biden
Will Kessler
Contributor
November 29, 2023 11:03 AM ET
Just to maintain the same standard of living that Americans had at the beginning of President Joe Biden’s term, households have to spend an additional $11,434 per year, according to CBS News.
Since January 2021, when Biden first took office, inflation has risen 17%, far outpacing the 2% per year that the Federal Reserve aims for, while average hourly wages have only increased 13.6%, according to the Congressional Joint Economic Committee’s (JEC) state inflation tracker. As a result, more Americans reported that they are struggling financially than they did before the COVID-19 pandemic as persistent inflation continues to take its toll, according to CBS News.
“Food costs and basic costs are up more than other costs,” Gene Ludwig, chairman of the Ludwig Institute for Shared Economic Prosperity, told CBS News. “Putting on a Thanksgiving dinner costs the same if you’re a lower- or upper-income American, but for a lower-income American it’s a bigger portion of your spending.”
Inflation peaked at 9.1% year-over-year in June 2022, remaining elevated but decelerating to 3.2% in October. In an attempt to quell inflation, the Fed raised its federal funds rate to a range of 5.25% and 5.50%, the highest point in 22 years, after 11 rate hikes since March 2022.
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