January 20, 2023

Bidenflation Is Shrinking Americans’ Paychecks

Americans continue to struggle as wages fall for the 21st month in a row.

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.
  • 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.
  • 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

Originally posted here.

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