'That's Bidenomics': Report Reveals Eye Popping Amount Needed To Survive Biden's Inflation

On Wednesday, a new report from CBS News showed the shocking reality of what it is like living in Biden's America as families across the country are forced to spend thousands more each year, an average of $11,434 annually, to afford the basic necessities. Inflation has hit the American household hard, and despite its recent decrease from the 40-year-high seen in 2021, Americans are still struggling to get by.

Since January 2021, inflation has led to a 17 percent increase in prices, while hourly pay has only increased 13.6 percent. The majority of the spending increases for the American family have come from food, transportation, housing, and energy as low and middle-class Americans continue to live paycheck to paycheck, which is most starkly demonstrated by the fact that credit card debt is at its highest rate ever at over $930 billion.

According to an analysis from the U.S. Senate Joint Economic Committee, the highest additional expenditures on necessities to maintain the same standard of living as 2021 are in Colorado, where a family must spend $14,995 annually to keep up. Arkansas has the lowest extra expenditures, where families only pay $8,528 to maintain the same standard of living as when President Biden took office. Other major states vary within that range, including Texas ($11,170), California ($13,282), New York ($11,103), and Florida ($12,939).

In response to the report, Republican lawmakers blasted President Biden's economic policies that have resulted in high inflation. "Since President Biden took office, Americans now need an additional $11,400 per year just to afford basic everyday necessities," wrote Speaker of the House Mike Johnson (R-LA) on X/Twitter in response to the report. "It's time to ditch 'Bidenomics.'"

"I think it is safe to say #Bidenomics isn't working. Americans are struggling to afford the basics," wrote Sen. Bill Cassidy (R-LA). According to recent Gallup polling, a shocking 47 percent of Americans, nearly half the country, believe that the economy is in poor shape, while 33 percent believe it to be in fair shape, 17 percent believing it to be in good shape, and only two percent believing it is in excellent condition. Additionally, 74 percent of Americans believe that the economy will worsen, while 35 percent explain that the high cost of living is the most important financial problem facing their family. 

Americans of all stripes are struggling, but poor and middle-class families are feeling the brunt of Bidenomics. If the economy continues to worsen amid high inflation, President Biden can kiss a second term in office goodbye.

View CBS News' full report here.

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