Economy
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July 13, 2023
RNC: Bidenomics Means Paying More, Getting Less
Prices have risen by 16.6% since Biden took office — with Americans still reeling from the lasting effects of inflation.
By the Republican National Committee
BIDENOMICS IS FAILING AMERICANS
- Hardworking Americans are struggling to stay afloat financially as Bidenomics continues to drain the wallets of families and businesses across the country.
- Prices have risen by 16.6 percent since Biden took office – with Americans still reeling from the lasting effects of inflation.
- On a year-over-year basis, inflation under Biden has averaged 6.2 percent – more than double the level of inflation seen under any of the last four presidents.
- June’s Consumer Price Index is more than twice the rate when Biden took office.
- With persistent inflation having eaten away at wage gains, more and more Americans are struggling financially.
- Real wages remain lower than when Biden first took office.
- Inflation-adjusted average hourly wages - the Bureau of Labor Statistics adjusts to 1982-1984 dollars - were $11.39 when Biden took office and are now $11.05, meaning Americans have seen a 3 percent pay cut under Biden.
AMERICANS’ FINANCES ARE BEING DECIMATED
- Americans are suffering from the lasting effects of Biden’s record-breaking inflation, with many unable to pay bills, save for retirement, or afford rent.
- 57 percent of workers report living paycheck-to-paycheck.
- About half of Americans have less than three months of expenses saved, and 57 percent are uncomfortable with their level of emergency savings.
- Bidenomics has cost the middle class $2.4 trillion since March 2022.
- The average middle-class household has lost over $33,000 in real wealth in just the past year.
- 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, as they are finding their regular income is no longer enough to make ends meet.
- Nearly 25 million Americans are behindon their credit cards, auto loans, or personal loans – a number not seen since 2009.
- Credit card balances are now at an all-time high.
- U.S. average gas prices currently sit at $3.54 per gallon, which is more than $1.00 higher than when Biden became president.
- U.S. average gas prices have been above $3 per gallon for more than 790 days straight.
- Household spending on transportation, which includes gas, is up 16.5 percent in just the past year.
- With new vehicle prices near an all-time high and interest rates jumping dramatically, this is now the “least affordable car market in modern history.”
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.
- Just 34 percent of Americans approve of Biden’s handling of the economy according to an AP-NORC
- 70 percent of Americans believe the country is on the wrong track and 59 percent disapprove of Biden’s handling of inflation according to an Economist/YouGov poll.
- 76 percentof Americans say the economic situation is negative according to the latest Fox News survey.
- Roughly half of Americans say their financial situation is worseningwhile only 36 percent of Americans approve of Biden’s handling of inflation according to a recent Harvard/Harris poll.
DEMOCRATS’ RESONSE TO THE INFLATION CRISIS BIDEN 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 singleDemocrat 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 Officeall 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.
- In March, Biden unveiled his budget for FY 2024: a $6.9 trillion spending spree chock full of wasteful spending and higher taxes.
REPUBLICAN-LED STATES ARE DRIVING JOB GROWTH
- Biden deserves no credit for jobs that have been recovered or created – he paid Americans not to work for months and stifled economic growth.
- Republican-led states are the ones creating jobs.
- The latest state jobs report shows that eight of the top 10 states for jobs recovered since the coronavirus pandemic began are led by Republican governors, and all 10 states have Republican-controlled legislatures.
- Out of the top 16 states with the lowest unemployment rates, 13 are led by Republican governors.
