Senator Thom Tillis of North Carolina has repeatedly voiced his dissatisfaction with the Biden Administration and its associated policies. More recently, he has been highlighting the surge in inflation during Biden’s presidential term on numerous social media platforms.
“Americans are going broke because of Biden’s disastrous policies,” Tillis said in a Platform X post on Dec. 4.
The average American household is said to spend over $10,000 annually to maintain the same lifestyle they had in January of 2021, according to a CBS News report. This increase in expenditure is largely attributed to soaring inflation rates. The financial hardship that many families are experiencing is a direct consequence of this inflation. Despite these challenges, the economy has remained fairly resilient, mainly due to low unemployment rates observed over the past two decades.
In spite of positive economic indicators such as increased wage gains in recent years, a significant number of Americans have reported continuing financial struggles this autumn, exceeding pre-pandemic levels, according to CBS News polling data. The chief factor driving this economic pessimism appears to be inflation. However, the Biden administration refutes this interpretation, deeming it “flawed” in an article by CBS News. Drawing upon federal labor data, a White House spokesperson noted a 16% increase in per capita disposable income since December 2020, just prior to President Joe Biden’s inauguration.
Government data cited by CBS News reveals a 13.6% rise in average hourly pay for workers since January 2021. This growth lags behind the simultaneous 17% increase in inflation. Key expenditure categories including food, transportation, housing and energy account for nearly 80 cents of every additional dollar spent, as indicated in a Republican analysis.
