Keep Calm and Go On Spending: Biden Claims Americans Now Have More Money Despite Inflation, Pandemic

The US has been hit by decades-high inflation levels this year as the country tries to emerge from the economic woes of the pandemic, with fuel and food being some of the most affected categories of wares.

The inflation in the US keeps setting new records, reaching levels not seen since around 1982, after it hit a 6.8% year-to-year level in November. However, according to President Joe Biden, not everything is bad. On the contrary, POTUS claims that the average American has become richer under his presidency compared with 2020.

"Americans are back at work at a record-setting pace. And families have more money in their pockets: Americans on average have about $100 more in their pockets each month than they did last year, after accounting for inflation".

Even with this optimistic news in mind, Biden called fighting inflation one of his priorities for the months to come as he commented on the latest data on unemployment insurance claims. He also stressed that "getting America back to work" and resolving the ongoing disruptions in supply chains caused by the pandemic were at the top of his priorities list as well.

Inflation levels in the US grew from 6.2% in October to 6.8% in November, the latest data shows. Food and energy prices have become one of the biggest contributors to the ongoing surge in consumer prices in the country. The costs of serving the table grew by 6.1% for Americans this year, while energy prices skyrocketed by 33%.

However, the US is not alone in facing this problem: many other global economies emerging after the pandemic have experienced the same rise in inflation. Fuel shortages, supply chain issues, overloaded shipping capacities, and surging economic activity are among the main factors being blamed by economists for the spiking inflation.