The Patriot Post® · RNC: Bidenflation Isn't Going Away
By the Republican National Committee
BIDENFLATION ISN’T GOING AWAY
- The latest Consumer Price Index data shows year-over-year inflation, coming in higher than expected at 3.7 percent and remaining more than twice the rate compared to when Biden took office.
- Core consumer prices – stripping out food and energy – rose by 4.1 percent.
- Inflation has risen by 17.7 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 $11.02 – the BLS adjusts to 1982 -1984 dollars – meaning Americans have seen a 3.2 percent pay cut under Biden.
- Real average hourly earnings fell 0.2 percent in September.
- According to the latest 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.
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.
- 60 percent of Americans report living paycheck-to-paycheck.
- 56 percent of Americans say they’re not on track to comfortably retire.
- The personal savings rate was 3.9 percent in August, well below a decades long average of roughly 8.9 percent.
- 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.
- 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 COST OF LIVING IS BECOMING INCREASINGLY UNAFFORDABLE
- U.S. average gas prices currently sit at $3.65 per gallon, which is $1.25 higher than when Biden became president.
- 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.
- 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.
- The average rate for a 30-year fixed mortgage is now at its highest level since 2000.
- Homeownership has been deemed “unaffordable” in 99 percent of the country.
- 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.”
- Renting is only getting more difficult for Americans as rental costs continue to surge while wages remain stagnant – with low-to-moderate income renter households getting hit the hardest.
- This is now “one of the least-affordable rental markets ever.”
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 33 percent of Americans approve of Biden’s handling of the economy, according to an AP-NORC poll.
- 55 percent of Americans believe the economy is getting worse and 64 percent believe the country is on the wrong track, according to an Economist/YouGov poll.
- 78 percent of Americans say the economy is in bad shape, according to the latest Fox News survey.
- Half of Americans say their financial situation is worsening while only 35 percent of Americans approve of Biden’s handling of inflation, according to a recent Harvard CAPS-Harris poll.
- Republicans now have a 21-point advantage on which political party better handles the economy – the largest lead in NBC News polling history.
DEMOCRATS’ RESONSE TO THE INFLATION CRISIS BIDEN 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 taxes on working-class Americans.
- Studies from the Tax Foundation, Penn Wharton Budget Model, Moody’s, and the Congressional Budget Officeall 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 and leading economic growth.
- 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 11 states with the lowest unemployment rates, nine are led by Republican governors.