Political Editors / August 15, 2022

RNC: Bidenflation Isn’t Zero

After transitioning the economy from recovery into recession, Biden is still raising prices, supersizing the IRS, and lying about it.

INFLATION REMAINS AT A 40-YEAR HIGH

MORE PAIN AT THE PUMP

  • To deflect from his economic failures, Biden is trying to gaslight Americans into thinking they are saving on gas when in reality prices reached new record highs on his watch.
  • Biden’s gas hike is causing working-class Americans to make sacrifices they shouldn’t have to.

BIDENFLATION IS COSTING FAMILIES THOUSANDS OF DOLLARS

  • With Bidenflation hovering around a 40-year high, 64 percent of Americans consider themselves “financially unhealthy.”
  • Even if inflation stopped rising today, Biden’s price hike would cost the average U.S. family more than $8,600 over the next year according to Congress’ Joint Economic Committee.
    • In July alone, inflation cost the typical household an extra $717.
  • As prices continue to rise, millions of Americans are risking their financial security to pay their bills.
    • 48 percent of hourly workers do not have a “single cent” in emergency savings, marking a seven percent increase since last year and indicating inflation is having a “severe toll” on workers.
    • An even higher percentage – 80 percent – report having “less than $500” saved for emergencies, with workers citing “rising energy, food and housing costs” as the main factors impacting their finances.
    • Credit card debt has jumped 13 percent over the last year, marking the largest increase in more than 20 years.
  • A Northwestern Mutual study found Americans now have an average of $11,000 less in savings than they did last year.

AMERICANS ARE STRUGGLING TO PUT FOOD ON THE TABLE

AMERICANS ARE STRUGGLING TO KEEP A ROOF OVER THEIR HEAD

  • Under Biden, working-class Americans are seeing the highest increase in housing and rental costs in decades, leaving many struggling to afford their mortgage or rent.
    • Rental prices are up 6.7 percent since last year, jumping at their fastest rate since 1986.
    • In June, 13.7 million Americans reported having fallen behind on their rent or mortgage payments – a 7 percent increase since April.
    • 4.6 million Americans say they are “very” or “somewhat” likely to face eviction or foreclosure in the next two months, marking a 32 percent increase since April.
  • Jeannie Jansen of Wyoming, New York, who received a foreclosure notice in early July: “I busted my butt for years to have what we have. I went without heat this winter. I’ve gone without everything. And it’s still not enough because prices are so high.”
  • Venus Lopez of Tucson, Arizona: “With prices of everything going up, it’s becoming a challenge to even maintain what we have. Finding an affordable apartment keeps getting more unrealistic.”

BIDEN AND DEMOCRATS SLAM WORKERS WITH HIGHER TAXES AND IRS AUDITS

  • As Americans struggle to afford gas, groceries, and housing, Biden and Democrats are on a mission to raise taxes on working families and bombard them with a supersized IRS.
  • Under Biden and Democrats’ bill, average tax rates would increase for nearly every income group with Americans making less than $200,000 a year facing a $16.7 billion tax increase.
    • 26.5 percent of the tax burden – about $136 billion – would fall on Americans making less than $75,000 a year according to the Heritage Foundation.
  • Biden’s bill also includes $80 billion to the IRS for additional audits and an army of 87,000 new IRS agents – a policy which would target low-income and minority communities disproportionately.

BIDEN’S RADICAL POLICIES ARE TO BLAME FOR INFLATION

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