The Patriot Post® · RNC: Bidenomics Means Paying More, Getting Less

By Political Editors ·
https://patriotpost.us/articles/98782-rnc-bidenomics-means-paying-more-getting-less-2023-07-13

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 percent1 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 percent2 – more than double the level of inflation seen under any of the last four presidents.
    • June’s Consumer Price Index is more than twice2 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 months3 and real average weekly earnings were negative for 26 months4.
  • Real wages remain lower5 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 cut3 under Biden.

AMERICANS’ FINANCES ARE BEING DECIMATED

  • Americans are suffering from the lasting effects of Biden’s record-breaking inflation, with many unable to pay6 bills, save7 for retirement, or afford8 rent.8
    • 57 percent9 of workers report living paycheck-to-paycheck. 
    • About half of Americans10 have less than three months of expenses saved, and 57 percent11 are uncomfortable with their level of emergency savings.
  • Bidenomics has cost the middle class $2.4 trillion12 since March 2022.
  • Low-income Americans are being hit the hardest by inflation according to recent studies by the New York Fed13Dallas Fed14, and the Urban Institute15.
  • 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 behind16on their credit cards, auto loans, or personal loans – a number not seen since 2009.
    • Credit card balances are now at an all-time high17
  • U.S. average gas prices currently sit at $3.54 per gallon18, which is more than $1.00 higher than when Biden became president.
    • U.S. average gas prices have been above $3 per gallon19 for more than 790 days straight.
    • Household spending on transportation, which includes gas, is up 16.5 percent12 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 history20.”

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 percent21 of Americans approve of Biden’s handling of the economy according to an AP-NORC
  • 70 percent22 of Americans believe the country is on the wrong track and 59 percent23 disapprove of Biden’s handling of inflation according to an Economist/YouGov poll.
  • 76 percent24of Americans say the economic situation is negative according to the latest Fox News survey.
  • Roughly half of Americans say their financial situation is worsening25while only 36 percent26 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

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