The Patriot Post® · RNC: Bidenflation Is on the Rise ... Again!
By the Republican National Committee
BIDENFLATION ISN’T OVER YET
- Hardworking Americans are struggling to stay afloat financially as Bidenomics continues to drain the wallets of families and businesses across the country.
- The latest Consumer Price Index shows year-over-year inflation ticked up last month and remains more than twice the rate when Biden took office.
- Prices have risen by 16.9 percent since Biden took office – and Americans are still reeling.
- On a year-over-year basis, inflation under Biden has averaged 6.1 percent – more than double the level of inflation seen under any of the last four presidents.
- 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 were $11.39 when Biden took office and are now $11.09, meaning Americans have seen an approximately 3 percent pay cut under Biden.
- The U.S. was recently stripped of its top credit rating, just months after Biden and congressional Democrats took the country to the brink of default and amid an increasingly unsteady economic path.
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.
- 61 percent of Americans report living paycheck-to-paycheck.
- 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 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.
- Credit card balances are above $1 trillion for the first time and household debt is now at an all-time high.
- The Fed recently hiked interest rates for the 11th time since March 2022 – now at their highest level in 22 years – making it harder for families to buy a home, finance a car, pay off debt, and perform various other financial transactions.
- Starter home price increases are now outpacing wage gains and home prices just hit record highs in nearly two-thirds of the country, making the dream of owning a home increasingly out of reach.
- 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.”
- There will likely be “additional increases” according to a top Fed official.
GAS PRICES ARE SURGING AGAIN
- U.S. average gas prices currently sit at $3.83 per gallon, which is more than $1.40 higher than when Biden became president and almost 30 cents higher than a month ago.
- U.S. average gas prices have been above $3 per gallon for more than 820 days straight.
- Two states have seen the return of $5 per gallon gas.
- The U.S. Strategic Petroleum Reserve is down to just 18 days of supply because of Biden — and refilling it will take decades.
- Since Biden took office, Americans have lost over $2,250 paying higher energy costs.
- Household spending on transportation – including gas – is up 16.5 percent in just the past year.
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.
- 66 percent of Americans believe the country is on the wrong track and 60 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.
- 74 percent of Americans say their financial situation has not improved, while only 35 percent of Americans approve of Biden’s handling of inflation according to a recent Harvard/Harris poll.
- 73 percent of Americans believe the economy is worse off compared to five years ago according to a Reuters/Ipsos survey.
- Just 16 percent of adults say their wages have kept pace with inflation according to the latest IBD/TIPP 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 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.
- 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 created; he paid Americans not to work for months and stifled economic growth.
- Republican-led states are the states 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 10 states with the lowest unemployment rates, eight are led by Republican governors.