Kamala Harris Claims Biden Admin Reduced Electricity Costs. Here Are Some Facts.

Vice President Kamala Harris Wednesday was claimed by the Biden administration Has decreased electricity Prices for American families are higher than data would indicate.

Harris commented during a Speech Bowie State University in Maryland saw lower power bills due to White House efforts to lower costs. “For working families,” She stated, “we have reduced heating and electricity bills so folks have more money in their pocket to buy things like school supplies, replace the dishwasher, or take a family vacation.”

According to the National Average Cost of Electricity, it has increased from $0.136 per Kilowatt-hour in Jan 2021 to $0.168 in January 2023. Data The Bureau of Labor Statistics reported that this is a 24% increase in the two years President Joe Biden has been in office. The cost of electricity had been relatively stable over the past decade. They never exceeded $0.150 per kilowatt hour until March 2022.

The northeastern United States saw power costs rise 39% from $0.169 to $0.235 per Kilowatt-hour between January 2021-2023. Prices in western and midwestern areas rose 17% and 15% respectively over the same period.

There are even more worrying trends for utility natural gas: the national average price of the fuel rose 63% between Jan 2021 and Jan 2023 according to more Data From the Bureau of Labor Statistics. The prices for utility gas rose 112% in cities in the West United States. However, they increased 55% and 47% respectively in the Midwestern and Northeastern regions of the country.

Critics of Biden’s administration state that Harris’ claim about a recent fall in cost pressures is just one of many false assertions made by senior officials. The most recent inflation Report From the Bureau of Labor Statistics. It showed an increase in food and shelter costs despite a lower headline number. This occurred one week after Biden. That “inflation is coming down” During his second State of the Union Address. “Inflation has been a global problem because of the pandemic that disrupted supply chains and Putin’s war that disrupted energy and food supplies,” He agreed. “But we’re better positioned than any country on Earth.”

Biden’s January 2021 inauguration saw inflation at 1.4%. Inflation reached 9.1% in June 2022 and is now at 6.4% annually according to the latest readings. The phenomenon has reduced overall purchasing power despite rising nominal income. According to the latest readings, real wages, which account of inflationary pressures fell 1.5% between January 2022 & January 2023. Data From the Bureau of Labor Statistics.

The lockdown-induced recession caused households to borrow money from their families and save. According to Anonymous, the combined debt of mortgages, student loans and credit cards as well as auto loans amounts to $17 trillion. Analysis WalletHub reports that this level is near the $18 trillion household wealth in 2008.

Many Americans report that they are in the most difficult financial position since 2008’s financial crisis. A Gallup poll found that 50% of respondents were in a precarious financial situation. Survey They are, they said. “financially worse off” They are 35% more optimistic than last year and 35% say they are. “financially better off.” The lowest income Americans reported being worse off than last year, with 61% reporting that they were pessimistic about their financial situation in 2023 and 41% reporting the same for this year.