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October 18, 2022

RNC: Inflation Is Getting Worse

Americans increasingly can’t afford Biden’s economy and inflation remains at 40-year highs.

Analysis: Republican National Committee


  • As Bidenflation keeps up its relentless attack on middle-class families, more Americans are falling deeper into debt, facing rising housing costs, and watching their 401(k)s plummet.
    • Despite this, out-of-touch Democrats just passed billions of dollars in tax hikes on working-class Americans, threatening to further squeeze family budgets. 
  • September’s Consumer Price Index soared by 8.2 percent compared to last year, exceeding economists’ expectations and remaining at a near 40-year high.
  • September’s Producer Price Index rose by 8.5 percent since last year, coming in above economists’ expectations
    • This marks the 18th straight month that wholesale inflation has been above 5 percent year-over-year. 
    • Core producer prices – which takes out food, energy, and trade – increased by 5.6 percent from last year.
  • August’s personal consumption expenditures (PCE) price index – the Fed’s preferred measure of inflation – showed “inflation accelerated even more than expected.”
  • With the economy in a recession, 78 percent of Americans say economic conditions are “somewhat” or “very poor.”
    • 71 percent of workers report feeling as though their pay is not keeping up with inflation, and 60 percent say they are struggling to live “paycheck to paycheck.”


  • Even if inflation stopped rising today, Biden’s price hike would cost the average U.S. family more than $8,739 over the next year according to Congress’ Joint Economic Committee.
    • In September alone, inflation cost the typical household an extra $728.
  • Bidenflation is making it “harder to pay for basic necessities.”
    • 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.”
    • Jamaica Bonvillian, a single mom from Louisiana: “I just get to the point where I break down and I’m like, ‘OK, how do I [afford groceries]?’”
    • Megan Naquin, a mother of six who now spends more on food than her mortgage: “Stuff hasn’t just gone up a little bit, it’s gone up tremendously.”


  • With inflation showing no sign of slowing, millions of families have no choice but to “load up on credit cards or dip into [their] savings” to make ends meet.
    • 48 percent of hourly workers do not have a “single cent” in emergency savings, marking a seven percent increase since last year.
    • An even higher percentage of workers – 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.
  • Low-income Americans spend a “greater share of their earnings on necessities like groceries and gas,” meaning inflation is having a disproportionate impact on these households. 
  • Millions of Americans are taking on more debt to “cover daily expenses such as groceries, child care or utilities.”
    • Consumer debt among the bottom 90 percent increased by $300 billion over the last year, reaching an all-time high and marking the largest annual increase on record.
    • 60 percent of Americans with credit card debt say they have been in debt for over a year – up 10 percent since last year – while those with debt for over two years jumped 8 percent.
  • 43 percent of Americans – especially “young adults and parents with young children” – plan on adding to their debt in the next six months.
  • University of North Carolina finance professor Paige Ouimet: “If your costs are rising and your wages are not picking up, how are people going to fill that gap? Without substantial savings…, it’s going to…come from debt.”



  • Thanks to Biden’s price hike, hardworking families face plummeting stock market values, causing retirement and savings accounts to decline sharply in value.
  • According to analysts, U.S. stocks are on track to have their “worst year since 2008,” wiping out trillions of dollars in wealth.
  • Average 401(k) portfolios – a key retirement investment for millions of Americans – dropped 20 percent since last year while IRA accounts fell nearly 18 percent.
  • Nancy Roberts, a librarian from Meridian, Idaho, who’s planning on retiring soon: “I am a little afraid — I don’t want to work until I’m 70. I do know I’ve lost money, but I’m trying not to freak out and look at it every day.”


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