Political Editors / June 16, 2022

RNC: Bidenflation Is Crushing Families and Workers

Joe Biden hasn’t created “stable and steady growth,” and Americans are paying the high price.

By the 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.
    • In just one year, gas prices under Biden have increased by nearly $2.00 per gallon while diesel has gone up by over $2.50 per gallon.
    • Today, Americans in all 50 states are paying average prices above $4.49 per gallon, and in 21 states Americans are paying over $5 per gallon.
  • On top of higher prices across the board, rising gas prices could cost American households an additional $2,000 this year.
  • Meanwhile, as Americans get crushed at the pump, Biden wants to force Americans to buy $64,000 electric vehicles, proving Democrats remain out of touch with the struggles average Americans face.

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.
    • report from the Federal Reserve Bank of San Francisco found what 70 percent of Americans already know – Biden’s $1.9 trillion boondoggle fueled inflation.
  • According to a June The Economist/YouGov Poll, 85 percent of Americans say inflation is a “very serious” or “somewhat serious” problem.
    • 75 percent of Americans blame Biden for inflation, saying he bears “a lot” or “some” responsibility for higher prices.

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.”  

Originally posted here.

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