The Patriot Post® · Two Years of Bidenflation, No Relief in Sight

By the Republican National Committee

HIGHER PRICES AND LOWER WAGES FOR AMERICAN FAMILIES

• Biden and Democrats’ failed policies are squeezing Americans’ wallets and robbing them of their hard-earned money.
• March’s Consumer Price Index soared by 5 percent compared to last year, remaining excessively high and well above the Fed’s average target of 2 percent.
• • Core consumer prices – excluding food and energy – rose 5.6 percent compared to last year.
  • Real average hourly earnings fell 0.7 percent since last year, marking the 24^th 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.”

BIDENFLATION IS COSTING FAMILIES THOUSANDS OF DOLLARS

• Bidenflation is placing more and more Americans in financial jeopardy.
• • 70 percent of Americans report feeling financially stressed.
  • 58 percent of Americans are living paycheck to paycheck.
  • A record number of Americans say they are worse off financially since Biden became president.
  • 54 percent of Americans report using savings to pay for everyday expenses such as groceries and rent.
• Low-income Americans are being hit the hardest by inflation according to recent studies by the New York Fed, Dallas Fed, and the Urban Institute.
• Americans are increasingly borrowing to cover daily expenses, finding their regular income is no longer enough to make ends meet.
• • Nearly 25 million Americans are behind on their credit cards, auto loans, or personal loans – a number not seen since 2009.
  • Credit card balances are now at an all-time high.
  • According to Cox Automotive data, “in January, severely delinquent auto loans hit their highest rate since 2006.”
• Americans are now saving roughly 4 percent of their disposable income – less than half the pre-pandemic rate.
• Moody’s found that the typical American family is spending roughly $372 more a month on the same goods and services as they were last year.
• • Manhattan Institute Senior Fellow Brian Riedl estimates inflation has cost households an extra $10,000, and that household costs will continue rising even if the inflation rate normalizes.
• U.S. average gas prices currently sit at $3.65 per gallon which is $1.25 higher than when Biden became president.

BIDENFLATION BROKE THE BANKS

• Last month, America experienced the second and third-largest bank failures in our nation’s history.
  <ul>
  <li>In the<a href=”https://www.whitehouse.gov/briefing-room/speeches-remarks/2023/03/24/remarks-by-president-biden-and-prime-minister-trudeau-of-canada-in-joint-press-conference/”> aftermath</a> of these bank failures, Biden said “<a href=”https://twitter.com/RNCResearch/status/1639375147181170689”>I think we’ve done a pretty damn good job</a>.”</li>
  </ul>
  </li>
  <li>Bidenflation broke the banks – Biden’s $1.9 trillion “stimulus” fueled inflation, <a href=”https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Ftwitter.com%2FGOP%2Fstatus%2F1635662427378384903&amp;data=05%7C01%7Ctpigott%40gop.com%7C48ba15d608ed4f44044e08db24c15ac3%7C4a082c81950a410d9618462a9c74d6ae%7C1%7C0%7C638144185103267565%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=ldpizwNYWBakOdxjN1u5672HSV1Wx7bVmkA2YrOLLxI%3D&amp;reserved=0”>forcing the Fed to raise interest rates</a>, which increased pressure on banks and&nbsp;<a href=”https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Ftwitter.com%2FGOP%2Fstatus%2F1635662427378384903&amp;data=05%7C01%7Ctpigott%40gop.com%7C48ba15d608ed4f44044e08db24c15ac3%7C4a082c81950a410d9618462a9c74d6ae%7C1%7C0%7C638144185103267565%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=ldpizwNYWBakOdxjN1u5672HSV1Wx7bVmkA2YrOLLxI%3D&amp;reserved=0”>set the stage</a>&nbsp;for the current crisis.
  <ul>
  <li><a href=”https://gop.com/research/inflation-is-getting-worse-rsr/”>Even liberal economists</a>, including Biden’s own <a href=”https://gop.com/rapid-response/yellen-admits-inflation-broke-the-banks/”>Treasury Secretary Janet Yellen</a>, admit Biden’s massive spending spree sent inflation soaring and set the stage for the current banking crisis.&nbsp;</li>
  </ul>
  </li>
  

AMERICANS ARE NOT HAPPY WITH BIDEN’S ECONOMY

• American families are seeing higher prices for virtually everything, and they know exactly who to blame: Biden and Democrats.
• 68 percent of Americans describe the current state of the economy as poor/fair according to an Economist/YouGov poll.
• 90 percent of Americans are “extremely” or “very” concerned about inflation according to the latest Fox News survey.
• 72 percent of Americans believe economic conditions are getting worse according to a Gallup poll. 
• Just 31 percent of Americans approve of Biden’s handing of the economy according to a recent AP-NORC poll.
• Half of Americans say their financial situation is worsening while only 38 percent of Americans approve of Biden’s handling of inflation according to a recent Harvard/Harris poll.
• Less than a third of Americans say Biden deserves reelection according to a new CNN poll.

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.
• Biden then announced his plan to bail out student debt, which experts warn will cost taxpayers hundreds of billions and worsen inflation.
• Last month, Biden unveiled his budget for FY 2024: a $6.9 trillion spending spree chock full of wasteful spending and higher taxes.

Originally posted here.