Bidenflation Has American Consumers Anxious About Affordability of Basic Items

High inflation under Democrat President Joe Biden’s economy is making American consumers anxious about the affordability of basic necessities — such as housing, food, and gasoline.

One Los Angeles resident tells KABC that getting a head start as a young person is challenging as basic items seem out of reach due to skyrocketing prices.

“I think that owning a home, a car, or even having your own apartment is becoming really difficult, especially [if you’re paying] for student loans,” Brandon Retana told the outlet

“Wages are not keeping up with inflation,” he added.

Retana, who lives in one of the nation’s most expensive housing markets, would also likely feel financially squeezed regarding rental prices. In Democrat-controlled Los Angeles, rent prices have increased by 6.1 percent in September from the previous year, according to RedFin. Rental prices nationwide are up by 11 percent after reaching a whopping 19 percent in March.

The rising cost of living is causing California renters to feel anxious, as four-in-ten residents are having challenges in paying household expenses and fear being evicted, per a Census Bureau’s Household pulse survey.

Low-income renters in Los Angeles and the Golden State have good reason to worry, as high rent prices can set a family back for years if they are not able to pay, according to UCLA economics professor Jerry Nickelsburg.

“Someone who is on a fixed income, who is a low-income American, may find that the rent is beyond what they can pay, and if that results in homelessness, it could affect him for years,” Nickelsburg told KABC.

Gasoline in the City of Angels has also risen to absurd record highs, as fuel prices soared to $6.466 per gallon at the beginning of October. Gasoline prices across the nation jumped by 25.6 percent in August from the previous year.

Overall inflation rose by 8.3 percent, according to the Bureau of Labor statistics.

Grocery prices — another basic necessity — increased by 13.5 percent. According to government data, the costs of food purchased by Americans in August saw the most inflation since 1979,

Many American consumers, along with Retana, share a similarly pessimistic view of the economy. According to the University of Michigan, the consumer sentiment index at the end of September was 58.6, down from 19.5 percent a year ago.

You can follow Ethan Letkeman on Twitter at @EthanLetkeman.