Biden-Harris: Inflation makes starting school too expensive

According to the National Retail Federation, total back-to-school spending in grades K-12 is expected to reach $38.8 billion this year. Families with school-age children are expected to spend $874.68 on clothing, school supplies and electronics this year. During President Trump's last year in office, that amount per family was nearly $100 less. Deloitte says the cost of school supplies has increased 24.5% over the past four years.

College students and their families spend even more. These households are expected to spend an average of $1,364.75 on college-related items. Major categories include an average of $192.40 on dorm furniture, $171.06 on clothing and $149.71 on food. Total spending is expected to reach $86.6 billion.

These numbers remind us that inflation isn't just an abstract economic concept. It's a real, everyday struggle for American families. When prices of goods and services rise, the value of hard-earned money goes down. Data shows families are forced to make difficult choices. Deloitte has found that low- and middle-income families will cut back on spending due to rising costs. About 67% of Americans said they would buy generic or less expensive items instead of their favorite brands. Other surveys have found that as many as 30% of families are cutting back on purchases. 42% of people have changed their household's financial priorities overall to deal with the impact of inflation.

If hard-working families have to make these tough decisions, so should Washington. Instead, the Biden-Harris administration has done the opposite. Trillions of dollars in partisan spending flooded the economy in 2021 and 2022. When such an influx of money chases the same amount of goods and services, prices soar. To make matters worse, the government has also imposed burdensome regulations and mandates on consumers and businesses. When businesses have to spend significantly more to comply with so many new regulations, goods become more expensive for consumers. That's why prices on everything have risen. That's why they've remained stubbornly high.

As we begin a new school year, I'm angry that the administration's mistakes are once again forcing parents to make difficult choices. American families deserve better. They deserve prosperity. That's why I fight every day to get federal spending under control. That's the only way we can reduce inflation and make it easier for families to afford what they need. That's why later this month I'll be releasing a report on Washington's wasteful spending. The report will include some of my solutions for reducing our spending.

My team and I are here for you. You can reach us anytime by phone at 202-224-4224. You can also visit my website at www.ricketts.senate.gov/contact.