Olympic athletes are experiencing challenges similar to those faced by millions of Americans due to rising inflation.
Since 2021, consumer prices in the U.S. have surged by 20%. During that summer, U.S. athletes achieved the highest gold medal count among all competing nations at the COVID-affected Tokyo Olympics, narrowly surpassing China, with 39 to 38 medals.
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However, the financial ramifications of preparing for the Paris Games over the past two years tell a different story.
“It’s really bad! It’s that straightforward,” stated silver medalist sprinter Fred Kerley, 29, when addressing reporters at the USATF Grand Prix on June 8 regarding the financial struggles facing American Olympians.
Unlike most other nations, the U.S. government does not provide compensation to its Olympic athletes, putting American competitors in a more challenging position relative to their counterparts in wealthier countries.
American Olympians rely heavily on private sponsorships, merchandise sales, and medals bonuses from the U.S. Olympic & Paralympic Committee (USOPC) for their financial support. Currently, the medal bonuses are set at $37,500 for gold, $22,500 for silver, and $15,000 for bronze.
Fred Kerley of Team USA is depicted 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)
“In other countries, I could be living lavishly. But here in America, we all know the economy is tough, many of us are struggling daily,” Kerley remarked.
When asked about the impact of inflation on his teammates, Kerley noted that many American athletes in his field are picking up second jobs to supplement their income.
“Balancing a day job while trying to excel in our sport is challenging,” he explained. “They have to think about earning money or pursuing their passion.”
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Does the financial stress negatively affect Team USA’s performance in Paris?
Teammate Tara Davis-Woodhall, 25, reflected on the topic during a roundtable discussion at the USOPC Media Summit on April 17.
“It’s very likely,” Davis-Woodhall responded when questioned whether inflation creates a competitive disadvantage for American athletes in Paris. “While being a track athlete has always been costly, it’s now exorbitantly expensive, and we don’t receive any payments.”
Moreover, Davis-Woodhall expressed that these financial pressures hinder athletes’ ability to maintain a proper Olympic lifestyle.
Tara Davis-Woodhall of the U.S. addresses the press in Paris on July 29, 2024. (Mike Lawrie/Getty Images)
“Absolutely,” Davis-Woodhall affirmed when asked if inflation affects American athletes’ focus on their sport. “I know many individuals with second jobs, and plenty struggling to get by financially while reaching out to parents and sponsors for additional support.”
A recent Fox News poll revealed that 76% of American respondents have reduced their spending to meet basic living costs due to inflation. Calculations from Fox Business indicated a 33.7% increase in food prices, an 18.7% rise in housing costs, and a 32.8% escalation in energy expenses.
For professional athletes, groceries and food represent more than mere living expenses—they are a crucial investment in their performance, necessary for remaining competitive.
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Another U.S. sprinter, silver medalist Kenny Bednarek, 25, shares his experiences with inflation every time he shops for groceries.
“Inflation is out of control. I can get only a handful of items and it costs over 150 bucks. Eating healthy is even pricier,” Bednarek commented during a roundtable discussion at the USOPC Media Summit on April 17.
Kenny Bednarek is seen following 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 strict budget I adhere to; overspending can make things tight,” he continued.
For athletes participating in less mainstream sports, securing basic living necessities is even more daunting, as endorsement opportunities are sparse.
Women’s boxer Morelle McCane, 29, is set to make her Olympic debut in Paris. Back in 2019, she juggled training and a side gig as a clown for birthday parties to cover expenses. Along her journey, she’s held multiple side jobs, including roles at a daycare and a mental health center. Despite boxing since age 17 and qualifying for her first Olympics this year, affording rent remains a challenge.
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“I recall when I graduated college, and rent was manageable. Now, co-living is almost a necessity,” McCane shared during a roundtable at the USOPC Media Summit on April 15.
She mentioned that rising costs distract her from focusing on boxing, especially mentally. “When bills start piling up and basic needs must be met, it diverts focus from the sport,” she acknowledged.
Taekwondo athlete CJ Nickolas concurred that managing inflation has been a distraction. “In Taekwondo, we receive no housing support. Thankfully, my mother has been a tremendous help with her solid credit,” Nickolas added during a roundtable on April 15.
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Members of Team USA participate in a boat ride on the Seine River with a stunning view of the Eiffel Tower during the Summer Olympics’ opening ceremony on July 26, 2024. (AP Photo/Ashley Landis/Pool)
Financial difficulties seem to extend beyond the athletes themselves.
USOPC CEO Sarah Hirshland explained during a media summit on April 15 that inflation impacts not only the athletes but also the entire organizations aligned with the USOPC.
“The effects of inflation are universally felt. Our athletes are human and are experiencing these challenges just like everyone else; our organizations are not exempt either,” Hirshland stated. “It affects us all.”
As of this report, the U.S. stands in sixth place for gold medals in Paris, having secured four, while Japan leads with seven. However, the U.S. leads in total medals with 26.
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