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 increased 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 1990s and well above the Fed’s average target of 2 percent. 
  • Core consumer prices – stripping out food and energy – rose by 3.4 percent.
• Prices have risen by 20.1 percent 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 percent – roughly double the level of inflation seen under any of the last four presidents.
  • Groceries are up 21.2 percent, rent is up 21.2 percent, and electricity is up 29 percent since Biden took office.
  • Car insurance has increased 51.7 percent under Biden – stinging the 92 percent 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 earnings and real average weekly earnings were negative for 25 months.
• Real wages remain lower 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 cut under Biden.
    • Under President Trump, real average weekly wages rose 8.2 percent.

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 trillion since March 2022, with the average middle-class household losing at least $33,000 in real wealth.
• Americans have now lost over $4,303 paying higher energy costs since Biden took office.
  • U.S. average gas prices currently sit at $3.45 per gallon, 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 days in a row.
  • Energy prices have soared almost 30 percent 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 years – making it harder 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 fall this year.
• Americans need a six-figure salary 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 increase over the last four years.
  • In some states, the income needed to afford a typical home has increased by over 65 percent since the beginning of 2020.
  • On top of crushing mortgage payments, the cost of owning and maintaining a typical home has increased 26 percent since 2020.
• After massive rental inflation, rents are stuck at persistently unaffordable prices and a record share of renters are spending more than 30 percent of their income on housing.
  • In several metro areas, households need to make well over $100,000 to avoid becoming cost-burdened – spending more than 30 percent of a household’s income on rent.
• Biden’s favorite economist – Moody’s Mark Zandi – said that purchasing a home or a car right now is “completely unaffordable for the typical American household.”

AMERICANS’ FINANCES ARE BEING DECIMATED

• Americans are suffering from the lasting effects of Biden’s historic inflation, with many struggling to pay their debts, save for retirement, or afford rent.
  • Nearly half of Americans consider themselves “broke.”
  • 66 percent of Americans worry about covering one month of expenses if they lose their job.
  • 58 percent of registered voters report living paycheck-to-paycheck.
  • More than half of Americans are concerned they cannot achieve financial security in retirement.
    • The personal savings rate was 3.6 percent in April, well below a decades long average of roughly 8.9 percent.
  • For the lower 80 percent 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 debt 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 high of $17.69 trillion.
  • Credit card debt is at $1.12 trillion, nearly a record high, while a quarter of Americans are putting less money towards paying down their debts.
    • Credit card balances have increased 45 percent over the past three years.
  • Bank of America reported the amount of debt unlikely to be recovered rose to $1.5 billion 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 percent in April, well below a decades-long average of roughly 8.9 percent.

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 percent of registered voters are concerned about inflation, according to a NewsNation/Decision Desk HQ poll.
• 60 percent of Americans disapprove of the way Biden is handling inflation and 52 percent disapprove of Biden’s handling of jobs and the economy, according to an Economist/YouGov poll.
• 60 percent of Americans believe the economy is on the wrong track, 58 percent think the economy is weak, and 48 percent say their current personal economic situation is getting worse, according to a Harvard-Harris poll.
• 71 percent of voters believe economic conditions are worsening and 49 percent said they thought Biden made things worse with his economic policies, according to a Financial Times-Michigan Ross survey.
• 70 percent of voters have a negative view of the economy and 55 percent 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-fueling $1.9 trillion “stimulus,” which even liberal economists admit fueled inflation.
• In 2022, every single Democrat voted to pass the Bidenflation Scam, which experts warned will worsen inflation and raise taxes on working-class Americans.
  • Studies from the Tax Foundation, Penn Wharton Budget Model, Moody’s, and the Congressional Budget Office 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 four” 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 inflation.
  • Biden is now touting handouts for new homebuyers that will only increase the cost of housing.
• Biden’s proposed $7.3 trillion FY 2025 budget 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 Americans not to work for months and stifled economic growth.
• Republican-led states are the ones creating jobs and leading economic growth.
• The latest state jobs report shows that 12 of the top 16 states for jobs recovered 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 rates in 2024.
• The latest report from the Bureau of Economic Analysis found that nine of the top 10 states with the highest real GDP growth in the fourth quarter of 2023 have Republican governors.
  • The top 10 states with the largest increases in personal income in the fourth quarter of 2023 are all led by Republicans.

Originally posted here.