President Biden’s re-election campaign faces a huge challenge as inflation continues to be a persistent and troublesome issue for his administration.
The release of the latest consumer price index (CPI) report has dealt a significant blow to the White House, revealing that prices have risen by a staggering 19.4% since Biden assumed office in 2021.
The CPI, which measures the cost of a wide range of everyday items such as gasoline, groceries, and rent, showed a slight decrease in April, with a 3.4% increase compared to March. However, this figure remains far above the Federal Reserve’s target of 2% inflation.
In response to the report, President Biden acknowledged the ongoing burden on American households, stating, “prices are still too high.” He reaffirmed his commitment to combating inflation, emphasizing that it remains his “top economic priority.”
The impact of high inflation has been felt acutely by most U.S. households, particularly those in lower-income brackets.
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Essential items such as food and shelter have seen substantial price increases, with grocery prices rising by more than 21% and shelter costs by 18.37% since the beginning of 2021, according to FOX Business calculations.
This is the difference between the Trump and Biden presidencies — inflation has destroyed everything, we all have less than we did before Biden entered office. Graphic via @wsj. pic.twitter.com/4aqdGTTsdp
— Clay Travis (@ClayTravis) May 19, 2024
Energy prices have also skyrocketed, increasing by 38.4%.
For the average American family, the financial strain has been significant.
In March, households needed to spend an additional $227 per month to maintain the same standard of living as the previous year.
Compared to two years ago, the monthly increase is $784, and when contrasted with three years prior, it is a staggering $1,069.
The economic hardship faced by many Americans has led to growing pessimism and diminished confidence in President Biden’s ability to manage the economy effectively.
Tim Scott just called out Joe Biden for the largest tax increase in U.S. history that’s coming because Biden is letting Trump’s tax cuts for everyone end.
Americans are already suffering under staggering inflation.
This tax hike will be crushing.pic.twitter.com/bfIJfEVPY3
— Paul A. Szypula 🇺🇸 (@Bubblebathgirl) May 19, 2024
A recent Gallup poll revealed that only 38% of voters trust Biden to make the right decisions for the economy, a notable decrease from the 47% who expressed confidence in former President Donald Trump’s economic leadership in 2020.
Gallup’s analysis of the poll results illustrates the potential electoral consequences of Biden’s low economic approval rating, stating, “Biden’s subpar rating could have significant electoral implications as not only does he have the lowest economic rating of any president seeking reelection since Gallup began tracking this in 2001, but independents trust his opponent more than him.”
As the 2024 presidential election approaches, President Biden faces an uphill battle in convincing Americans that he can effectively address the nation’s economic woes and alleviate the financial burden on households.
