Olympic athletes in the United States are facing financial challenges due to rising inflation. Since 2021, consumer prices in the U.S. have increased by 20%, putting a strain on the finances of many athletes preparing for the Paris Games. Unlike some other countries, the U.S. government does not provide financial support to its Olympic athletes, leaving them to rely on private sponsorships, merchandising sales, and medal bonuses from the U.S. Olympic & Paralympic Committee (USOPC) to make a living.
For American athletes, the medal bonuses are $37,500 for a gold medal, $22,500 for a silver, and $15,000 for a bronze. Sprinter Fred Kerley expressed frustration over the financial conditions American Olympians are facing, stating that many athletes have had to take on day jobs to supplement their income. The financial strain has even led some athletes to struggle to focus on their sport and maintain an optimal lifestyle.
The impact of inflation on athletes’ ability to afford basic living expenses is significant. A Fox News poll revealed that 76% of Americans have had to reduce spending to cover essential costs due to inflation. Food prices have increased by 33.7%, shelter costs by 18.7%, and energy prices by 32.8%. This inflationary environment has made it challenging for athletes like sprinter Kenny Bednarek to afford groceries and maintain a healthy diet necessary for peak performance.
For athletes in less prominent sports, earning endorsement deals is rare, making it even harder to afford basic living conditions. Boxer Morelle McCane shared her experience of working multiple side jobs, including as a clown and at a day care center, to make ends meet while pursuing her Olympic dreams. The rising cost of rent and living expenses has taken a toll on her mental well-being and ability to focus on boxing.
Even athletes’ families are feeling the impact of inflation, with USOPC CEO Sarah Hirshland acknowledging that entire organizations associated with the USOPC are also affected. Despite these financial challenges, Team USA continues to compete in the Paris Olympics, currently holding the lead in total medals with 26. The financial struggles faced by American athletes highlight the broader impact of inflation on individuals and organizations across the country.