(Daily Caller)—Prices across the economy have skyrocketed since President Joe Biden first took office, hurting Americans in certain sectors more than others due to inflation and regulations, according to experts who spoke to the Daily Caller News Foundation.
Since January 2021, when Biden first took office, the consumer price index (CPI), a measure of inflation, has risen 17.1%, ending in October, according to the Federal Reserve Bank of St. Louis (FRED). Cost increases due to inflation and regulations are hitting every area of the economy, with housing, health care, appliances and car loans experiencing particularly significant impacts, according to experts who spoke with the DCNF.
“I would say that the effect on mortgage rates has been the thing most affected,” Michael Faulkender, chief economist and senior advisor for the Center for American Prosperity, told the DCNF. “Because of 40-year-high inflation from excessive government spending, the Federal Reserve has aggressively raised interest rates. When Joe Biden took office, the average 30-year mortgage rate was 2.77%. Today, it is 7.22%.”
Overall inflation reached a recent peak of 9.1% in June 2022 and has since decelerated to 3.2% in October year-over-year, still far above the Federal Reserve’s 2% target. In response to the high inflation, the Fed raised its federal funds rate to a range of 5.25% and 5.50%, the highest rate in 22 years, placing upward pressure on credit conditions.
The costs to pay for housing expressed in the CPI for shelter, which more closely follows the cost of rent, have risen 17.5% since Biden took office, slightly higher than general price increases, according to FRED.
Many economists point to high government spending under the Biden administration as one of the key causes of elevated inflation. Biden signed the American Rescue Plan in March 2021 and approved the Inflation Reduction Act in August 2022, which added $1.9 trillion and $750 billion in new spending, respectively.
“To put that number in perspective, at 2.77%, a $250k mortgage would have a monthly principal and interest payment of approximately $1,023 per month,” Faulkender told the DCNF. “At 7.22%, that same $250k loan has a payment of $1700 per month. That is why pending home sales have hit their lowest level in two decades. If one looks at rental costs, they have been one of the largest contributors to the ongoing inflation people are facing and it is usually the largest component of a household’s budget.”
In August 2023, a family with a median income could only afford a 30-year mortgage on a $356,272 home following interest rate and price increases, while that same family could afford a mortgage on a $737,392 house in December 2020.
“When some goods are hurt worse than others, the causes are not inflation,” Ryan Young, senior economist at the Competitive Enterprise Institute, told the DCNF. “Higher-than-inflation housing and health care costs are due to regulations and supply chain problems — or at least the higher-than-inflation parts are.”
Health care costs are being ratcheted up due to rising premiums, which increased 7% just this year as of October, increasing 22% over the last five years. In an effort to bring down prices, the Biden administration announced in August that it would be forcing negotiations on ten major drugs.
The Biden administration has outpaced the previous three administrations in terms of issuing significant regulations, calculated by those that have at least a $100 million economic impact, completing 89 by the end of 2022. The total added costs due to regulations on the economy are estimated to be $1.939 trillion.
Biden has made combating climate change a key part of his policy objectives, instituting and proposing a slew of environmental regulations that, if all approved, would ultimately add $9,166 in new costs for average Americans per home. Many of the regulations are targeted at ordinary household items like appliances, particularly gas furnaces, water heaters, air conditioners and more, in an attempt to reduce carbon emissions.
“The Fed is now keeping the money supply stable, which is why inflation is now under 4% instead of above 9%,” Young told the DCNF. “Raising interest rates has been part of that. The trouble is that has also raised rates on mortgages, car loans, small business loans and eaten away at people’s retirement savings and college funds. The trouble with inflation is that it hits everything.”
The average monthly payment for a car loan has increased from $617 in the third quarter of 2021 to $726 per month two years later, according to Experian. The combination of price increases and rising rates has led to an estimated half of Americans being priced out of the car market completely.
As a result of rising prices, Americans are spending through their savings, only holding a collective $768.6 billion in October. Comparatively, Americans held over $1 trillion in savings in May and nearly $6 trillion in April 2020.
“Long story short, inflation hits everything equally,” Young told the DCNF. “It’s a universal regressive tax. It hurts low-income families more because they have less room in their budgets to spare. Low-income families are also less likely to have interest-earning investments to help offset inflation.”
The White House did not respond to a request to comment from the DCNF.
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Three Reasons a Coffee Gift Set From This Christian Company Is Perfect for Christmas
When you’re searching for a Christmas gift that’s meaningful, useful, and rooted in faith, you don’t want to settle for anything generic. This season is filled with noise — mass-produced products, last-minute picks, and trends that fade as quickly as they appear. But one gift stands apart because it blends genuine quality with a message that matters: a coffee gift set from Promised Grounds Coffee.
This small Christian-owned company has become a favorite among believers who want to support faith-driven businesses while giving friends and family something they’ll actually enjoy. Here are three reasons a Promised Grounds Coffee gift set may be the most thoughtful and impactful present you give this year.
1. It’s Truly Delicious Coffee
Too many “gift-worthy” coffees look beautiful in the package but disappoint when the cup is poured. Promised Grounds takes the opposite approach — exceptional taste first, thoughtful presentation second.
Their beans are sourced with care, roasted in small batches, and crafted to bring out a rich, smooth flavor profile that appeals to both casual drinkers and true coffee lovers. Whether someone enjoys bold, dark roasts or lighter, more delicate blends, every sip reflects quality that stands shoulder-to-shoulder with the biggest specialty brands.
Simply put: this coffee is good. Really good. Some say it’s absolutely fantastic. If you want a gift that won’t be re-gifted, ignored, or shoved in a cabinet, this is it.
2. It Spreads the Word While Serving a Real Purpose
There are many Christian gifts that are meaningful… but not exactly practical. There are also useful gifts that have nothing to do with faith. Promised Grounds Coffee bridges both worlds beautifully.
Each gift set delivers an encouraging, faith-centered message through its packaging and presentation — a simple but powerful reminder of God’s goodness during the Christmas season. The cups are especially popular and serve as a daily reminder of the blessings from our Lord. At the same time, the product itself is something people will actually use and appreciate every single day.
It’s a gift that uplifts the spirit and fills the mug. A gift that points loved ones toward Scripture while still being part of the normal rhythm of life. And in a culture that increasingly pushes faith to the margins, giving a gift that quietly but confidently honors Christ can make a deeper impact than you might expect.
3. It’s Affordable, Valuable, and Elegantly Presented
Many people want to give something meaningful without breaking their Christmas budget. Promised Grounds Coffee strikes that perfect balance — the sets look and feel premium, but the price remains accessible.
The packaging is classy, clean, and gift-ready, making it ideal for:
- Family members of all ages
- Co-workers or employees
- Church friends or small-group leaders
- Hosts, neighbors, and last-minute gift needs
It’s the kind of gift that feels more expensive than it is — and more thoughtful than most of what you’ll find on store shelves.
The Perfect Blend of Faith, Flavor, and Christmas Cheer
A coffee gift set from Promised Grounds Coffee checks every box: a gift that tastes amazing, conveys your faith, supports a Christian business, and brings daily enjoyment to the person who receives it. In a season when so many gifts are forgotten, this one stands out for all the right reasons.
If you want a Christmas present that reflects your values and delivers genuine joy, Promised Grounds Coffee is the perfect place to start.
Articles like this are sooo 1950s and ultra–silly: Manchurian Joe and the regime pulling his puppet strings are hellbent in ENDING AMERICA, destroying all sectors beginning with the energy sector and all else, along with ALL public safety and national security!
In the short run, bringing in millions of ILLEGALS will collapse wages, destroy the housing market, overwhelm social and medical services, etc. — — — in the long run, defund citizenship and annihilate national idemtity!
All this parsing CUHRAP is just that, intended to confuse and bewilder – have no use for this writer!
When someone is nuking us, taking time out to describe windage and velocity is INFINITELY SILLY!
“Experts”????
The director of the Center for American Prosperity is Jim Carter, who was with the George Weasel Bush Administration, that member of the pro–CCP Bush family who ENDORSED Manchurian Joe TransBiden for the presidency!
What was the first action taken by the Bush Administration AFTER the attacks on 9/11???
They disbursed funds to chambers of commerce across America to host seminars on the most efficient manner for local corporations to OFFSHORE AMERICAN JOBS, thereby further dismantling the economy!
Those are your experts!
Reminds me of Bill Gates’ unscheduled layoff of 1,000 employees and contractors in Redmond on 9/12/01, taking advantage of all the media attention focused on the horrific attacks and 3,000 plus deaths! First I read about those Redmond layoffs was over a year later in the Puget Sound Business Journal, although I did hear about it earlier from several of the laid off workers!