The Patriot Post® · RNC: Bidenomics Hits the Holidays

By the Republican National Committee

BIDEN’S “GIFT” TO AMERICANS: HIGHER PRICES

• This Christmas, Americans will pay more for just about everything under the tree (and the tree itself) thanks to Bidenflation.
  • Americans expect to spend more this year on Christmas or other holiday gifts than they have in two decades.
• This year’s Christmas price index – which calculates the price of gifts from the classic “Twelve Days of Christmas” – jumped another 2.7 percent after a 10.5 percent hike last year.
• The average price of a Christmas tree is up 10 percent from last year, with shoppers likely to shell out between $80 to $100.
  • Christmas Tree Farmers Association Of New York President Travis Drexler: “We’re paying more now for freight than we ever have. The cost of production is high. You look at fuel prices, you look at cost of labor, even cost of seedlings to plant in the spring has gone up drastically over the last few years.”
• U.S. holiday sales are expected to rise at its slowest pace in five years as Americans are likely to pull back on holiday shopping.

INFLATION SLAMS SHOPPERS THIS HOLIDAY SEASON 

• With inflation wreaking havoc on wallets this holiday season, shoppers are cutting back. 
• 74 percent of Americans say inflation will cause them to buy fewer holiday gifts this year according to a survey from the Bank of Montreal.
  • Almost two in five Americans indicated they would be buying less expensive gifts, and 55 percent plan to take on debt to cover holiday shopping.
• A third of Americans are choosing to skip presents altogether due to financial pressures, according to WalletHub’s 2023 holiday shopping survey.
• 31 percent of Americans are working extra hours or taking on a side gig to afford their purchases, according to Empower’s 2023 holiday spending report.
• Americans plan to buy an average of just eight gifts this year, down from 16 just two years ago, according to Deloitte’s holiday retail survey.

SPENDING TIME WITH LOVED ONES IS MORE EXPENSIVE

• Families are facing steeper prices to travel to see loved ones over the holidays.
  • Domestic round-trip flights for Christmas are up 29 percent compared to 2019, with many international destinations even higher.
  • Gas prices sit at $3.08 per gallon, remaining $0.70 per gallon higher than before Biden took office.
• Over half of Americans surveyed are skipping travel this holiday season to save money, according to Empower’s 2023 holiday spending report.
• 77 percent of Americans traveling for leisure during the holidays are likely to change their plans due to Bidenflation, according to a Bankrate survey.
  • 31 percent are worried their trip will place a strain on their budget and 25 percent anticipate spending more than they’re comfortable with.
• With groceries up 20.3 percent since Biden took office, cooking a holiday meal will be costlier.
  • Staples like a Christmas ham (+6.8 percent), eggnog (+24 percent), cookies for Santa (+2.1 percent) are all up.
• Along with a more expensive holiday, heating costs this winter are also expected to burn a hole in Americans’ wallets. 

AMERICANS FACE TOUGH CHOICES THIS HOLIDAY SEASON

• Bidenflation is cutting into charitable donations, with families strapped for cash unable to give back to the community.
  • Nearly half of Americans say their charitable giving has been affected by inflation, according to a WalletHub survey.
  • Data shows that there have been fewer food donations this holiday season.
  • Dominic Mararri, with the Warren Family Mission, said “Inflation hit us from both sides. We have more people in need and then we have less donations coming in.”
  • The Salvation Army Del Oro Division is down almost $1.4 million in donations from this time last year.
  • This comes as charitable giving is already at a three-decade low.
• Holiday work parties are looking less festive, with many companies battered by inflation and interest-rate hikes taking a more muted approach to celebrations.
  • Biden’s economy has also led to fewer companies giving bonuses this year.
• This holiday season is “make or break for a lot of local businesses” who have struggled to compete with big-box stores and online retailers.

Originally posted here.