‘Bidenflation’ Is Hurting The Middle Class
Despite President Joe Biden’s claims about inflation, it is crushing the middle class. In his State of the Union address, he emphasized that inflation is going down.
“We have more to do, but here at home, inflation is coming down,” he said.
In 2020, inflation stood at 1.4%. Yet in 2021, when Biden became president, it soared to 7%. Since then, it has slightly decreased to 6.4%, according to the U.S. inflation calculator.
The price of new and used cars has also increased due to inflation.
Fortune reported that “new cars are toys for the rich,” as the average price of a new car is $50,000, a 30% increase since 2019, while the average cost of a used car is about $27,000.
Furthermore, the price of groceries has increased since Biden took office.
According to the Consumer Price Index (CPI), the inflationary rate of food in the U.S. increased by 1.2% from 2022 to 2023.
CPI numbers show that “grocery inflation” reached 11.3% in January 2023.
In 2022, eggs cost the consumer an average of $4.75, a 3$ increase from 2021.
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In June 2022, the president said he could not do anything to lower the price of food or gasoline. “There’s a lot going on right now but the idea we’re going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to food,” he said.
Consequently, seniors and low-income households are among the most hurt by the high food prices.
According to “Paying for Senior Care,” 94% of seniors said food has gotten noticeably more expensive. 1 in 5 said that their grocery bills increased by more than $250 per month.
In 2019, the average cost of senior living stood at 3.7%. It is now at 15.6%.
Gasoline has also reached its highest price since 2009. The national average for regular gas is $3.40, according to the American Automobile Association (AAA).
In 2022, AAA reported that the national average for regular gas was $3.53, 13 cents higher than the current average.
However, when Biden took office, the national average was $2.41. The average consumer has paid over $1 more per gallon of gasoline than they used to.
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Americans are suffering because of high inflation, which has reached its highest level since 1980.