Bidenflation Has Cost Georgians $29,000 Since Trump Left Office
Kamala Harris and Joe Biden caused household costs in Georgia to explode. The cumulative inflation over the past three years means Georgians pay almost $1,100 more per month for household costs, while real wages have not kept up.
Kamala Harris and Joe Biden caused household costs in Georgia to explode. The cumulative inflation over the past three years means Georgians pay almost $1,100 more per month for household costs, while real wages have not kept up.
According to a new report from the U.S. Senate’s Joint Economic Committee, Bidenflation has cost Georgia households a combined $28,502 in increased costs since Jan. 2021. The State Inflation Tracker estimated that skyrocketing prices for housing, groceries, energy, and other categories have led to Georgia residents paying an average of $1,075 more per month out of their budgets.
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When you add it all together, inflation has gone up by a cumulative rate of 21.7 percent.
During that same period, wages across America have actually declined. Average hourly wages across the country have puttered along, rising an anemic 0.3 percent. That means wages have not come close to keeping up with inflation—and the stats bear this out.
The effects of Bidenflation have not slowed down, even if the inflation rate has cooled (while still increasing). As of Aug. 2024, the average Georgia household spends $141 more per month to maintain its same standard of living, as compared to just one year earlier.
The numbers look even worse when broken down by category.
Compared to January 2021, the average household in Georgia spends $124 per month on food. That adds up to a total of $3,265 more on food due to inflation over that 42-month span.
In that same time, the average Georgia household spends $268 more per month on shelter. That adds up to $5,945 more on rent and mortgages due to inflation.
Meanwhile, household expenditures on energy increased a total of $4,276, or $118 more per month. Finally, household transportation costs shot up an average of $9,337, or a whopping $267 per month.
Savings Down, Credit Card Defaults Up
The economic news keeps getting worse. Credit card and car loan delinquencies have jumped to their highest level since the Obama administration. Almost 10 percent of credit card balances went past due in the past year. Auto loans also took a hit in that time frame, with 8 percent going delinquent. Charge-offs came in unexpectedly higher in July and August 2024. In an effort to deal with inflation, the Federal Reserve instituted a series of interest rate hikes. This had the compounding effect of raising interest rates on credit cards and auto loans, making them that much more difficult to repay—mortgages, too.
Speaking of—mortgage delinquencies have jumped in 2024, as well.
So much for Bidenomics.
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