According to a survey conducted between July 9 and July 11, 2022, 45 percent of Americans thought that Joe Biden was highly responsible for the current trend in the inflation rate. This is compared to 26 percent of Americans who said President Biden did not have a lot of responsibility for the current inflation rate.

Inflation in the U.S. Global events in 2022 had a significant impact on the United States. Inflation rose from 1.4 percent in January 2021 to 9.1 percent in June 2022. Significantly higher prices of basic goods led to increased concern over the state of the economy, and the ability to cover increasing monthly costs with the same income. Low interest rates, COVID-19-related supply constraints, corporate profiteering, and strong consumer spending had already put pressure on prices before Russia’s invasion of Ukraine in February 2022. Despite rising wages on paper, the rapid growth of consumer prices resulted in an overall decline in real hourly earnings in the first half of 2022.

How much control does Joe Biden have over inflation? The bulk of economic performance and the inflation rate is determined by factors outside the President’s direct control, but U.S. presidents are often held accountable for it. Some of those factors are market forces, private business, productivity growth, the state of the global economy, and policies of the Federal Reserve. Although high-spending decisions such as the 2021 COVID-19 relief bill may have contributed to rising inflation rates, the bill has been seen by economists as a necessary intervention for preventing a recession at the time, as well as being of significant importance to low-income workers impacted by the pandemic.

The most important tool for curbing inflation and controlling the U.S. economy is the Federal Reserve. The Reserve has the ability to set, raise, and lower interest rates and determine the wider monetary policy for the United States – something out of the president’s control. In June 2022, the Reserve announced it would raise interest rates 0.75 percent for the second time that year – hoisting the rate to a target range of 2.25 to 2.5 percent – in an attempt to slow consumer demand and balance demand with supply. However, it can often take time before the impacts of interventions by the Federal Reserve are seen in the public’s day-to-day lives. Most economists expect this wave of inflation to pass in a year to 18 months.

According to a poll conducted at the end of 2022, Americans were feeling quite pessimistic about the coming year. 90 percent of Americans felt negatively about the prospect of political conflict in 2023.

The Economy 2022 was a difficult year for many Americans, as it was for many around the world. After a year of high inflation, record fuel prices, and decreased financial security, the country greeted 2023 with high rates of skepticism and caution. Although the U.S. economy itself has experienced a strong rebound from the pandemic recession compared with other major economies, a sustained decline in consumer spending power thanks to wage growth not keeping pace with inflation has everyday Americans feeling the pinch.

U.S. political landscape The political scene in the U.S. also had a tumultuous few years in the lead up to 2023. The election of Donald Trump as the 45th President of the United States in 2016 left many voters reeling and the country more divided than ever. The beginning of 2021 was market by the January 6th attack on the Capitol, as well as the inauguration of Joe Biden. Additionally, the country continued to grapple with a politicized response to the COVID-19 pandemic and associated restrictions. 2022 began with the Russian invasion of Ukraine, ushering in the beginning of a global fuel and inflation crisis. In the midst of hardening economic conditions, the Supreme Court overturned its ruling on Roe v. Wade, returning the power to decide abortion restrictions to state legislatures.

The 2022 midterm elections saw Republicans win enough seats to take back control of the House of Representatives, but saw the GOP ultimately underperform compared to predictions at the time. The first day of the 2023 congressional term was marked by the inability of the Republican Party to unify itself behind one candidate for Speaker of the House, leading to a once in a century multi-round of Speaker elections. With new members of the House not able to be sworn in until a Speaker is elected, 2023 had a difficult start.

Graph and download economic data for Inflation, consumer prices for the United States (FPCPITOTLZGUSA) from 1960 to 2023 about consumer, CPI, inflation, price index, indexes, price, and USA.

Cost of food in the United States increased 2.60 percent in February of 2025 over the same month in the previous year. This dataset provides the latest reported value for - United States Food Inflation - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In December 2024, inflation amounted to 2.9 percent, while wages grew by 4.2 percent. The inflation rate has not exceeded the rate of wage growth since January 2023. Inflation in 2022 The high rates of inflation in 2022 meant that the real terms value of American wages took a hit. Many Americans report feelings of concern over the economy and a worsening of their financial situation. The inflation situation in the United States is one that was experienced globally in 2022, mainly due to COVID-19 related supply chain constraints and disruption due to the Russian invasion of Ukraine. The monthly inflation rate for the U.S. reached a 40-year high in June 2022 at 9.1 percent, and annual inflation for 2022 reached eight percent. Without appropriate wage increases, Americans will continue to see a decline in their purchasing power. Wages in the U.S. Despite the level of wage growth reaching 6.7 percent in the summer of 2022, it has not been enough to curb the impact of even higher inflation rates. The federally mandated minimum wage in the United States has not increased since 2009, meaning that individuals working minimum wage jobs have taken a real terms pay cut for the last twelve years. There are discrepancies between states - the minimum wage in California can be as high as 15.50 U.S. dollars per hour, while a business in Oklahoma may be as low as two U.S. dollars per hour. However, even the higher wage rates in states like California and Washington may be lacking - one analysis found that if minimum wage had kept up with productivity, the minimum hourly wage in the U.S. should have been 22.88 dollars per hour in 2021. Additionally, the impact of decreased purchasing power due to inflation will impact different parts of society in different ways with stark contrast in average wages due to both gender and race.

The Federal Reserve's balance sheet has undergone significant changes since 2007, reflecting its response to major economic crises. From a modest 0.9 trillion U.S. dollars at the end of 2007, it ballooned to approximately 6.76 trillion U.S. dollars by March 2025. This dramatic expansion, particularly during the 2008 financial crisis and the COVID-19 pandemic - both of which resulted in negative annual GDP growth in the U.S. - showcases the Fed's crucial role in stabilizing the economy through expansionary monetary policies. Impact on inflation and interest rates The Fed's expansionary measures, while aimed at stimulating economic growth, have had notable effects on inflation and interest rates. Following the quantitative easing in 2020, inflation in the United States reached eight percent in 2022, the highest since 1991. However, by November 2024, inflation had declined to 2.7 percent. Concurrently, the Federal Reserve implemented a series of interest rate hikes, with the rate peaking at 5.33 percent in August 2023, before the first rate cut since September 2021 occurred in September 2024. Financial implications for the Federal Reserve The expansion of the Fed's balance sheet and subsequent interest rate hikes have had significant financial implications. In 2023, the Fed reported a negative net income of 114.3 billion U.S. dollars, a stark contrast to the 58.84 billion U.S. dollars profit in 2022. This unprecedented shift was primarily due to rapidly rising interest rates, which caused the Fed's interest expenses to soar to over 281 billion U.S. dollars in 2023. Despite this, the Fed's net interest income on securities acquired through open market operations reached a record high of 174.53 billion U.S. dollars in the same year.

As of the third quarter of 2024, the GDP of the U.S. grew by 2.8 percent from the second quarter of 2024. GDP, or gross domestic product, is effectively a count of the total goods and services produced in a country over a certain period of time. It is calculated by first adding together a country’s total consumer spending, government spending, investments and exports; and then deducting the country’s imports. The values in this statistic are the change in ‘constant price’ or ‘real’ GDP, which means this basic calculation is also adjusted to factor in the regular price changes measured by the U.S. inflation rate. Because of this adjustment, U.S. real annual GDP will differ from the U.S. 'nominal' annual GDP for all years except the baseline from which inflation is calculated. What is annualized GDP? The important thing to note about the growth rates in this statistic is that the values are annualized, meaning the U.S. economy has not actually contracted or grown by the percentage shown. For example, the fall of 29.9 percent in the second quarter of 2020 did not mean GDP is suddenly one third less than a year before. In fact, it means that if the decline seen during that quarter continued at the same rate for a full year, then GDP would decline by this amount. Annualized values can therefore exaggerate the effect of short-term economic shocks, as they only look at economic output during a limited period. This effect can be seen by comparing annualized quarterly growth rates with the annual GDP growth rates for each calendar year.

Money Supply M2 in the United States increased to 21447.60 USD Billion in November from 21311.20 USD Billion in October of 2024. This dataset provides - United States Money Supply M2 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Adding to national debt is an inevitable fact of being President of the United States. The extent to which debt rises under any sitting president depends not only on the policy and spending choices they have made, but also the choices made by presidents and congresses that have come before them.

Ronald Reagan and George W. Bush President Ronald Reagan increased the U.S. debt by around 1.86 trillion U.S. dollars, or 186.36 percent. This is often attributed to "Reaganomics," in which Reagan implemented significant supply-side economic policies in which he reduced government regulation, cut taxes, and tightened the money supply. Spending increased under President George W. Bush in light of the wars in Iraq and Afghanistan. To finance the wars, President Bush chose to borrow the money, rather than use war bonds or increase taxes, unlike previous war-time presidents. Additionally, Bush introduced a number of tax cuts, and oversaw the beginning of the 2008 financial crisis. Barack Obama President Obama inherited both wars in Iraq and Afghanistan, and the financial crisis. The Obama administration also did not increase taxes to pay for the wars, and additionally passed expensive legislation to kickstart the economy following the economic crash, as well as the Affordable Care Act in 2010. The ACA expanded healthcare coverage to cover more than 30 million more Americans through programs like Medicare and Medicaid. Though controversial at the time, more than half of Americans have a favorable view of the ACA in 2023. Additionally, he signed legislation making the W. Bush-era tax cuts permanent.