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May 16, 2024

RNC: Bidenflation Has Drained Savings Accounts and Retirement Plans

Life for working families is harder and more expensive under Joe Biden.

By the Republican National Committee

EVERYTHING COSTS MORE THANKS TO BIDEN

  • The latest Consumer Price Index data shows year-over-year inflation increased in April by 3.4 percent – twice the rate compared to when Biden took office.
    •  Inflation has been at or above 3 percent for 37 straight months, well above the Fed’s average target of 2 percent.
    • Core consumer prices – stripping out food and energy – rose by 3.6 percent.
  • Prices have risen by 19.9 percent since Biden took office – with Americans still reeling from the lasting effects of inflation.
  • With persistent inflation having eaten away at wage gains, more and more Americans are struggling financially.
  • Real wages remain lower than when Biden first took office.
    • Inflation-adjusted average weekly earnings were $397.90 when Biden took office and are now $380.56 – the BLS adjusts to 1982-1984 dollars – meaning Americans have seen a 4.4 percent pay cut under Biden.
      • Under President Trump, real average weekly wages rose 8.2 percent.

THE COST OF LIVING IS BECOMING INCREASINGLY UNAFFORDABLE

  • Hardworking Americans are struggling to survive financially as Bidenomics continues to drain the wallets of families and businesses across the country.
  • Bidenomics has cost the middle class $2.4 trillion since March 2022.
  • Americans have now lost over $4,170 paying higher energy costs since Biden took office.
    • U.S. average gas prices currently sit at $3.61 per gallon, which is over $1.20 higher from when Biden became president.
    • Under Biden, the price of a gallon of gas has been above $3 for 1,100 days in a row.
    • Energy prices have soared almost 30 percent under Biden, 13 times faster than the previous seven years.
  • The Fed has hiked interest rates 11 times since March 2022 – now at their highest level in 22 years – making it harder for families to buy a home, finance a car, pay off debt, and perform various other financial transactions.
    • With persistent inflation, interest rates are unlikely to fall this year.
    • Americans need a six-figure salary to afford a typical home in nearly half of U.S. states.
    • To afford a median-priced home of $402,343, Americans would need an annual income of $110,871, a nearly 50 percent increase over the last four years.
    • In some states, the income needed to afford a typical home has increased by over 65 percent since the beginning of 2020.
    • After massive rental inflation, rents are stuck at persistently unaffordable prices and a record share of renters are spending more than 30 percent of their income on housing.
      • In several metro areas, households need to make well over $100,000 to avoid becoming cost-burdened – spending more than 30 percent of a household’s income on rent.
    • Biden’s favorite economist – Moody’s Mark Zandi – said that purchasing a home or a car right now is “completely unaffordable for the typical American household.”

AMERICANS’ FINANCES ARE BEING DECIMATED

AMERICANS ARE NOT HAPPY WITH BIDEN’S ECONOMY

  • American families are seeing higher prices for virtually everything, and they know exactly who to blame: Biden and Democrats.
  • A majority of Americans rate the economy as poor, according to a New York Times poll.
  • Only 38 percent of voters rate the Biden economy as good, compared to 65 percent under President Trump, according to CBS News.
  • More voters currently view Trump as better for the economy than Biden, according to a Reuters/Ipsos poll.
  • 61 percent of Americans disapprove of the way Biden is handling inflation and 54 percent disapprove of Biden’s handling of the economy, according to an Economist/YouGov poll.
  • 58 percent of Americans believe the economy is on the wrong track, 57 percent think the economy is weak, and 48 percent say their current personal economic situation is getting worse, according to a Harvard-Harris poll.
  • Fewer than four in 10 registered voters say Biden deserves to be reelected, according to Gallup.

DEMOCRATS’ RESPONSE TO THE INFLATION CRISIS BIDEN CREATED: MORE INFLATIONARY SPENDING

REPUBLICAN-LED STATES ARE DRIVING JOB GROWTH

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