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November 15, 2023

RNC: Bidenomics Pain Continues

Inflation connected to Joe Biden’s economic agenda has caused nothing but pain and misery.

By the Republican National Committee


  • Hardworking Americans are struggling to stay afloat financially as Bidenomics continues to drain the wallets of families and businesses across the country.
  • The latest Consumer Price Index data shows year-over-year inflation remained high last month at 3.2 percent – twice the rate compared to when Biden took office.
    • Core consumer prices – stripping out food and energy – rose by 4.0 percent.
  • Inflation has risen by 17.6 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 5.9 percent – more than double the level of inflation seen under any of the last four presidents.
    • Food prices are up 20.9 percent, rent is up 18 percent, and electricity is up 24.7 percent since Biden took office.
  • With persistent inflation having eaten away at wage gains, more and more Americans are struggling financially.
    • Bidenflation outpaced wages for a majority of Biden’s presidency – year-over-year real average hourly earnings were negative for 25 months and real average weekly earnings were negative for 26 months.
  • 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 $11.05 – the BLS adjusts to 1982-1984 dollars – meaning Americans have seen a 3 percent pay cut under Biden.


  • Americans are suffering from the lasting effects of Biden’s historic inflation, with many struggling to pay their debts, save for retirement, or afford rent.
  • The personal savings rate was 3.4 percent in September, well below a decades long average of roughly 8.9 percent.
  • Bidenomics has cost the middle class $2.4 trillion since March 2022.
  • Low-income Americans are being hit the hardest by inflation, according to studies by the New York FedDallas 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 debt recently surpassed $1 trillion for the first time ever – with the average credit card balance now more than $6,000 the highest in ten years.
    • Sixty-day car payment delinquencies for people with bad credit hit an all-time record of 6.1 percent in September – that’s the highest level of lateness since the survey began in 1994.



  • American families are seeing higher prices for virtually everything, and they know exactly who to blame: Biden and Democrats.
  • Just 14 percent of Americans say they’re better off financially today than when Biden took office, according to a Financial Times poll.
  • 66 percent of Americans disapprove of the way Biden is handling the economy, according to a recent AP-NORC poll.
  • 69 percent of Americans believe the economy is in bad shape and 64 percent believe the country is on the wrong track, according to an Economist/YouGov poll.
  • Half of Americans say their financial situation is worsening, according to a recent Harvard CAPS-Harris poll.
  • Biden’s approval rating on the economy is at just 32 percent – the lowest of his presidency, according to CNBC’s All-America Economic Survey.



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