America Hits Sad Milestone Under Biden: 20% Inflation

Though, of all the complaints about President Biden, one of the most compelling is undoubtedly how he has handled, or some say mishandled, the nation’s economy. In fact, as of May 2024, the cumulative inflation hit a record high of 20%. 

The inflation rate is the increase in prices of goods and services the course of the year, but the cumulative inflation is total increase in the price of goods and services over a longer period of time, i.e., it “adds all the yearly inflations to see the total increase in prices over a period.” Which is why sources say that the current inflation rate, as of May 2024, in the United States is 3.4%, but the cumulative rate is 20%. 

And because rising inflation devalues currency, the US dollar has plummeted in value by 20% over the past few years that Biden was in the Oval Office. That means that $100 would buy someone 20% less today than it would have a few years ago, even if the prices didn’t actually increase. 

Additionally, gas is 50% more expensive than it was in 2021, the cost of renting or buying a home has significantly increased, and mortgage rates are through the roof. Overall, the average American family needs $11,400 more maintain the same lifestyle they lived four years ago. 

The average salary in the United States in 2020 was $55,628, and according to the US Bureau of Labor Statistics, in 2024, it’s only $59,384. Of course, those few thousand dollars are certainly not enough to cover the vastly higher cost of living. 

According to Wells Fargo bank, 67% of Americans say they’ve cut back on spending, and 45% have put large purchases, such as buying a new car or house, on hold. Additionally, 35% have dipped into their savings and 62% say they don’t have enough money for “extras.”

Because a large percentage of Americans have had to reevaluate their budgets and cut down on superfluous spending in order to pay their bills, many businesses are seeing a substantial decrease in sales. 

Essentially, the president has made several controversial decisions regarding businesses, but especially small businesses, that make Americans question his understanding of the “real world” as he has been a politician all his life. 

According to The Hill, “The Biden administration recently issued rules expanding overtime pay, banning non compete contracts, mandating electric vehicle use and regulating internet access.” Not to mention Biden’s Corporate Transparency Act which ensures small businesses need to report seemingly mundane statistics or face jail time. 

Though those who support Biden and the act argue the only businesses that will be affected by the expiration of the act are the country’s biggest corporations which are currently benefiting from Trump’s tax cuts. 

In 2022, global inflation reached the highest levels since the 1990s, so no matter who was in the Oval Office, inflation would have increased in the US over the past few years. But, there are certainly decisions Biden made to escalate the situation. 

However, some say that previously anti-Trumpers may be changing their tune after seeing the way Biden handled the economy. Americans want to be able to afford to live there, and voting for a businessman over a politician may be the only way to make that a reality.