President Joe Biden is nearing the end of his presidency, and one of the key issues that will define his legacy is inflation. Throughout his time in office, Biden has grappled with rising inflation rates, with critics attributing it to the trillions of dollars in deficit spending that occurred during his tenure. The increase in federal debt spending, partially offset by printing money, has contributed to the inflationary pressures in the economy.
Biden has touted his success in bringing down inflation rates from around 9% at the beginning of his term to roughly 2.5% currently. However, despite the slowdown in the rate of inflation, prices continue to rise, albeit at a slower pace than before. The latest data from the federal government’s Personal Consumption Expenditure index shows a 2.4% increase last month, slightly below expectations.
Overall, prices have risen by more than 20% since Biden took office. According to the CPI inflation calculator, $100 in January 2021 is now equivalent to $120 in November of this year, indicating a decrease in purchasing power. Grocery prices have increased even more, rising by over 22% since Biden’s inauguration.
Republicans have seized on these rising prices as ammunition in their attacks on the Biden administration. House Ways and Means Committee Chairman Jason Smith criticized the administration for presiding over a 20% spike in prices, making the cost of living unaffordable for many Americans. Polling data reflects a negative perception of the economy, with higher prices, especially for groceries, being a key concern for voters.
Gas prices have also surged during Biden’s term, reaching a historic national average of $5 per gallon before declining. Biden took steps to address this issue by tapping into the Strategic Petroleum Reserve. The national average price for a gallon of unleaded gasoline currently stands at around $3.00, up from $2.39 when Biden assumed office.
Despite some positive economic indicators, such as low unemployment rates, Americans remain wary of the economy under Biden’s leadership. Confidence in his handling of the economy hit a historic low, with polling data showing a sharp decline in approval ratings in response to inflation and rising prices.
In conclusion, inflation has been a major challenge during Biden’s presidency, with prices continuing to rise despite efforts to curb inflation rates. The impact of these rising prices on everyday Americans has been significant, fueling discontent and shaping perceptions of the economy under Biden’s watch.
