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.
    • Bidenflation outpaced wages for a majority of Biden’s presidency – real average hourly earnings were negative for 25 months and real average weekly earnings were negative for 26 months.
  • 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.​
    <ul>
    <li><a href=”https://www.cnbc.com/2023/06/26/amid-falling-inflation-fewer-americans-live-paycheck-to-paycheck.html”>57 percent</a> of workers report living paycheck-to-paycheck.&nbsp;</li>
    <li>About <a href=”https://www.bankrate.com/banking/savings/emergency-savings-report/#key-stats”>half of Americans</a> have less than three months of expenses saved, and <a href=”https://www.cnbc.com/2023/06/23/how-much-money-it-takes-to-be-comfortable-with-emergency-savings.html”>57 percent</a> are uncomfortable with their level of emergency savings.</li>
    </ul>
    </li>
    <li>Bidenomics has cost the middle class <a href=”https://www.bloomberg.com/graphics/2023-bidenomics-middle-class-economic-anxiety-2024-election/”>$2.4 trillion</a> since March 2022.
    <ul>
    <li>The average middle-class household has <a href=”https://www.bloomberg.com/graphics/2023-bidenomics-middle-class-economic-anxiety-2024-election/”>lost over $33,000 in real wealth</a> in just the past year.</li>
    </ul>
    </li>
    <li>Low-income Americans are being hit the hardest by inflation according to recent studies by the&nbsp;<a href=”https://libertystreeteconomics.newyorkfed.org/2023/01/inflation-disparities-by-race-and-income-narrow/”>New York Fed</a>,&nbsp;<a href=”https://www.dallasfed.org/research/economics/2023/0110”>Dallas Fed</a>, and&nbsp;<a href=”https://www.aei.org/opportunity-social-mobility/report-reviews-how-inflation-hurts-americans-with-limited-incomes-the-most/”>the Urban Institute</a>.</li>
    <li>Americans are increasingly borrowing to cover daily expenses, as they are finding their regular income is no longer enough to make ends meet.
    <ul>
    <li>Nearly 25 million Americans are&nbsp;<a href=”https://www.washingtonpost.com/opinions/2023/03/08/economy-recession-consumer-debt-loans/”>behind</a>on their credit cards, auto loans, or personal loans – a number not seen since 2009.</li>
    <li>Credit card balances are now at an&nbsp;<a href=”https://www.cbsnews.com/news/credit-card-debt-total-us-data-2023/”>all-time high</a>.&nbsp;</li>
    </ul>
    </li>
    <li>U.S. average gas prices currently <a href=”https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fgasprices.aaa.com%2F&amp;data=05%7C01%7CJacki%40gop.com%7Ca4b14b9dc0264defe8ba08da45627fe0%7C4a082c81950a410d9618462a9c74d6ae%7C1%7C0%7C637898586614368635%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=qhkX7bXbGAJnVt%2BZhCxryswHjeQADRJlZVFXr33RRFQ%3D&amp;reserved=0”>sit at $3.54 per gallon</a>, which is more than $1.00 higher than when Biden became president.
    <ul>
    <li>U.S. average gas prices have been <a href=”https://web.archive.org/web/20210512201845/https:/gasprices.aaa.com/”>above $3 per gallon</a> for more than 790 days straight.</li>
    <li>Household spending on transportation, which&nbsp;includes&nbsp;gas,&nbsp;is up <a href=”https://www.bloomberg.com/graphics/2023-bidenomics-middle-class-economic-anxiety-2024-election/”>16.5 percent</a> in just the past year.</li>
    </ul>
    </li>
    <li>With new vehicle prices near an all-time high and interest rates jumping dramatically, this is now the “<a href=”https://www.cnbc.com/2023/07/02/why-its-nearly-impossible-to-find-a-car-for-less-than-30000-.html”>least affordable car market in modern history</a>.”</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.
  • 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

REPUBLICAN-LED STATES ARE DRIVING JOB GROWTH