Olympic athletes are in the same club as millions of Americans impacted by surging inflation.
Consumer prices in the U.S. have risen 20% since 2021. That summer, U.S. athletes took home the most gold medals of any country in 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 last two years.
“It’s f—ed! It’s as simple as that, it’s f—ed,” silver medalist sprinter Fred Kerley, 29, said to reporters at the USATF Grand Prix on June 8 about the financial conditions American Olympians have faced.
Because the U.S. government is one of the few in the world not to pay its Olympic athletes, American competitors face even greater challenges compared to other wealthy countries.
Olympians in the U.S. depend on private sponsorships, merchandising sales and medal bonuses from the U.S. Olympic & Paralympic Committee (USOPC) to make a living. But the medal bonuses for U.S. athletes are $37,500 for a gold medal, $22,500 for a silver and $15,000 for a bronze.
Fred Kerley of Team USA is shown 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 if I was from a different country I’d be living like a king. But living in America, you know how the world and America work at home, a lot of us struggling day in to day out,” Kerley said.
When asked how rising inflation has affected his team, Kerley said he’s seen many American athletes in his sport take on a day job for additional income.
“It’s hard to have a day job and perform at our best each and every day,” he said. “They got to focus on [making] money or to do something they love.”
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Has the financial strain put team USA at a disadvantage in Paris?
Kerley’s track and field teammate, Tara Davis-Woodhall, 25, offered an answer at 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 was expensive before as a track athlete, but now it’s like uber expensive, and there’s no money being paid to us.”
According to Davis-Woodhall, financial strain may also be getting in the way of athletes being able to focus on an optimal Olympic lifestyle.
Tara Davis-Woodhall of the United States speaks at a press conference in Paris on July 29, 2024. (Mike Lawrie/Getty Images)
“One hundred percent,” Davis-Woodhall said when asked if she believed inflation may affect American athletes’ ability to focus on their sport. “I know plenty of people who have second jobs. I know plenty who are trying to scrape coins and ask their parents for money and ask if their sponsors could give a little bit more.”
A Fox News poll conducted this month found that 76% of American participants have had to reduce spending to pay for basic living expenses due to inflation. Fox Business calculations found that food prices have increased 33.7%, shelter costs increased 18.7% and energy prices increased 32.8%.
For professional athletes, food and groceries are more than just a living expense, they’re an investment in performance, a necessary investment to stay competitive.
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Another young U.S. sprinter, silver medalist Kenny Bednarek, 25, feels the effects of inflation every time he buys his food.
“Inflation and everything has gone through the roof. When I go grocery shopping, I can get like six things, and it’s already over 150 bucks. If you’re trying to be healthy, it costs a lot more, too. You know, organic stuff, you know in the U.S. it’s all business, so if you want to be healthy, you have to pay more,” Bednarek said at a roundtable interview at the USOPC Media Summit on April 17.
Kenny Bednarek is shown after the men’s 200-meter final at the U.S. Olympic Team Track & Field Trials in Eugene, Oregon, on June 29, 2024. (Christian Petersen/Getty Images)
“I have a budget that I need; I can’t really go off the budget. If I do go off, it’s not the end of the world, but if I go off the budget, then hey, I’m going to be a little struggling.”
For athletes competing in less prominent sports, where earning endorsement deals is even rarer, affording basic living conditions is even harder.
Women’s boxer Morelle McCane, 29, is making her Olympic debut in Paris. In 2019, she trained while working a side job as a clown for birthday parties to try and make ends meet. She’s worked several other side jobs along the way, including at a day care center and a mental health center. She’s been boxing since age 17 and qualified for her first Olympics this year.
But even after qualifying for Paris, competing in the 2022 World Championships and winning a gold and two silvers in her three international tournaments in 2023, it’s still hard to make rent.
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“I remember when I was getting out of college and rent was reasonable. Now it’s like you have to have a roommate to just live,” McCane said at a roundtable interview at the USOPC Media Summit on April 15.
She also said that those growing expenses have distracted her from boxing, “especially like mentally. When you know that ‘Oh shoot, bills are due’ and you have obligations to make a living, to eat, to sleep, you have to, like, get away from the game a little bit. And it hurts.”
Meanwhile, Taekwondo athlete CJ Nickolas agreed that dealing with inflation has been distracting from his sport.
“The housing market specifically, we don’t get housing for Taekwondo. But my mom has helped a lot, she has a really good credit score,” Nickolas said at a roundtable interview on April 15.
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Members of the U.S. team ride the Seine River with a view of the Eiffel Tower in Paris during the opening ceremony of the Summer Olympics on July 26, 2024. (AP Photo/Ashley Landis/Pool)
Team USA’s financial struggles don’t appear to stop at the athlete’s end either.
USOPC CEO Sarah Hirshland told reporters at a roundtable interview at the committee’s media summit on April 15 that the inflation isn’t just affecting athletes but also entire organizations associated with the USOPC.
“The inflationary environment is something everybody’s feeling. Athletes are human beings first. They’re feeling it just like everybody else is feeling it; all of our organizations are feeling it,” Hirshland said. “We’re all feeling it.”
The U.S. is currently in sixth place in total gold medals in Paris, with four at the time of publication, while Japan leads with seven. But the U.S. currently holds the lead in total medals with 26.
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