Bidenomics: Pricier commute, pricier life
Due to the rampant inflation caused by government spending in recent years, Americans are working and paying more to get the same as before. But now, even going to work can cut a hole in your bank account.
Let’s face it: life is more expensive. Food prices have jumped by 21.5% since 2021, gas went from $2.39 a gallon to $3.49 a gallon, and energy costs soared by 35.6%. On average, Americans spend an extra $11,400 each year to maintain their 2021 lifestyle. The only way to afford this is to work harder.
But just as we need to work more, out-of-touch Washington politicians (who probably spend more time in comfy airplanes than in their cars) passed reckless bills that pumped trillions of dollars into the economy, which made your money worth less and everything get more expensive— even your daily commute.
Bidenomics and your commutes, by the numbers.
Despite the surge in teleworking post-COVID, most Americans—more than 71%, according to 2022 U.S. Census data—commute daily to work. So, it’s no surprise that Americans spent approximately 16.8% of their annual budget on transportation costs, according to 2022 data.
Gas prices have done nothing but go up for the last three years, and obviously higher gas prices will make your commute more expensive.
Still, let’s dive into the numbers.
The average American drives 42 miles daily, with an average fuel economy of 24.4 miles per gallon and the current national average gas price of $3.445; we spend about $5.93 on gas daily. Compare that to January 2021, when gas was $2.41 per gallon, and we paid $4.15 daily. That’s a 42.8% increase in gas costs in just three and a half years.
The higher cost of commuting hurts lower-income Americans the most. According to 2022 data, the lowest 20% income bracket spends 8.2% of their after-tax income on gas, much more than the 1.8% paid by the highest income quintile.
If you thought that taking public transport to work saved you from Biden’s inflationary tsunami, you are wrong. Public transport costs went up 15% between January 2021 and May 2024.
By car, metro, train, or bus, your trip to work now costs more.
Why does your commute cost more?
In one word: Bidenomics.
Since taking office, President Biden and his allies in Congress pushed an agenda that makes it more challenging for American energy companies to do business while boosting green energy firms.
Lawmakers have poured billions into green energy projects, scrapped initiatives like the Keystone Pipeline, paused new exports of American Liquified Natural Gas, and piled on regulations that make starting new energy projects harder.
This regulatory crackdown on American energy is hurting Americans who are now paying more for gas and electricity. Affordable energy isn’t a luxury; it’s a necessity. It allows us to get to work, be productive, and care for our families.
Moreover, these policies go beyond the gas pump. When energy costs rise, it affects the cost of goods across the board. Transportation, manufacturing, and even the food industry feels the pinch, leading to higher consumer prices.
Bidenomics is about more than just high prices at the gas station. It’s about a ripple effect that makes everything more expensive, squeezing the budgets of American families.
Biden’s decision to favor green energy above all else hurts everyday Americans. We need energy policies that make it cheaper for Americans to go to work and run their lives, not one that helps a few corporate cronies while hurting millions.
Scores of aloof Washington politicians –who probably don’t even drive themselves to work- voted for laws that made your commute more expensive. Americans deserve public servants who solve their problems, not politicians who vote more troubles into existence.
Click here if you want to learn more about Bidenomics.
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