The Patriot Post® · RNC: Bidenomics Means Relentless, Rising Inflation
By the Republican National Committee
AMERICANS CONTINUE TO FEEL THE STING OF BIDENFALTION
- The latest Consumer Price Index data shows year-over-year inflation ticked up last month, coming in higher than expected and remaining more than twice the rate compared to when Biden took office.
- Prices have risen by 17.4 percent since Biden took office – with Americans still reeling from the lasting effects of inflation.
- On a year-over-year basis, inflation under Biden has averaged 6 percent – more than double the level of inflation seen under any of the last four presidents.
- 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 hourly wages were $11.39 when Biden took office and are now $11.04, meaning Americans have seen a 3.1 percent pay cut under Biden.
- Real average hourly earnings fell 0,5 percent in August.
- According to new Census data, U.S. inflation-adjusted household income fell last year by the most in over a decade.
- Median household income has fallen for two straight years under Biden and remains below pre-pandemic levels.
- The U.S. was recently stripped of its top credit rating, with the downgrade coming just months after Biden and congressional Democrats took the country to the brink of default and amid an increasingly unsteady economic path.
MORE AMERICANS ARE STRUGGLING FINANCIALLY
- Americans are suffering from the lasting effects of Biden’s historic inflation, with many unable to pay bills, save for retirement, or afford rent.
- 61 percent of Americans report living paycheck-to-paycheck.
- 74 percent of Americans are stressed about their personal finances.
- 56 percent of Americans say they’re not on track to comfortably retire.
- Bidenomics has cost the middle class $2.4 trillion since March 2022.
- The average middle-class household has lost over $33,000 in real wealth in just the past year.
- Moody’s found that the typical American family is spending $709 more a month on the same goods and services as they were two years ago.
- Low-income Americans are being hit the hardest by inflation according to studies by the New York Fed, Dallas Fed, and the Urban Institute.
- Americans are increasingly borrowing to cover daily expenses, finding their regular income is no longer enough to make ends meet.
- Credit card, auto loan, and consumer loan delinquencies are at their highest levels since the Great Recession — and could go even higher.
- The Fed has hiked interest rates 11 times since March 2022 – rates are 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.
- The average rate for a 30-year fixed mortgage remains at its highest level since 2001.
- With new vehicle prices near an all-time high and interest rates jumping dramatically, this is now the “least affordable car market in modern history.”
- There will likely be “additional increases” according to a top Fed official.
GAS PRICES ARE SURGING AGAIN
- U.S. average regular gas prices currently sit at $3.85 per gallon, which is more than $1.45 per gallon higher than when Biden became president.
- U.S. average regular gas prices have been above $3 per gallon for 854 days straight.
- Two states have seen the return of $5 per gallon gas.
- The U.S. Strategic Petroleum Reserve is down to just 18 days of supply because of Biden — and refilling it will take decades.
- Since Biden took office, Americans have lost over $2,250 paying higher energy costs.
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.
- Just 36 percent of Americans approve of Biden’s handling of the economy, according to an AP-NORC poll.
- A majority of Americans believe the economy is getting worse and 60 percent disapprove of Biden’s handling of inflation, according to an Economist/YouGov poll.
- 80 percent of Americans say the economy is in bad shape, according to the latest Fox News survey, with the share of voters feeling dissatisfied with how things are going in the country up 17 points since Biden took office.
- 58 percent of Americans say Biden’s policies have made economic conditions in the U.S. worse, according to the latest CNN poll.
DEMOCRATS’ RESPONSE TO THE INFLATION CRISIS THEY CREATED: MORE INFLATIONARY SPENDING
- As working-class families struggle to make ends meet thanks to inflation, voters know Democrats are to blame for rising prices.
- In 2021, Biden and Democrats passed their inflation-fueling $1.9 trillion “stimulus,” which even liberal economists admit fueled inflation.
- In August, every single Democrat voted to pass the Bidenflation Scam, which experts say will worsen inflation and raise the tax burden on working-class Americans.
- Studies from the Tax Foundation, Penn Wharton Budget Model, Moody’s, and the Congressional Budget Office all found that the bill will either make inflation worse or do basically nothing to bring down inflation.
- The Tax Foundation concluded that the Bidenflation Scam Act will “worsen inflation especially in the first four” years.
- In March, Biden unveiled his budget for FY 2024: a $6.9 trillion spending spree chock full of wasteful spending and higher taxes.
REPUBLICAN-LED STATES ARE DRIVING JOB GROWTH
- Biden deserves no credit for jobs that have been created – he paid Americans not to work for months and stifled economic growth.
- Republican-led states are the ones creating jobs.
- The latest state jobs report shows that eight of the top 10 states for jobs recovered since the coronavirus pandemic are led by Republican governors, and all 10 states have Republican-controlled legislatures.
- Out of the top 22 states with the lowest unemployment rates, 15 are led by Republican governors.
- According to a report by CNBC, nine out of the top 10 states for business friendliness are Republican-led.
- Additionally, eight of the top 10 states with the strongest economies have Republican governors.