The Patriot Post® · RNC: Prices Push 20% Higher Under Biden

By the Republican National Committee

PRICES ARE UP 20 PERCENT UNDER BIDEN

• The latest Consumer Price Index data shows year-over-year inflation increased¹ in May by 3.3 percent – twice the rate compared to when Biden took office.
  • Inflation has been at or above 3 percent for 38 straight months, the longest period of high inflation since the late 1980s/early 1990s² and well above the Fed’s average target of 2 percent³. 
  • Core consumer prices – stripping out food and energy – rose by 3.4 percent⁴.
• Prices have risen by 20.1 percent⁵ 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 5.4 percent¹ – roughly double the level of inflation seen under any of the last four presidents.
  • Groceries are up 21.2 percent⁶, rent is up 21.2 percent⁷, and electricity is up 29 percent⁸ since Biden took office.
  • Car insurance has increased 51.7 percent⁹ under Biden – stinging the 92 percent¹⁰ of American households that own at least one car.
• 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 – both year-over-year real average hourly earnings¹¹ and real average weekly earnings¹² were negative for 25 months.
• Real wages remain lower¹³ than when Biden first took office.
  • Inflation-adjusted average weekly earnings were $397.90 when Biden took office and are now $382.28 – the BLS adjusts to 1982-1984 dollars – meaning Americans have seen a 3.9 percent pay cut¹⁴ under Biden.
    • Under President Trump, real average weekly wages rose 8.2 percent¹⁴.

THE COST OF LIVING IS BECOMING INCREASINGLY UNAFFORDABLE

• Hardworking Americans are struggling to survive financially as Bidenomics continues to drain the wallets of families and businesses across the country.
• Bidenomics has cost the middle class $2.4 trillion¹⁵ since March 2022, with the average middle-class household losing at least $33,000 in real wealth¹⁵.
• Americans have now lost over $4,303¹⁶ paying higher energy costs since Biden took office.
  • U.S. average gas prices currently sit at $3.45 per gallon¹⁷, which is over $1 higher from when Biden became president.
  • Under Biden, the price of a gallon of gas has been above $3 for 1,127 days¹⁸ in a row.
  • Energy prices have soared almost 30 percent¹⁹ under Biden, 13 times faster than the previous seven years.
• The Fed has hiked interest rates 11 times since March 2022 – now at their highest level in 22 years²⁰ – making it harder²¹ for families to buy a home, finance a car, pay off debt, and perform various other financial transactions.
  • With persistent inflation, interest rates are unlikely to fall²² this year.
• Americans need a six-figure salary²³ to afford a typical home in nearly half of U.S. states.
  • To afford a median-priced home of $402,343, Americans would need an annual income of $110,871, a nearly 50 percent increase²³ over the last four years.
  • In some states, the income needed to afford a typical home has increased by over 65 percent²³ since the beginning of 2020.
  • On top of crushing mortgage payments, the cost of owning and maintaining a typical home has increased 26 percent²⁴ since 2020.
• After massive rental inflation, rents are stuck at persistently unaffordable prices and a record share²⁵ of renters are spending more than 30 percent of their income on housing.
  • In several metro areas, households need to make well over $100,000²⁵ to avoid becoming cost-burdened – spending more than 30 percent of a household’s income on rent.
• Biden’s favorite economist²⁶ – Moody’s Mark Zandi – said that purchasing a home or a car right now is “completely unaffordable for the typical American household²⁷.”

AMERICANS’ FINANCES ARE BEING DECIMATED

• Americans are suffering from the lasting effects of Biden’s historic inflation, with many struggling to pay²⁸ their debts, save²⁹ for retirement, or afford³⁰ rent.
  • Nearly half of Americans³¹ consider themselves “broke.”
  • 66 percent³² of Americans worry about covering one month of expenses if they lose their job.
  • 58 percent³³ of registered voters report living paycheck-to-paycheck.
  • More than half³⁴ of Americans are concerned they cannot achieve financial security in retirement.
    • The personal savings rate was 3.6 percent³⁵ in April, well below a decades long average of roughly 8.9 percent³⁶.
  • For the lower 80 percent³⁷ of American households, liquid assets have dropped below pre-pandemic levels and Americans are quickly depleting any savings accumulated during the pandemic, with only 20 percent of households above board.
• To make matters worse, more Americans are taking on additional debt³⁸ just to cover daily expenses, finding their regular income is no longer enough to make ends meet.
  • Total household debt has risen to an all-time high³⁹ of $17.69 trillion⁴⁰.
  • Credit card debt is at $1.12 trillion³⁹, nearly a record high, while a quarter of Americans are putting less money⁴¹ towards paying down their debts.
    • Credit card balances have increased 45 percent⁴² over the past three years.
  • Bank of America reported the amount of debt unlikely to be recovered rose to $1.5 billion⁴³ in the first quarter of 2024, while JPMorgan Chase said its charge-offs nearly doubled to $2 billion.
• The personal savings rate was 3.6 percent³⁵ in April, well below a decades-long average of roughly 8.9 percent³⁶.

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.
• 92 percent³³ of registered voters are concerned about inflation, according to a NewsNation/Decision Desk HQ poll.
• 60 percent⁴⁴ of Americans disapprove of the way Biden is handling inflation and 52 percent⁴⁴ disapprove of Biden’s handling of jobs and the economy, according to an Economist/YouGov poll.
• 60 percent⁴⁵ of Americans believe the economy is on the wrong track, 58 percent⁴⁶ think the economy is weak, and 48 percent⁴⁷ say their current personal economic situation is getting worse, according to a Harvard-Harris poll.
• 71 percent⁴⁸ of voters believe economic conditions are worsening and 49 percent⁴⁸ said they thought Biden made things worse with his economic policies, according to a Financial Times-Michigan Ross survey.
• 70 percent⁴⁹ of voters have a negative view of the economy and 55 percent⁴⁹ of voters trust President Trump to better manage the economy, according to a Fox News poll.

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

• As working-class families struggle to make ends meet thanks to inflation, voters know Democrats are to blame for rising prices. 
• In 2021, Biden and Democrats passed their inflation-fueling⁵⁰ $1.9 trillion “stimulus,” which even liberal economists admit fueled inflation.
• In 2022, every single⁵¹ Democrat⁵² voted to pass the Bidenflation Scam⁵³, which experts warned will worsen inflation and raise taxes on working-class Americans.
  • Studies from the Tax Foundation⁵⁴, Penn Wharton Budget Model⁵⁵, Moody’s⁵⁶, and the Congressional Budget Office⁵⁷ all found that the bill will either make inflation worse or do basically nothing to bring down inflation.
  • The Tax Foundation concluded that the Bidenflation Scam Act will “worsen inflation especially in the first four⁵⁸” years.
• Since then, Democrats have refused to back down from their extravagant spending even as numerous reports warn about the inflationary impact.
  • Biden has repeatedly sought to forgive student loans despite its impact on inflation⁵⁹.
  • Biden is now touting handouts for new homebuyers that will only increase the cost of housing⁶⁰.
• Biden’s proposed $7.3 trillion FY 2025 budget⁶¹ is full of wasteful spending and the largest tax hike in history.

REPUBLICAN-LED STATES ARE DRIVING JOB GROWTH

• Biden deserves no credit for jobs that have been created – he paid Americans⁶² not to work⁶³ for months and stifled economic growth.
• Republican-led states are the ones creating jobs and leading economic growth.
• The latest state jobs report⁶⁴ shows that 12 of the top 16 states for jobs recovered⁶⁵ since the coronavirus pandemic began are led by Republican governors, and all 14 of the states have Republican-controlled legislatures.
  • Tennessee and Mississippi, both Republican-controlled states, have been the only states to reach new record low unemployment rates⁶⁶ in 2024.
• The latest report from the Bureau of Economic Analysis⁶⁷ found that nine of the top 10 states⁶⁸ with the highest real GDP growth in the fourth quarter of 2023 have Republican governors.
  • The top 10 states⁶⁹ with the largest increases in personal income in the fourth quarter of 2023 are all led by Republicans.

Originally posted here⁷⁰.