Inflation is moving in the WRONG direction as Biden’s inflation crisis continues to wreak havoc on Americans.
CNBC: Inflation "is moving in the WRONG direction" pic.twitter.com/gpfz361j5F
— RNC Research (@RNCResearch) August 10, 2023
Today’s Consumer Price Index shows inflation ticked up over the last year and remains more than double what it was when Biden took office. On a year-over-year basis, inflation has averaged 6.1 percent under Biden — more than double the level of inflation under any of the last four presidents.
Since Biden took office, prices are up by 16.9 percent and real wages are down by about three percent.
That’s bad news for Americans, who already have little faith in Biden’s ability to handle the economy with competence.
As Americans pay substantially more for just about everything, the average real wealth for middle-class households is down more than $33,000 in the past year. More Americans are behind on credit cards, auto loans, and personal loans than at any time since 2009, while credit card debt is at an all-time high. Interest rates are at their highest in 22 years and gas prices, which have only been higher since Biden took office, are surging.
Bidenomics in action!
