The dark reality of Kamalanomics is the alarming 19.6% inflation under the President’s watch, which is 5.6% annually. When Biden-Harris took office, inflation was at just 1.4%. Since March 2021, inflation has consistently remained above the Federal Reserve’s 2% target for 41 consecutive months.
Prices have increased by 19.6%, while real wages have declined by 1.8%. Average hourly earnings for all employees dropped 1.8% to $11.19 in July 2024 from $11.39 in January 2021, when Biden-Harris took office.
The typical U.S. household now requires $1,095 more each month (equivalent to $13,140 annually) compared to three years ago. The amount varies by state. For example, a California household pays $1,250 more monthly to purchase the same basket of goods and services as in January 2021. The average California household has spent $31,983 more due to inflation since January 2021.
Housing affordability has also collapsed under the weight of Kamalanomics due to skyrocketing home prices and high mortgage rates. It is likely to become a significant issue in the 2024 election.