The Patriot Post® · RNC: Bidenomics Has Failed

By Political Editors ·
https://patriotpost.us/articles/102832-rnc-bidenomics-has-failed-2023-12-13

By the Republican National Committee

BIDEN’S ECONOMY IS A FAILURE

  • Prices are higher under Biden, and Americans know it.
  • The latest Consumer Price Index data shows year-over-year inflation remained high1 last month at 3.1 percent – twice the rate compared to when Biden took office.
    • Core consumer prices – stripping out food and energy – rose by 4.0 percent2.
  • Prices have risen by 17.4 percent3 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 5.8 percent1 – more than double the level of inflation seen under any of the last four presidents.
    • Food prices are up 20.3 percent4, rent is up 18.6 percent5, and electricity is up 24.3 percent6 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 months7 and real average weekly earnings were negative for 26 months8.
  • Real wages remain lower9 than when Biden first took office.
    • Inflation-adjusted average hourly wages were $11.39 when Biden took office and are now $11.07 – the BLS adjusts to 1982-1984 dollars – meaning Americans have seen a 2.8 percent pay cut9 under Biden.

MORE AMERICANS ARE STRUGGLING FINANCIALLY

  • Americans are suffering from the lasting effects of Biden’s historic inflation, with many struggling to pay10 their debts, save11 for retirement, or afford12 rent.
  • The personal savings rate was 3.8 percent15 in October, well below a decades long average of roughly 8.9 percent16.
  • Bidenomics has cost the middle class $2.4 trillion17 since March 2022.
  • Low-income Americans are being hit the hardest by inflation according to studies by the New York Fed18, Dallas Fed19, and the Urban Institute20.
  • Americans are increasingly borrowing to cover daily expenses, finding their regular income is no longer enough to make ends meet.

THE COST OF LIVING IS BECOMING INCREASINGLY UNAFFORDABLE

  • U.S. average gas prices currently sit at $3.14 per gallon24, which is nearly $1 per gallon higher than when Biden became president.
  • Congress’s Joint Economic Committee estimates that families have lost over $18,86025 paying for the increased cost of living under Bidenomics.
    • Bidenflation cost the average American family $953 in October alone.
  • The Fed has hiked interest rates 11 times since March 2022 – now at their highest level in 22 years26 – making it harder27 for families to buy a home, finance a car, pay off debt, and perform various other financial transactions.
  • Renting is only getting more difficult for Americans as rental costs continue to surge while wages remain stagnant – with low-to-moderate income renter households32 getting hit the hardest.
  • According to the latest Census data, U.S. inflation-adjusted household income fell last year by the most in over a decade33.
    • Median household income has fallen for two straight years34 under Biden and remains below pre-pandemic levels.

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.
  • 71 percent of Americans rate economic conditions in the country as poor, and voters views on the economy align with Republicans over Democrats by a 10-point margin, according to a CNN poll35.
  • Three-quarters of Americans say the economy is in bad shape, and two-thirds don’t see any signs that it’s turning around, according to a Fox News survey36.
  • 65 percent37 believe the country is on the wrong track, according to an Economist/YouGov poll.
  • 58 percent38 of Americans believe the U.S. economy is weak, according to a recent Harvard CAPS-Harris poll.
  • 67 percent of Americans disapprove of the way Biden is handling the economy, according to a Gallup poll39.

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

REPUBLICAN-LED STATES ARE DRIVING JOB GROWTH

  • Biden deserves no credit for jobs that have been created – he paid Americans53 not to work54 for months and stifled economic growth.
  • Republican-led states are the ones creating jobs and leading economic growth.

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