A Complete Breakdown Of The Cost Of Living Under Trump vs Biden/Harris

As the 2024 election looms, the cost of living remains a huge concern for many voters since it hits so close to home. Families across America are grappling with financial strain, and understanding the economic landscape under the Trump administration compared to the Biden/Harris administration is crucial in evaluating how these policies impact our everyday lives.

For many Americans, the state of their finances is the most pressing issue when heading to the polls. The rising costs of essentials like food, housing, and gas are not just statistics – they represent the real and daily struggles of countless families trying to make ends meet. A critical question emerges: How have policies under Trump and under Biden and Harris affected the average wallet? And which president has a record of keeping these costs of living low?

It’s time for a comparison, and the answer is shockingly straightforward.

Grocery Costs

During Trump's presidency, the average family spent approximately $150 a week on groceries. Fast forward to today, and that cost has surged. For instance, the price of a dozen eggs has skyrocketed from around $1.50 in early 2020 to over $3.50 now (a 133% increase). If you’re like me, you may think paying an extra $2 for a dozen eggs doesn’t necessarily sound diabolical, but little things add up – and fast. When you consider that the average weekly grocery store run has increased 80% since Trump’s presidency, we quickly see this as emblematic of the broader inflation that has squeezed household budgets. 

To break it down even further, the average family now spends $270 a week on groceries. That means I now pay $6,240 a year more than I did when Trump was president. That hurts. 

For many of us, this is reflected in new diets: swapping out whole grains for cheap carbs, cutting back on organic produce, and opting for preservatives – and not by choice. “Hands off my body” suddenly takes on a whole new meaning.

Housing Market

The housing market has also transformed drastically. Under Trump, mortgage interest rates hovered around 3.5%, allowing many families to buy homes or refinance at affordable rates. I am forever kicking myself for not taking advantage of this. Today, rates have climbed well above 6%, significantly increasing monthly payments for new homeowners and making it harder for first-time buyers to enter the market at all. My husband and I got hit with a 6.9% interest rate (which blessedly came down from the original 7.4% we were initially offered), and we’re already praying that we can refinance soon.

Look at it this way: You’re buying your first home for $200,000 (Zillow claims the nationwide average price for a starter home is $196,611). When Trump was president and interest rates averaged around 3.5%, you would have paid $898 a month. Today, at a 6.3% interest rate, you will pay $1,229. That’s a difference of $331 a month, or $3,972 a year, or best yet, $119,160 by the time you pay off your home in 30 years. 

Rent prices have similarly escalated, with many cities experiencing double-digit percentage increases, leaving families grappling with the choice between paying rent and putting food on the table (unhealthy food at that). Rent under Trump increased 3-4% during his presidency. Under Biden, it increased 10-15%. Numbers don’t lie.

Gas Prices

Gas prices, a significant part of anyone’s budget, are another sore point. Under Trump, the national average was around $2.30 per gallon. Today, it has surged to over $4.00 in many areas, a burden that affects everything from daily commutes to the cost of goods transported across the country. 

Mobility is freedom, and what is America without freedom? I’m not talking about just literally being able to get from Point A to Point B – we must have the freedom to pursue academic opportunities without having to choose between being able to attend our grandmother’s funeral or hunkering down because domestic flights are now 30% more expensive since Trump left office. I’m talking about the freedom to book a weekend getaway to restore our mental health and help us rejuvenate to perform better at work. I’m talking about the freedom to attend our best friend’s wedding. 

When the average person is feeling crushed beneath the weight of this new cost of living, our freedom is equally under threat. You can only go so far before you can’t take it anymore.

The Reality of Economic Claims

Despite the Biden/Harris administration's assertions that the economy is thriving, everyday Americans face a starkly different reality. Politicians often tout job growth and reduced unemployment rates, but these figures mask the struggles of families who can’t afford basic necessities. Families who literally can't afford to put food on the table for their children each night. The emotional toll of financial insecurity cannot be overstated; countless hard-working, everyday Americans in 2024 lie awake at night with tears in their eyes, worrying about how to pay bills or stretch pennies. 

The narrative of a booming economy is further undermined when considering the staggering inflation rates. Many families have cut back on essentials, and the goal of homeownership, early retirement, and even the once achievable American dream seems increasingly out of reach.

How We Got Here

To put it simply: Biden and Harris. Looking back at the past few years, it’s important to analyze the choices made by the Biden/Harris administration. The unnecessary funding of foreign wars and extensive aid packages have drawn criticism for prioritizing international issues over domestic needs. Sure, Ukraine’s war didn’t help when it disrupted its grain exportations and our bread became more expensive, but under Biden, Ukraine received $75 billion dollars in aid. That looks like this: $75,000,000,000. Imagine what that money could do for American families who are struggling to make ends meet. 

Of course, another blatantly obvious issue that has contributed to soaring inflation was inheriting an economy hit hard by Covid, but Biden only fanned the flames by introducing the American Rescue Plan. Where did Biden spend the Plan’s $1.9 trillion (wait, I’ll spell it out again for you: $1,900,000,000,000)? Your guess is as good as mine, but I certainly don’t feel better off because of it.

Closing Thoughts 

As Harris potentially steps into the presidency, voters must consider why her administration didn’t make life more affordable during her tenure as vice president. If significant changes were not made then, what assurance is there that things would improve moving forward? The previous opportunity to address these pressing economic challenges was missed, and many are left questioning the sincerity of future promises.

As we head into the 2024 election, the stakes are higher than ever. The choices made in Washington directly affect your wallet – how much you pay for groceries, rent, and gas. With the rising cost of living under the Biden/Harris administration, it’s crucial for voters to critically evaluate the economic implications of their choices at the ballot box. The well-being of American families hinges on these decisions, and every vote represents a chance to shape a more financially secure future.

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