Analysis: Republican National Committee
INFLATION HIT A NEW 40-YEAR HIGH UNDER BIDEN
- Biden's agenda is leaving Americans with less money in their pockets, creating the Great American Pay Cut.
- May's Consumer Price Index soared 8.6 percent compared to last year, exceeding economists' expectations and reaching a new 40-year high.
- Core consumer prices – excluding food and energy – rose by 6 percent.
- Real average hourly earnings fell 3 percent over the last year as rising prices eat up any wage growth.
- Since Biden's failed $1.9 trillion "stimulus" was passed, inflation has outpaced wages every single month.
- May's Producer Price Index rose by 10.8 percent since last year, a near record high.
- Core producer prices – which takes out food and energy –increased by 8.3 percent.
- U.S. consumer sentiment has dropped to a record low as workers fear that inflation will continue to "erode" their paychecks.
- With Biden's economy on the decline and prices continuing to surge, economists are warning of a looming recession.
RECORD GAS PRICES
- As prices for virtually everything continue to surge, average U.S. gas prices soared to over $5.00 a gallon, more than doubling since Biden took office.
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<li>In <a href="https://gasprices.aaa.com/">just one year</a>, gas prices under Biden have increased by nearly $2.00 per gallon while diesel has gone up by over $2.50 per gallon.</li>
<li>Today, Americans in all 50 states are paying average prices above <a href="https://gasprices.aaa.com/state-gas-price-averages/">$4.49 per gallon</a>, and in 21 states Americans are paying over $5 per gallon.</li>
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<li>On top of higher prices across the board, rising gas prices could cost American households an additional <a href="https://www.foxbusiness.com/economy/rising-gas-prices-could-cost-american-households-2000-more-this-year">$2,000</a> this year.</li>
<li>Meanwhile, as Americans get crushed at the pump, <a href="https://twitter.com/RNCResearch/status/1528204996642226177">Biden wants to force Americans</a> to buy <a href="https://mediaroom.kbb.com/2022-06-09-New-Vehicle-Prices-Flirt-with-Record-High-in-May,-According-to-Kelley-Blue-Book,-as-Luxury-Share-Remains-Strong">$64,000 electric vehicles</a>, proving <a href="https://gop.com/rapid-response/democrats-we-dont-care-about-gas-prices/">Democrats remain out of touch</a> with the struggles average Americans face.
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<li>Sen. Debbie Stabenow (D-MI) bragged that she passed "every single gas station" in her brand-new electric vehicle, "<a href="https://twitter.com/RNCResearch/status/1534204175076282371">and it didn't matter how high [gas] was</a>."</li>
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BIDENFLATION IS CRUSHING WORKING-CLASS AMERICANS
- 87 percent of Americans say Bidenflation is causing their families either major or minor financial stress according to a recent Washington Post poll.
- Thanks to Biden's disastrous policies, the average U.S. family will spend an extra $7,620 over the next year according to Congress' Joint Economic Committee.
- In May 2022 alone, inflation cost the typical household an extra $635.
- A Northwestern Mutual study found Americans now have an average of $9,000 less in savings than they did last year.
- Under Biden, sky-high prices are forcing hard-working Americans to make cuts to their household budgets.
- Bethany Davis of Barbourville, Kentucky: "We're cutting back on everything — and I mean everything. Gas, meat, bread, it's all expensive as hell."
- Willie Jones of Detroit, Michigan: "It's kinda hard to even, you know, support your family with everything going on right now."
- 77 percent of Americans report spending less on entertainment or eating out, and 64 percent of Americans report making fewer trips to the grocery store because of record-high gas prices.
BIDEN'S RADICAL POLICIES ARE TO BLAME FOR INFLATION
- Biden's radical tax-and-spend agenda is responsible for inflation.
<ul>
<li>A <a href="https://www.washingtontimes.com/news/2022/mar/30/bidens-big-spending-policies-helped-fuel-inflation/">report</a> from the Federal Reserve Bank of San Francisco found what <a href="https://abcnews.go.com/US/americans-remain-critical-bidens-handling-inflation-support-ban/story?id=83409068">70 percent of Americans</a> already know – Biden's $1.9 trillion boondoggle fueled inflation.</li>
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<li>According to a June <a href="https://docs.cdn.yougov.com/h1z6fc9iv8/econTabReport.pdf#page=39"><em>The Economist</em>/YouGov Poll</a>, 85 percent of Americans say inflation is a "very serious" or "somewhat serious" problem.
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<li><a href="https://docs.cdn.yougov.com/h1z6fc9iv8/econTabReport.pdf#page=62">75 percent</a> of Americans blame Biden for inflation, saying he bears "a lot" or "some" responsibility for higher prices.</li>
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BIDEN'S SUPPLY CHAIN CRISIS IS HURTING WOMEN AND BABIES
- Women are facing shortages of feminine hygiene products and baby formula despite Biden's promise to fix the supply chain crisis.
- Prices for menstrual products like tampons and pads have increased 9.8 percent and 8.3 percent, respectively, according to Bloomberg.
- Even before Biden's price hike, 42 percent of women reported having trouble affording menstrual-care products, meaning low-income women are being hit especially hard.
- Biden's supply chain issues are also affecting the most vulnerable – 74 percent of baby formula is out-of-stock nationwide, with out-of-stock rates hitting 90 percent in ten states.
- The executive director of a diaper bank in Los Angeles: "It's a crisis situation right now … now we are nearly empty."
- Texas mom Taylor Miller: "We'll literally waste a whole tank of gas in a day trying to find formula and maybe only find one can ... It's very stressful."
- Katie Thompson, a mother of two: "I don't know how I'm going to feed my child … now going to the shelves and there's nothing there … this is scary."
- Ashleigh, a Jacksonville mother whose son needs a specific formula: "I cannot get food for my child. I cannot feed my son."
