Why Harris-Walz Can’t Make Back-to-School and Other Things Affordable
For America’s working-class parents, especially Black families, this isn’t the most wonderful time of the year.
The thought of filling shopping carts with new notebooks, jeans, and sneakers for their kids inspires dread over figuring out how they can afford back-to-school shopping.
Kamala Harris’s "day one priority" to bring down prices and rebuild the middle class ring hollow. Why wait until January to tackle inflation?
She is the vice president right now.
The inconvenient truth is that Bidenomics drove prices 20-50% higher than they were on Inauguration Day 2021.
The inflation rate remains elevated today despite years of empty promises from the Biden-Harris administration and trillions in debt-ballooning federal spending that were supposed to bring inflation down. Why should parents believe that Harris now has a plan to make back-to-school affordable again?
American families are expected to spend $38 billion this year on back-to-school clothing and supplies. As a mother of three, with kids starting pre-K, kindergarten, and middle school at the end of this month, each with different lists and needs, I am aware of how much our family is spending to send them back to school. And I’m grateful we can at least afford it. But I know that many aren’t as fortunate.
Poor and low-income families including Black families, shoulder a disproportionate burden from inflation in general. They simply can’t stretch their budgets any further, creating very tough choices.
Now, the pain of elevated inflation along with high borrowing costs on consumer debt is hitting the middle class.
A recent Deloitte survey found that while households earning over $100,000 plan to spend 5% more per pupil this year compared to last year, low-income households will pare back on spending by 4%, and middle-class households will scale back their spending by over twice that (9%). Higher prices than last year are the top reasons for expected pullbacks.
If about half of Americans can’t afford a $1,000 emergency and one in three can’t afford even a $400 unexpected expense, how will parents shell out an average of $874.68 on clothing, shoes, school supplies, and electronics?
Borrow, beg, and steal — metaphorically. More than a third of parents surveyed will borrow on credit cards or use buy now, pay later options, according to CreditKarma.
Half plan to rob Peter to pay Paul, so to speak, by sacrificing groceries and bills for school supplies. Hand-me-downs and other loaned items round out the crafty means that parents will employ.
This makes charitable outreaches such as backpack giveaways all the more sought-after.
Taking on more high-interest debt during this season compounds the tenuous financial position that many families are already facing.
Outstanding U.S. credit card debt now stands at a record $1.14 trillion, up 5.8% from a year ago. Delinquencies on credit card debt have risen to levels not seen since 2012.
As the primary shoppers for many households, women are making difficult financial decisions. Buying fewer items per trip, trading down from brand name to generics, and shopping at a dollar store only go so far.
Delaying utility bills or skipping grocery shopping are the kinds of quality-of-life decisions they will remember on Nov. 5.
Racial politics won’t win all Black voters. They are painfully aware that 3.5 years of Bidenomics, which Harris takes credit for, have left them worse off.
As such, only 25% of women and voters overall think President Harris can improve their financial position. In comparison, a plurality (41%) of women and nearly half (45%) of all voters trust former President Trump to boost their bottom line.
Policies matter.
The Biden-Harris energy agenda drove energy prices up over 40% since taking office, which fed into the elevated costs of various consumer goods, from the threads in kids’ sweaters to the plastic of their lunch boxes.
Trillions of dollars in excessive and irresponsible federal spending financed by borrowed money — much of it printed from thin air — spiked the inflation rate to a 40-year high and devalued everyone’s paycheck.
Households are left with an effective pay cut from inflation outpacing wages.
A favorite scapegoat of the Biden-Harris administration has been to blame "greedflation" or price-gouging by corporations.
The Federal Reserve Bank of San Francisco recently debunked this argument.
Greedy price markups aren’t driving elevated inflation; reckless federal policies are.
The opening of school is weeks or even days away.
Black households are looking for immediate relief and long-term solutions.
The Harris-Walz campaign has yet to post any policy positions on its website.
Sadly, their well of ideas is as empty as are the backpacks many students will carry to school on their first day.
Patrice Lee Onwuka is a political commentator and director of the Center for Economic Opportunity at the Independent Women’s Forum. She is also an adjunct senior fellow with the Philanthropy Roundtable and a Tony Blankley Fellow at The Steamboat Institute. Follow her on Twitter: @PatricePinkFile Read Patrice Lee Onwuka's Reports — More Here.
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