Senator Ricketts’ Weekly Column: Biden-Harris Inflation Making Back-to-School Too Expensive

For the past three and a half years, families have struggled under stubbornly high prices. The cause is Washington overspending and delusional regulations. As a result, American families are paying over $13,000 more a year to enjoy the same quality of life they had when Joe Biden and Kamala Harris took office. Back-to-school budgets are one of the many ways families are feeling this burden.

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

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

 These numbers remind us that inflation is not just an abstract economic concept. It’s a real, everyday struggle for American families. As the price of goods and services increases, the value of hard-earned dollars decreases. Data shows families are being forced to make difficult choices. Deloitte found that low-income and middle-income families will cut their spending because of rising costs. About 67% of Americans said they’d buy generic or less expensive items instead of their preferred brands. Other surveys have found that as much as 30% of families are cutting back on purchases. 42% of people have altered their household’s financial priorities overall to deal with the effects of inflation.

 If hardworking families have to make these tough choices, so should Washington. Instead, the Biden-Harris administration did the opposite. Trillions of dollars in partisan spending flooded the economy in 2021 and 2022. When an influx of money like that chases the same amount of goods and services, prices soar. To make matters worse, the administration has also forced burdensome regulations and mandates on consumers and businesses. When businesses have to spend significantly more to abide by so many new rules, it makes the goods more expensive for consumers. That’s why prices on everything have gone up. That’s why they’ve stayed stubbornly high.

 As we begin a new school year, I’m angry the administration’s mistakes are forcing parents to once again make tough decisions. American families deserve better. You deserve prosperity. That’s why I’m fighting every day to get the federal government’s spending under control. It’s the only way we’ll bring down inflation and make it easier for families to afford what they need. It's also why I’ll be releasing a report later this month on Washington’s wasteful spending. The report will include some of my solutions to bring our spending down.