By the Republican National Committee

PRICES UP 20+ PERCENT UNDER KAMALA HARRIS

• The latest Consumer Price Index data shows year-over-year inflation increased in August by 2.5 percent – well above the rate when Harris and Biden took office. 
  • For nearly every month of the Harris-Biden administration, inflation has been well above the Fed’s average target of 2 percent.
  • Core consumer prices – stripping out food and energy – rose by 3.2 percent.
• Prices have risen by 20.3 percent since Harris and Biden took office – with Americans still reeling from the lasting effects of inflation.
  • On a year-over-year basis, inflation under Harris and Biden has averaged 5.2 percent – nearly three times as high as the average inflation under President Trump.
  • Groceries are up 21.5 percent, rent is up 22.5 percent, and electricity is up 30.7 percent since Harris and Biden took office.
  • Car insurance has increased 54.9 percent under Harris and 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.
  • Inflation outpaced wages for a majority of the Harris-Biden administration – both year-over-year real average hourly earnings and real average weekly earnings were negative for 25 months.
• Real wages remain lower than when Harris and Biden first took office.
  • Inflation-adjusted average weekly earnings were $397.90 when Harris and Biden took office and are now $384.47 – the BLS adjusts to 1982-1984 dollars – meaning Americans have seen a 3.4 percent pay cut under Harris and Biden.
  • Under President Trump, real average weekly wages rose 8.2 percent.
• New Census data shows that median household income is lower than it was in 2019, while the poverty rate is higher than what it was in 2019.
  • More than 6.6 million Americans were lifted out of poverty during President Trump’s first three years in office, compared to only 760,000 under Harris-Biden.
  • Real median earnings for both men and women have fallen under Harris-Biden.

THE COST OF LIVING IS BECOMING INCREASINGLY UNAFFORDABLE

• Hardworking Americans are struggling to survive financially as Kamalanomics continues to drain the wallets of families and businesses across the country.
• Kamalanomics 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 $4,691 paying higher energy costs since Harris and Biden took office.
  • U.S. average gas prices currently sit at $3.25 per gallon, which is nearly $1 higher then when Harris and Biden were inaugurated.
  • Under Harris and Biden, the price of a gallon of gas has been above $3 for 1,218 days in a row.
  • Energy prices have soared almost 30 percent under Harris and 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.
• 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.
  • Nearly half of all American renters believe they can’t afford to buy.
• After massive rental inflation, rents are stuck at persistently unaffordable prices and a record share of renters spending more than 30 percent of their income on housing.
  • The average household makes $11,000 less than what is needed to rent a median price apartment, with the median price jumping 23 percent since 2019. 
• 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.”
• The cumulative effects of these interest rate increases are squeezing Americans’ finances, punishing low-income and younger Americans.
• Meanwhile, 818,000 jobs that the Harris-Biden administration claimed to have “created” aren’t actually there.

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.”
  • 65 percent of Americans struggle to save more due to the rising cost of living.
  • Two-thirds of Americans report living paycheck-to-paycheck.
• The personal savings rate was 2.9 percent in July, well below a decades long average of roughly 8.9 percent.
• Americans are increasingly borrowing to cover daily expenses, finding their regular income is no longer enough to make ends meet. 
  • Household debt is at a record $17.69 trillion while credit debt has exceeded $1 trillion. 
  • Americans are increasingly relying on credit cards to help maintain their spending, and those who weren’t able to make ends meet “are just digging themselves a deeper and deeper hole with the higher interest rates.”
  • Seriously overdue credit card debt is at its highest level in more than a decade.
  • Americans are also increasingly racking up “phantom debt” through “Buy Now, Pay Later” platforms, with 43 percent of BNPL users behind on payments.

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, Harris, 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.
  • Harris and Biden have repeatedly sought to forgive student loans despite its impact on inflation.
• For Harris’ own presidential campaign platform, she is doubling down on the Harris-Biden inflationary agenda by proposing the largest tax hike in U.S. history, Soviet-style price controls, and a housing plan that will only drive home prices higher.

REPUBLICAN-LED STATES ARE DRIVING JOB GROWTH

• Harris and Biden deserve no credit for jobs that have been created – they 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 reportshows that 16 of the top 20 states for jobs recovered since the coronavirus pandemic began are led by Republican governors, and 16 of the states have Republican-controlled legislatures.
• Out of the top 15 states with the lowest unemployment rates, 11 are led by Republican governors.
  • Of the 6 states with the highest unemployment rates, 5 are led by Democrat governors. 
• Two states – Tennessee and Mississippi – reached a new record low unemployment ratelast month, both of which have Republican leadership.

Originally posted here.