Analysis: Republican National Committee

HIGHER PRICES AND LOWER WAGES FOR AMERICAN FAMILIES

• Biden and Democrats’ failed policies are squeezing Americans’ wallets, robbing them of their hard-earned money.
• December’s Consumer Price Index soared by 6.5 percent compared to last year, remaining excessively high.
  • Core consumer prices – excluding food and energy – rose 5.7 percent compared to last year.
  • Real average hourly earnings fell 1.7 percent since last year, marking the 21st month in a row under Biden in which inflation has outpaced wages.
  • Real wages have fallen every month since Biden and Democrats passed their wasteful $1.9 trillion “stimulus.”
• December’s Producer Price Index rose by 6.2 percent since last year.
  • This marks the 21st 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 4.6 percent from last year.
• According to an Economist/YouGov poll, 94 percent of Americans say they have been personally impacted by high inflation and more than half of Americans believe the country is already in a recession.
• According to a Quinnipiac poll, 57 percent of Americans disapprove of the way Biden is handling the economy, including 61 percent of independents.
• As inflation continues to destroy Americans’ finances, Biden promises “nothing” will change.

BIDENFLATION IS COSTING FAMILIES THOUSANDS OF DOLLARS

• Bidenflation is placing more and more Americans in financial jeopardy.
• Last year, 41 percent of Americans stopped saving for retirement and 32 percent withdrew from retirement savings in order to keep up with inflation.
• 79 percent of Americans are expecting a year of “economic difficulty” in 2023, and 65 percent predict it is more likely prices “will rise at a high rate.”
• Americans are increasingly relying on credit cards to cover daily expenses, finding their regular income is no longer enough to make ends meet, with overall credit card balances recently hitting a record high.
  • Household debt has increased at the fastest pace in 15 years.
  • Mortgage rates are now twice as high as they were a year ago, leaving many unable to afford buying a home.
• Congress’ Joint Economic Committee estimates Bidenflation cost the average American family $747 in November.
• Moody’s Analytics, a “Wall Street” firm Biden loves to cite, found that the typical American family is spending roughly $400 more a month on the same goods and services as they were last year.
• U.S. average gas prices currently sit at $3.36 per gallon which is nearly $1.00 higher than when Biden became president.

DEMOCRATS’ RESPONSE TO THE CRISIS THEY CREATED: MORE INFLATIONARY SPENDING

• As working-class families struggle to make ends meet thanks to inflation, voters know Democrats are to blame for rising prices.
• In 2021, Biden and Democrats passed their inflation-fueling $1.9 trillion “stimulus,” which even liberal economists admit fueled inflation.  
• In August, every single Democrat voted to pass the Bidenflation Scam, which experts say will worsen inflation and raise taxes on working-class Americans.
  • Studies from the Tax Foundation, Penn Wharton Budget Model, Moody’s, and the Congressional Budget Office all found that the bill will either make inflation worse or do basically nothing to bring down inflation.
  • The Tax Foundation concluded that the Bidenflation Scam Act will “worsen inflation especially in the first four” years.
• To top this off, Biden is now pushing his student debt bailout, which experts warn will cost taxpayers billions and worsen inflation.

Originally posted here.