New Data Shows Bidenflation’s Burden On American Households

Since the epidemic began, food and other necessities have risen sharply; in some places, a medium fry meal consisting of a Big Mac burger, a medium drink, and a medium dollar bill now costs eighteen dollars.

Since President Joe Biden’s economic program- “Bidenomics” – has been responsible for skyrocketing inflation, this rise might affect the 2024 election.

Among the ways that inflation affected their budget, Bloomberg conducted a survey, and more than half of respondents in swing states cited rising food costs.

The Big Mac price rise is easily relatable and emblematic of ongoing inflation.

Inflation is affecting every sector.

There was a 12-cent rise in the average price per pound for entire frozen turkeys and a $50 increase in average plane cost.

Even while inflation has moderated, American households still deal with a burden not seen in decades. A portion of a family budget that required $100 before the epidemic now requires $119.27.

Both electricity and groceries have increased by 25% since January 2020. Roughly 20% of rent has gone up, used-car costs have gone up 35%, and vehicle insurance has gone up 33%.

Whether President Joe Biden is re-elected may depend on how consumers feel about high borrowing rates and pricing. Buying a home is the single most significant monthly expenditure for most Americans. Consequently, many are finding it more difficult to save or have sufficient funds for other expenses due to the surge in rental rates. Home prices have increased by about 42% since the beginning of 2020, and mortgage rates are at a level not seen in almost 23 years.

The typical house price in America is close to $420,000, and mortgage rates are approaching 8%.

Since January 2020, electricity costs have increased by 25% and natural gas bills by 29%.

Already prohibitively costly, health care in the United States has skyrocketed in price. Almost 40% of Americans have either put off or forgone necessary medical treatment due to financial concerns in the last year.

As of November 20th, the national average price of gasoline was $3.31 per gallon, which is still a significant burden on family budgets, particularly considering that prices are over $1 more than the five-year average before the epidemic.