By the Republican National Committee
BIDEN'S POLICIES HAVE BEEN A HANDOUT FOR THE WEALTHY
- When Biden took office, he repeatedly promised to build an economy "from the middle out and the bottom up, not the top down" – yet, under Biden, low- and middle-income families have been hurt the most by his policies.
- Under Biden, the top 1 percent of American earners now control more wealth than the nation's entire middle class.
- 26.5 percent of all household wealth, $38.7 trillion, belongs to the top 1 percent of earners.
- Bidenflation has disproportionately hurt low-income households, as low-income Americans allocate a "bigger share" of their spending on high-inflation goods like food, gas, and housing, making them more vulnerable to rising prices.
- Studies by the New York Fed, Dallas Fed, and the Urban Institute confirm that low-income Americans bear the brunt of inflation.
- The working class has had to make more lifestyle adjustments to make ends meet under Biden's economy.
- In 2023, nearly 75 percent of self-described working class Americans reported cutting back on entertainment and eating out due to inflation, compared to 54 percent of upper-middle-class Americans.
- 51 percent of the working class are working more hours, compared to only 18 percent of the upper-middle-class.
- Renters, who are more likely to be in lower income brackets, have been hit hard by skyrocketing rent prices.
- Rent affordability is the worst on record, with a new high of 22.4 million renter households considered cost-burdened.
- Interest rates and inflation are making it increasingly difficult to save up for a down payment and many young Americans have given up on ever owning a home.
- Chief Economist for the National Association of Realtors Lawrence Yun: "If you don't make six figures, it's going to be really tough" to afford a house.
- In a response to Bidenflation, the Fed has hiked interest rates 11 times since March 2022 – now at their highest level in 22 years – predominantly hurting the middle class in the process.
- From March 2022, when the Fed started raising interest rates, to July 2023, the middle class lost more than $2 trillion in wealth.
- In 2023 alone, the average real wealth of the American middle class fell more than $33,000.
- "Early delinquencies" on car and credit card loans among lower income households are higher than before the pandemic.
- Lower-income areas are also seeing higher rates of delinquency than high-income areas.
BIDEN IS TRYING TO GASLIGHT AMERICANS ON THE ECONOMY
- As low-income Americans bear the brunt of rising prices, the Biden administration couldn't care less about the struggles of working-class families.
- In January, Press Secretary Karine Jean-Pierre said Americans just need to give Bidenomics more "time" to take effect, and weeks later touted that "Americans are starting to feel President Biden's strong economy."
- Biden recently complained that this is "the best economy of any economy in the world right now … but people turn on the television and what do you hear? Everything's negative!"
- Biden also said his outlook on the economy in 2024 is "All good. Take a look! Start reporting it the right way."
- Treasury Secretary Janet Yellen said that Americans' pessimism in the Biden economy is "unwarranted" even as 62 percent of Americans feel the economy is bad and 70 percent disapprove of Biden's handling of inflation.
- The Biden administration has spent the last three years dismissing, mocking, and laughing at the legitimate economic concerns felt by Americans.
- At the 2022 White House Correspondents' Dinner, Biden laughed at Americans struggling to afford food and gas.
- White House official Liz Reynolds downplayed the 2021 supply-chain shortages as simply lack of choice, saying "you won't be able to get the jacket in 15 colors."
- Energy Secretary Jennifer Granholm said "that is hilarious" when asked about the administration's plans to lower gas prices.
- Transportation Secretary Pete Buttigieg joked about how difficult it will be for families to get Christmas presents.
BIDEN'S STUDENT LOAN "CANCELATION" PLAN: "A WELFARE PROGRAM FOR THE BOURGEOISIE"
- Biden wanted to unilaterally "cancel" up to $10,000 of student debt per borrower – a move that would have worsened economic inequality as nearly two-thirds of all student debt is owed by the top 40 percent of households.
<ul>
<li>According to the <a href="https://budgetmodel.wharton.upenn.edu/issues/2022/8/26/biden-student-loan-forgiveness">Penn Wharton Budget Model</a>, Biden's student loan bailout "could [have] exceed[ed] $1 trillion," with the majority of the benefits going to the top 60 percent of earners.</li>
<li>For many low-income borrowers, $10,000 debt "cancellation" would have "<a href="https://www.nbcnews.com/think/opinion/democratic-plan-forgive-student-loans-could-raise-tuition-hurt-those-ncna1258372">zero impact on their monthly student loan payments</a>."</li>
</ul>
</li>
<li>Biden's illegal student loan promises were shut down after the Supreme Court <a href="https://gop.com/research/bidens-illegal-student-debt-bailout-struck-down/">struck down</a> his bailout.</li>
<li>Biden has now moved to canceling smaller amounts of student debt – having transferred nearly <a href="https://www.foxbusiness.com/politics/biden-cancels-1-2-billion-student-debt-six-months-schedule">$138 billion</a> in federal student loans to taxpayers without a single act of Congress.
<ul>
<li>According to the <a href="https://budgetmodel.wharton.upenn.edu/issues/2023/7/17/biden-income-driven-repayment-budget-update">Penn Wharton Budget Model</a>, Biden's latest student loan bailout will cost taxpayers <a href="https://www.foxbusiness.com/politics/biden-cancels-1-2-billion-student-debt-six-months-schedule">$475 billion</a>.</li>
</ul>
</li>
<li>Student loan "cancellation" has been referred to as "<a href="https://www.nytimes.com/2018/11/18/opinion/student-debt-forgiveness-college-democrats.html">a giant welfare program for the bourgeoisie</a>" because 40 percent of student debt is held by students with advanced degrees such as doctors and lawyers.</li>
<li>Biden has even acknowledged that Democrats' student loan policies would "<a href="https://www.cnbc.com/2021/02/17/biden-says-he-will-not-support-50k-in-student-debt-forgiveness.html">disproportionately benefit students who go to 'elite' private colleges</a>."</li>
BIDEN'S SOLUTION TO HIGH GAS PRICES: BUY AN UNAFFORDABLE ELECTRIC CAR
- Biden's radical environmental agenda is subsidizing electric vehicle ownership for the wealthy at the expense of middle class and poor Americans.
- The average cost of a new electric vehicle (EV) is more than $55,000, according to Kelly Blue Book.
- Most individuals who claim Biden's electric vehicle tax credit earn far more income than the national average
- 57 percent of EV owners make over $100,000 annually and those making more than $100,000 are more likely to seriously consider buying an EV.
- Those with a college degree are also more likely to own or seriously consider buying an EV compared to those without a college degree.
- Taxpayers are footing the bill for Biden's $7.5 billion investment in charging station infrastructure, even though less than 1 percent of registered vehicles are EVs.
- The Biden administration classified Martha's Vineyard as "low-income" to make the area eligible for its EV charger tax credit program.
- Meanwhile, the EPA is poised to finalize new tailpipe emissions standards to ensure 67 percent of new vehicle sales are electric by 2032 – a "de facto electric vehicle mandate."
THE MIDDLE CLASS ISN'T FOOLED BY "BIDENOMICS"
- While the Biden administration tries to discount inflation and shift blame, Americans know that Biden's radical tax-and-spend agenda is responsible for the pain they feel in their pocketbooks.
- In a Harris poll, 57 percent of middle-class respondents said higher borrowing costs were having a negative impact on their household finances.
- By the same poll, 44 percent of middle-class Americans are stressed about the economy and 61 percent said their personal financial situation was worse or unchanged from a year ago.
- According to a poll from ABC news, only 13 percent of Americans say they've gotten better off financially since Biden took office.
- A survey by Monmouth University found that just 16 percent of middle-class families say they have benefited "a lot" under Biden, compared to 41 percent of wealthy families.
- A Bankrate survey found that a majority of Americans can't afford a $1,000 emergency.
- A CNN poll found that a majority of Americans believe Biden's policies have worsened economic conditions in the country.
- 51 percent of adults aged 30–64 say their standard of living is worse than their parents', according to a CBS News|YouGov survey.
