Biden’s ‘Failed Policies’ Costing Americans $11K More a Year: Can We Afford It?
Written by
Josephine Nesbit
Edited by
Nicholas Morine
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Your money may not go nearly as far as it did three years ago. Citing government data, Mike Johnson, speaker of the House of Representatives and a Republican member of Congress for Louisiana, indicated that Americans are now spending $11,400 more on basic goods as compared to January 2021.
“Bidenomics is simple: it means you pay more for goods and services,” Johnson recently posted on X (formerly Twitter). “Americans are spending over $11,400 more annually to buy basic goods under his failed policies.”
The analysis from Republican members of the U.S. Senate Joint Economic Committee used government data, such as the Consumer Price Index and Consumer Expenditure Survey, to evaluate the impact of inflation on each state.
White House Calls Analysis ‘Flawed’
The Biden administration called the analysis “flawed,” CBS MoneyWatch reported. Citing federal labor data, a White House spokesperson stated that per capita disposable income had risen by 16% between December 2020 and November 2023. The spokesperson also claimed that the congressional Republicans are pushing a one-sided study and their proposals would raise costs on the middle class.
However, economists point to pandemic-related issues as the cause of inflation rather than decisions from political parties. CBS MoneyWatch noted that both Donald Trump and Joe Biden signed spending bills that put stimulus money in the hands of Americans, while global supply chain disruptions and labor shortages drove up the cost of goods and services.
Consumers Still Feeling the Effects of Inflation
Inflation has cooled, but consumers say they still can’t believe how much things cost. Researchers say people no longer feel they’re getting the value they once did.
Two-thirds of respondents to a late Feb. Wall Street Journal poll said they felt inflation moved in the wrong direction over the past year. Wages are rising and consumer spending is still strong, but nearly three-quarters of poll respondents said that higher prices outstripped gains in their household incomes over the past few years.
Many Americans, even six-figure earners, have turned to shopping at local discount stores or buying cheaper brands to afford price increases.
“As the cost of everyday goods continues to rise, consumers are shopping around to find value,” Eric Belcher, CEO of Numerator, said in a press release, as previously reported by GOBankingRates. “Many of these shifts, including high-income households trading down to dollar stores, are unexpected.”
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