THE COST OF LIVING IS BECOMING INCREASINGLY UNAFFORDABLE
Hardworking Americans are struggling to survive financially as Bidenomics continues to drain the wallets of families and businesses across the country.
Bidenomics has cost the middle class $2.4 trillion since March 2022.
In the last year, the average middle-class household has lost over $33,000 in real wealth.
Americans have now lost over $4,170 paying higher energy costs since Biden took office.
U.S. average gas prices currently sit at $3.61 per gallon, which is over $1.20 higher from when Biden became president.
Under Biden, the price of a gallon of gas has been above $3 for 1,100 days in a row.
Energy prices have soared almost 30 percent under Biden, 13 times faster than the previous seven years.
The Fed has hiked interest rates 11 times since March 2022 – now at their highest level in 22 years – making it harder for families to buy a home, finance a car, pay off debt, and perform various other financial transactions.
With persistent inflation, interest rates are unlikely to fall this year.
Americans need a six-figure salary to afford a typical home in nearly half of U.S. states.
To afford a median-priced home of $402,343, Americans would need an annual income of $110,871, a nearly 50 percent increase over the last four years.
In some states, the income needed to afford a typical home has increased by over 65 percent since the beginning of 2020.
After massive rental inflation, rents are stuck at persistently unaffordable prices and a record share of renters are spending more than 30 percent of their income on housing.
In several metro areas, households need to make well over $100,000 to avoid becoming cost-burdened – spending more than 30 percent of a household’s income on rent.
Biden’s favorite economist – Moody’s Mark Zandi – said that purchasing a home or a car right now is “completely unaffordable for the typical American household.”
