AMAC Magazine: Volume 17, Issue 5 - SEP/OCT 2023

P resident Joe Biden has recently touted the success of “Bide- nomics,” a theme that he will almost certainly champion on the campaign trail as election season ramps up. Central to Bidenomics is the presi- dent’s signature legislative achieve- ment  and one of the few major pieces of legislation he’s managed to get passed  the Inflation Reduc- tion Act (IRA). In August, Biden held a celebratory event in the East Room of the White House to celebrate the one-year anniversary of the bill. Though Biden himself has admitted that the law “has nothing to do with inflation,” the president outlined six primary benefits the law had deliv- ered to the American people: lower- ing costs for families, increasing energy security, restoring fairness to the tax code, creating jobs, cutting

the deficit, and addressing the “exis- tential threat” of the climate crisis. Yet, a closer examination of the facts reveals a very different story. LOWERING COSTS FOR FAMILIES Despite the president’s claim that Bidenomics is “restoring the Ameri- can Dream,” a recent Pew Research poll reveals that six in ten Americans believe that life is worse for them today than it was 50 years ago  and they’re even more pessimistic about the future. Inflation has already cost the aver- age American family $10,000, putting tremendous strain on low- and middle-class parents who are work- ing overtime to make ends meet.

Though the inflation rate has cooled compared to the astronomical surge of 9.1 percent last summer, the Bureau of Labor Statistics reports that the dollar’s purchasing power has still decreased by 16 percent since 2021. And since January 2020, the cost of gas has increased by 64 percent, bread by 29 percent, eggs by 87 percent, chicken by 23 percent, and electricity by 22 percent. In the first part of this year, Americans spent nearly $400 extra per month to afford the same goods and services they purchased a year ago, according to an estimate by Moody’s analysts. In this year’s back-to-school season, the average family spent an estimated $890 on school supplies, a record that reflects the rise in prices of basic goods such as paper, writing utensils, and backpacks.

22 • AMAC Magazine

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