By the Republican National Committee

UNDER BIDEN, WEALTH IN AMERICA IS SHRINKING

  • Over three years into the Biden administration, the White House has little to brag about when it comes to the economy.
    • Biden criticized Trump for focusing on the stock market during his campaign, saying "success … will not be measured just by the stock market," yet has now embraced touting its performance heading into the 2024 election.
  • While the stock market has increased under Biden, the growth pales in comparison to the gains seen during the comparable Trump years.
    • Between Biden's inauguration and the final day of trading for 2023, the S&P 500 grew 25.9 percent, the Dow Jones Industrial Average grew 21.9 percent, and the Nasdaq composite index grew 13.8 percent.
    • Under the same three-year period for President Trump, the S&P 500 grew 42.3 percent, the Dow Jones Industrial Average grew 44.6 percent, and the Nasdaq composite index grew 62 percent.
  • Under President Trump, median household income reached an all-time high in 2019 –  8 percent higher than when Trump took office.
    • With inflation outpacing earnings growth under Biden, median household income adjusted for inflation is now down $3,670 from 2019.
    • Median household income has fallen for two straight years under Biden and remains below pre-pandemic levels.
    • Due to Bidenflation, household income fell by the most in over a decade in 2022.
  • Since January 2022, the personal savings rate has been lower than at any time during Trump's presidency.
  • Household debt has spiked by $2.9 trillion since the end of Trump's third year in office, with credit card debt levels surpassing $1 trillion for the first time under Biden.
  • Real disposable income rose 10 percent during the first three years of Trump's presidency, while Americans' spending power has decreased under Biden.
    • 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.

EVERYTHING COST LESS BEFORE BIDEN

  • Under President Trump, the Consumer Price Index (CPI) – a key barometer of inflation – never rose above 3 percent.
    <ul>
    <li>Under Biden, the CPI has been above 3 percent for <a href="https://data.bls.gov/timeseries/CUUR0000SA0?output_view=pct_12mths">34 months straight</a>, and was over 7 percent for nearly all of 2022.</li>
    <li>The average yearly inflation rate under Trump was <a href="https://www.investopedia.com/us-inflation-rate-by-president-8546447">1.9 percent</a>, while the average yearly inflation rate under Biden so far is <a href="https://www.investopedia.com/us-inflation-rate-by-president-8546447">5.7 percent</a>.</li>
    <li>Households are paying <a href="https://www.foxbusiness.com/economy/high-inflation-still-squeezing-americans-budgets">$1,019 more</a> compared to three years ago to purchase the same goods and services each month compared to three years ago.</li>
    </ul>
    </li>
    <li>Gas prices under Biden have averaged <a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&amp;s=EMM_EPM0_PTE_NUS_DPG&amp;f=W">$3.60 per gallon</a> – during this same time period under Trump, gas prices averaged almost a dollar lower at $2.68 per gallon.
    <ul>
    <li><a href="https://gop.com/rapid-response/record-high-gas-prices-in-all-50-states/">All 50 states</a> have set new record high gas prices under Biden.</li>
    <li><a href="https://gasprices.aaa.com/">Gas prices</a> have increased 37 percent <a href="https://web.archive.org/web/20210121050022/https:/gasprices.aaa.com/">since Biden took office</a>; meanwhile, <a href="https://web.archive.org/web/20170120114658/https:/gasprices.aaa.com/">gas prices</a> had only increased by 4 percent at this <a href="https://web.archive.org/web/20200214223558/https:/gasprices.aaa.com/">same point</a> in Trump's term.</li>
    </ul>
    </li>
    <li>Home prices and interest rates have <a href="https://www.washingtonpost.com/business/2023/12/23/trump-biden-us-economy-compared/">surged under Biden</a>, driving housing affordability to "all-time lows."
    <ul>
    <li>Thanks to higher interest rates, the <a href="https://www.heritage.org/markets-and-finance/commentary/inflation-has-outpaced-annual-growth-weekly-earnings-nearly-every">monthly mortgage payment</a> on a median-priced home is twice as much as when Biden took office.</li>
    </ul>
    </li>
    <li>Car payment defaults recently hit a <a href="https://nypost.com/2023/10/23/business/car-payment-defaults-hit-29-year-high-as-borrowing-costs-surge/">29-year high</a> under Biden.</li>
    <li>Food inflation during Trump's first three years was <a href="https://www.politifact.com/factchecks/2024/feb/13/donald-trump/donald-trump-exaggerates-rise-in-food-prices-under/">only 5.3 percent</a>, while under Biden food prices have increased by a staggering 20.3 percent.</li>

JOBS, JOBS, JOBS

  • During Trump's first 37 months in office, a net 6.4 million new jobs were created, compared to just 5.4 million jobs "created" under Biden.
    <ul>
    <li>Trump created <a href="https://data.bls.gov/timeseries/CES3000000001">419,000 new manufacturing jobs</a> and <a href="https://data.bls.gov/timeseries/CES2000000001">740,000 new construction jobs</a> in his first 37 months, while Biden has created 199,000 manufacturing jobs and 522,000 construction jobs over this same time period.</li>
    </ul>
    </li>
    <li>The jobs gains that are happening under Biden are <a href="https://nypost.com/2024/02/13/opinion/job-gains-are-going-to-immigrants-and-keeping-young-us-born-men-out-of-the-workforce/">overwhelmingly</a> going to immigrants.
    <ul>
    <li>Meanwhile, there are <a href="https://nypost.com/2024/02/13/opinion/job-gains-are-going-to-immigrants-and-keeping-young-us-born-men-out-of-the-workforce/">183,000 fewer</a> U.S.-born Americans working compared to before the pandemic.</li>
    </ul>
    </li>
    <li><a href="https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm/">Labor force participation</a> continues to remain below pre-pandemic levels.</li>

AMERICANS TRUST TRUMP OVER BIDEN WHEN IT COMES TO THE ECONOMY

  • A recent Financial Times survey found that Trump has an 11-point lead over Biden when it comes to who Americans trust more to handle the U.S. economy. 
  • An NBC News poll found that Trump leads Biden by more than 20 points on which presidential candidate would better handle the economy.
  • In January 2020, before the pandemic hit, 59 percent of Americans said they were better off financially than a year ago – the highest percent since Gallup first asked the question in 1976.
    • In January 2023, half of Americans said they were worse off financially than a year ago, the highest since 2009.
  • A CNN poll found that a majority of Americans believe Biden's policies have worsened economic conditions in the country.

Originally posted here.