Published on August 2, 2024, 12:36 am

As the 2024 presidential elections draw closer, it has become increasingly crucial to assess the economic conditions confronting American workers under the Biden-Harris administration – a striking comparison with the Trump era lingers in this context.

Brought into sharp focus during the June 27 presidential debate, disconcerting data reveals that American workers are currently grappling with some of their worst economic hardships seen in decades. The term ‘inflation,’ once secluded within academic discourse, is now a haunting fixture across family dinner conversations nationwide.

American households are finding it challenging to afford basic necessities. To illustrate this fact, a gallon of milk that was priced at $3.12 during Trump’s term costs $3.89 today. This staggering 25% increase hasn’t been met by an equivalent rise in wages, instigating significant financial distress among numerous working families.

Despite reassurances from the existing administration, it seems that Biden-Harris’s economic policies have exacerbated rather than alleviated these pressing financial difficulties endured by Americans. In stark contrast to the modest 1.9% annual inflation rate seen during Trump’s presidency, prices under Biden’s leadership have skyrocketed at over 5% annually for three consecutive years—with an alarming overall inflation rate of nearly 19.26% with half a year yet to pass.

This isn’t just a minor anomaly; it indicates a worrying trend likely to wreak havoc on household budgets countrywide.

These substantial price inflations can be directly attributed to the spending policies endorsed by Biden-Harris administration—quite ironically named as ‘The Inflation Reduction Act’—the results of which bear little evidence of curbing increasing prices.

Blue-collar workers are confronting the brunt of these effects—the harsh realities being particularly hard-hitting for women and Africans-Americans who witnessed considerable inflation-adjusted increases on median weekly earnings ($78.80 and $65.70 respectively) under Trump’s administration; however, those gains have diminished under Biden-Harris’s watch, where real median weekly earnings decreased by $28.89 for all workers, $31.60 for women, and $28.90 for African-Americans.

Even Hispanic workers have experienced a significant financial setback—an increase of $47.20 in real weekly earnings under Trump has turned into a decrease of $5.25 under the current administration.

But the economic disadvantages don’t stop with wages and rising commodity prices—astronomical surges in housing costs are weighing heavily on middle-class families too. In a mere span of three years, mortgage interest rates witnessed a staggering 70% upsurgence making homeownership an increasingly elusive dream for many.

To address these escalating economic tribulations afflicting daily American life, policymakers must constitute meaningful changes—a major one being revamping how government expenditure is approached; they could potentially learn from states adept at balancing their budgets and strategic spending based on available resources.

Deficit spending has unfortunately become common practice among federal lawmakers due to their unlimited view of resources; this unrestricted mindset culminating in ill-devised policies like ‘The Inflation Reduction Act’ – albeit a trillion-dollar social experiment which has catalyzed fiscal imprudence across party lines.

If Washington continues ignoring American hardships while iterating hollow assurances of economic prosperity—their claims will inevitably lose credibility over time—it’s high time we see actionable change that truly prioritizes the financial well-being of working Americans as central to policy decisions—because not only does their immediate future as middle class depends on it but also the larger realization of the quintessential American dream.

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