Political Editors / July 1, 2022

RNC: Bidinflation Bombs the 4th of July

This Independence Day, prices for cookouts, travel, and fireworks are all skyrocketing.

The Republican National Committee has put together some research regarding something we noted earlier this week — that “$0.16 in savings” Joe Biden’s administration touted for last year’s Independence Day cookouts is long gone.

AMERICANS GET LESS BANG FOR THEIR BUCK THIS FOURTH OF JULY

GAS PRICES AND TRAVEL COSTS SKYROCKET UNDER BIDEN

  • On top of rising food prices, experts warn “drivers will be facing the most expensive July 4th at the pump ever this year.”
  • Average U.S. gas prices recently reached 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.
  • Americans looking to get away this summer will face rising prices across the board, with airfare costs increasing by more than $130 and rental car prices nearly $150 more than when Biden took office.
  • According to AAA, prices for air travel, car rentals, cruises, hotels, and tours this holiday weekend have soared 60 percent since 2021.
  • 53 percent of Americans expect Bidenflation to have a “significant or moderate” impact on their holiday plans.

INFLATION HIT A NEW 40-YEAR HIGH UNDER BIDEN

  • It’s not just Independence Day weekend that will cost more this year - thanks to Biden, prices are up across the board.
    • May’s Consumer Price Index soared 8.6 percent compared to last year, exceeding economists’ expectations and reaching a new 40-year high.
    • Due to Bidenflation, the average U.S. family spent an extra $635 in May alone, which at an annualized rate would add up to an extra $7,620 over the next year.
    • With real wages declining 3.5 percent, after-tax income is projected to decline 5.6 percent compared to last year, marking the largest year-to-year decline since 1932. 
  • With inflation ripping into family budgets, low-income Americans are struggling across the nation.
    • Nashville resident Matrice Moore-Carr: “Am I going to have to cut my meals back? Am I going to have to eat once a day as opposed to three? I don’t know. It’s just tough.”
    • Dallas resident Kat Johnson: “That savings is pretty much gone now. As things have gotten so expensive, it’s been almost a paycheck-to-paycheck life.”

BIDEN’S POLICIES ARE TO BLAME FOR INFLATION

Originally posted here.

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