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As August draws to a close, Iowa families are gearing up for another school year, but this season of anticipation is overshadowed by the financial strain imposed by the Biden-Harris Administration. The impact of their economic policies is increasingly evident in every aspect of our daily lives.
According to the National Retail Federation (NRF), Iowa households with children in elementary through high school are expected to spend around $880 on back-to-school shopping this year. This figure is emblematic of a broader financial squeeze that many families are enduring.
The Bureau of Labor Statistics (BLS) recently revealed that 818,000 jobs claimed to have been created by the Biden-Harris Administration simply don’t exist. This is the largest downward revision in 15 years. To make matters worse, job growth has been stagnant with a net zero increase over the past year, and the unemployment rate has jumped to 4.3%, the highest it’s been since October 2021.
Inflation is wreaking havoc on American households. Since Biden and Harris took office, inflation has skyrocketed by 20.2%. Families are facing exorbitant increases in costs for necessities: food at schools is up 65.5%, gasoline is up 49.9%, and the prices for other essential goods like eggs and bread have also soared.
This inflationary surge is forcing many families to rely on credit cards for basic school supplies, worsening the credit card debt crisis which now exceeds $1.1 trillion. Half of the parents surveyed are even sacrificing funds needed for bills and groceries just to cover school expenses.
Higher education costs are similarly being driven up. Iowa families with college students are expected to spend an average of $950 on supplies alone this year, on top of rising tuition fees. The financial pressures are relentless. Under the Biden-Harris Administration, real wages have decreased by 3.9%, and inflation-adjusted earnings are lower than when they took office. Americans are now spending over $13,000 more annually on basic necessities compared to three years ago.
The administration’s economic mismanagement is evident in more than just inflation. In July, job creation fell significantly short of predictions, adding only 114,000 jobs versus the anticipated 175,000. The labor market is stagnating, with a rise in people working multiple jobs and a decrease in labor force participation among several demographics.
The current economic policies are failing to deliver on their promises and are instead putting additional burdens on Iowa families. I am committed to advocating for solutions that address these economic challenges. We need to cut excessive government spending, reduce onerous regulations, and promote policies that grow the economy like extending the Tax Cuts and Jobs Act, which lower costs and put more of your hard-earned money back in your pocket.
Together, we must work towards an Iowa where back-to-school expenses do not overwhelm families and where higher education remains a viable and affordable option for all.
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