Olympic athletes are in the same club as millions of Americans affected by rising inflation.
U.S. consumer prices have risen 20% since 2021. That summer, American athletes took home the most gold medals of any country at the COVID-delayed Tokyo Olympics, barely edging out China, 39-38.
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But it was a different story financially, preparing for the Paris Games over the past two years.
“It's screwed! It's that simple, it's screwed,” silver medalist sprinter Fred Kerley, 29, told reporters at the USATF Grand Prix on June 8 of the financial conditions American Olympians have faced.
Because the U.S. government is one of the few in the world that does not pay its Olympic athletes, American competitors face even greater challenges compared to other wealthy countries.
U.S. Olympic athletes rely on private sponsorships, merchandise sales and medal bonuses from the United States Olympic and Paralympic Committee (USOPC) to make a living. But medal bonuses for American athletes are $37,500 for a gold medal, $22,500 for a silver medal and $15,000 for a bronze medal.
Team USA's Fred Kerley is pictured before the men's 4×100-meter relay final at the World Athletics Championships in Budapest, Hungary, in August 2023. (Sam Barnes/Sportsfile via Getty Images)
“I feel like I'm from another country, I'd live like a king. But living in America, you know how the world works and America works at home, a lot of us struggle day in and day out,” Kerley said.
Asked how rising inflation has affected his team, Kerley said he has seen many American athletes in his sport take on day jobs to earn extra income.
“It's hard to have a steady job and perform at your best every day,” he said. “They have to focus on [making] money or doing something they love.”
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Has financial strain put Team USA at a disadvantage in Paris?
Kerley's track and field teammate Tara Davis-Woodhall, 25, offered an answer in a roundtable interview at the USOPC Media Summit on April 17.
“Probably, absolutely,” Davis-Woodhall said when asked if inflation puts American athletes at a competitive disadvantage in Paris. “It used to be expensive for a track athlete, but now it's so expensive and we don't get paid anything.”
According to Davis-Woodhall, financial difficulties can also prevent athletes from focusing on an optimal Olympic lifestyle.
Tara Davis-Woodhall of the United States speaks at a news conference in Paris on July 29, 2024. (Mike Lawrie/Getty Images)
“One hundred percent,” Davis-Woodhall said when asked if she thought inflation could affect American athletes' ability to focus on their sport. “I know a lot of people who have second jobs. I know a lot of people who are trying to scrape together money and asking their parents for money and asking their sponsors to give them a little bit more.”
TO Fox News Poll A study conducted this month found that 76% of American respondents had to cut back on spending to pay for basic living expenses due to inflation. Fox Business calculations found that food prices rose 33.7%, housing costs increased 18.7% and energy prices increased 32.8%.
For professional athletes, food and groceries are more than a living expense: they are an investment in performance, an investment necessary to remain competitive.
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Another young American sprinter, silver medalist Kenny Bednarek, 25, feels the effects of inflation every time he buys his groceries.
“Inflation and everything else has gone through the roof. When I go grocery shopping, I can buy six things and it's already costing me over $150. If you want to take care of your health, it costs a lot more too. You know, organic products, you know in America it's all about business, so if you want to take care of your health, you have to pay more,” Bednarek said in a roundtable interview at the USOPC Media Summit on April 17.
Kenny Bednarek is pictured after the men's 200-meter final at the U.S. Olympic track and field team trials in Eugene, Oregon, on June 29, 2024. (Christian Petersen/Getty Images)
“I have a budget that I need, I can't go over it. If I do, it's not the end of the world, but if I do, I'm going to have some problems.”
For athletes competing in less high-profile sports, where securing sponsorship deals is even rarer, affording basic living conditions is even more difficult.
Boxer Morelle McCane, 29, is making her Olympic debut in Paris. In 2019, she trained while working as a clown at birthday parties to try to make ends meet. She has held other side jobs, including working at a daycare center and a mental health center. She has been boxing since she was 17 and qualified for her first Olympics this year.
But even after qualifying for Paris, competing at the 2022 World Championships and winning a gold and two silvers at her three international tournaments in 2023, it's still tough to pay the rent.
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“I remember when I was finishing college and rent was reasonable. Now it's like you have to have a roommate to be able to live,” McCane said in a roundtable interview at the USOPC Media Summit on April 15.
She also said those mounting expenses have distracted her from boxing, “especially mentally. When you know that 'Oh damn, you have to pay the bills' and you have obligations to make a living, to eat, to sleep, you have to step away from the sport for a while. And it hurts.”
Meanwhile, taekwondo athlete CJ Nickolas agreed that dealing with inflation has distracted him from his sport.
“In the housing market in particular, we can't get houses for those who practice taekwondo. But my mother has helped me a lot, she has a very good credit rating,” Nickolas said in a roundtable interview on April 15.
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Members of the U.S. team sail down the Seine River with a view of the Eiffel Tower in Paris during the opening ceremony of the 2024 Summer Olympics on July 26, 2024. (AP Photo/Ashley Landis/Pool)
Team USA's financial troubles don't seem to stop at just the athletes.
USOPC CEO Sarah Hirshland told reporters in a roundtable interview at the committee's media summit on April 15 that inflation is not only affecting athletes but also entire organizations associated with the USOPC.
“The inflationary environment is something we're all feeling. Athletes are human beings, first and foremost. They're feeling it just like everyone else; all of our organizations are feeling it,” Hirshland said. “We're all feeling it.”
The United States currently ranks sixth in total gold medals in Paris, with four at the time of publication, while Japan leads with seven. However, the United States currently holds the lead in total medals, with 26.
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