President Joe Biden’s time in office is coming to an end, and one major part of his legacy stands out: inflation. From day one, inflation has been a constant battle. While Biden has made efforts to tackle the issue, critics argue he made things worse with massive government spending that ballooned the national debt.
Deficit spending means printing more money, which can drive up inflation. And while Biden has proudly pointed out that inflation rates have dropped—from a staggering 9% earlier in his presidency to around 2.5% now—it doesn’t mean prices are going down. They’re still climbing, just more slowly.
For context, consider this: when Biden first took office in January 2021, $100 could buy a lot more than it can now. According to official data, that same $100 now has the buying power of just $80, thanks to an overall 20% rise in prices during his term. Groceries? They’ve gone up even more, with a 22% jump since 2021.
On Friday, the government released its latest inflation data. The Personal Consumption Expenditure index, a key measure of inflation, showed a 2.4% rise last month—slightly less than expected. While that sounds like progress, everyday Americans still feel the pinch every time they visit the grocery store or pay their bills.
Republicans have been quick to criticize Biden’s economic track record. House Ways and Means Committee Chairman Jason Smith summed it up with a harsh jab: “The Biden-Harris Administration’s parting gift to the American people is as welcome as a lump of coal at Christmas: higher prices that keep rising.”
Smith, like many others, believes that Americans are longing for the economic stability they experienced under former President Donald Trump, pointing to Biden’s tenure as a time when the cost of living became “unaffordable” for many families.
It’s not just politicians who are unhappy. Polls show that voters are frustrated with the state of the economy, especially rising prices for everyday items like groceries and gas. Even though unemployment has stayed low—a traditionally good sign for the economy—most Americans still feel the financial strain.
A survey earlier this year revealed that confidence in Biden’s economic leadership is at an all-time low. Only 34% of Americans express faith in his ability to handle the economy—a stark contrast to earlier presidents.
Gas prices have also been a sore spot during Biden’s term. They hit a historic high, averaging over $5 per gallon nationwide at one point. While prices eventually came down, it happened in part because Biden tapped into the nation’s Strategic Petroleum Reserve, leaving it significantly depleted.
For comparison, when Biden first stepped into the White House, gas was about $2.39 per gallon.
As Americans reflect on these challenges, it’s clear that the economy will play a big role in shaping the next chapter of U.S. leadership. Whether the future holds more stability or continued uncertainty, one thing is certain: the effects of the past four years will be felt for a long time.
