House Speaker Kevin McCarthy, R-Calif., criticized the economic policies of President Joe Biden in a press release Tuesday, highlighting the record cost for families preparing to send their kids back to school.
McCarthy cited a National Retail Federation July report that shows the cost of back-to-school materials increased by 24% this year, reaching a record average of $890 per family and up $100 from 2020 levels.
“While President Biden and Democrats try to paint a rosy picture, the facts tell the full story,” McCarthy’s release said. “But it doesn’t have to be this way. In fact, House Republicans have already taken action to lower prices at the pump and stop the out-of-control spending that led to record inflation in the first place.”
He said the increased costs result from two years of “runaway government spending under Democrats’ one-party rule.”
The federation’s report estimates families will spend a record $41.5 billion on back-to-school materials this year, up from $36.9 billion last year and the previous high of $37.1 billion, set in 2021.
“Back-to-class shopping is one of the most important consumer shopping occasions of the year. Our research for 2023 shows American consumers are eager to jump-start their back-to-school and college purchases early,” NRF President and CEO Matthew Shay said. “Retailers have been preparing for months to ensure they are well stocked with essential items that families and students need for the school year.”
According to the report, cost increases are being driven by greater demand for electronics, impacting an estimated 69% of shoppers this year, up from 65% of shoppers needing the items last year.
Spending in that area alone is estimated to top $15.2 billion, comprised of 51% laptop computers, 36% tablets, and 29% calculators.
Costs increased dramatically between 2019 and 2020, with the average cost rising from $697 in 2019 to $789 in 2020, then rising again to $849 and $864 in 2021 and 2022, respectively.
The federation report said that 43% of shoppers needed new items this year, up from 32% in 2022.
“Even though consumers plan to spend more on school and college-related items this year, they are still looking to find the best value and deals,” Prosper Executive Vice President of Strategy Phil Rist said in the report. “Consumers are stretching their dollars by comparing prices, considering off-brand or store-brand items, and are more likely to shop at discount stores than last year.”
Charles Kim ✉
Charles Kim, a Newsmax general assignment writer, is an award-winning journalist with more than 30 years in reporting on news and politics.
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