Let's take a look. 

This is a good post from the respected TIPP Insights:

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.

Under Biden-Harris, the federal debt has increased by $7.4 trillion. To finance the President’s spending spree, the Federal Reserve printed money from nothing. The increased money supply, without a corresponding increase in goods and services, reduced the value of each dollar, causing prices to rise quickly and leading to high inflation, effectively acting as a hidden tax on everyone.

 

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.

 

Squeezed by persistent inflation, many Americans are turning to a second gig to supplement their income. A recent Bankrate survey reveals that 36% of U.S. adults have a side hustle, down from 39% the previous year. Many rely on this additional income to cover essential living expenses like rent and groceries, with 32% believing they will always need this additional work to make ends meet. Younger adults, particularly Gen Z, are the most likely to have a side hustle, with 48% engaging in extra work. The survey highlights ongoing financial pressures, with 35% using side hustle income for living expenses and 20% for paying off debt.