Biden's Presidency Hits Hard: Households Now Forking Over $2,500 More Annually for Groceries – Can You Afford the Surge?

The rising cost of living in America has hit families hard, making everyday necessities feel like luxury items. The cost of food, gas, housing and back-to-school clothes has risen to jaw-dropping levels. 

While on the campaign trail last August, Kamala Harris said, “Food, rent, gas, back-to-school clothes, prescription medications. After all that, there's not much left for many families at the end of the month.” She wasn't targeting Republicans but highlighting a serious problem under her own party's leadership.

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Despite President Biden's economic record – including job creation and GDP growth – Americans aren’t feeling the benefits in their day-to-day lives. A family of four now pays about $2,500 more annually on groceries than when Biden took office. Housing prices have surged by nearly 25%, leaving families struggling to stay afloat.

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Real wages haven't kept up either. Weekly paychecks are down 2.5% in real terms, meaning families are seeing their earnings shrink as prices continue to rise. Tim Walz, a prominent Democratic figure, recently remarked that people "can't afford four more years of this," underscoring the real pain American households are facing.

A perfect storm of rising energy prices and global inflation – fueled by Russia's 2022 invasion of Ukraine – has worsened the situation. Inflation in the U.S. surged to 9.1% in July 2022, hitting faster and harder than in many other Western countries. 

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Many economists attribute this inflation to Biden's $1.9 trillion American Rescue Plan in March 2021, which was designed to lift the economy out of the pandemic slump. While the plan spurred growth, it also unleashed inflationary pressures that are still being felt today.

Take food costs. The USDA estimates that a typical family of four now spends $304 a week on groceries, compared to the $1,147 they would have paid back in January 2021. This adds up to an extra $2,500 annually – a significant hit to many households' wallets.

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Housing prices are another beast. According to Bankrate, the income required to own a home has increased by more than 50%. The average home now costs about $402,343, up by $100,000 since Trump was in office. Families are feeling the pinch as mortgage rates reach decade-high levels, making homeownership increasingly out of reach.

Household debt is rising alongside these costs. Debt in the U.S. hit a record $17.8 trillion in mid-2024, with mortgages making up over 70%. Credit card debt has reached $1.14 trillion, as families turn to credit just to cover basic needs. With interest rates climbing to around 24.62%, that debt is becoming even more burdensome.

While the Biden administration has forgiven some student loans – about $153 billion for over four million borrowers – critics argue it came at a cost. The move has contributed to the U.S. national debt, which now stands at a staggering $34.8 trillion, raising alarms both domestically and internationally.

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