Americans Struggle In Biden’s Failed Economy

Americans Are Facing Higher Prices, Lower Wages, And A Recession As Biden Wastes Tax Dollars On His Liberal Wishlist

BIDEN IS OUT OF TOUCH WITH HARDWORKING AMERICANS’ STRUGGLES

• Biden turned a recovery into a recession – the U.S. economy has now shrank for two consecutive quarters, meeting the definition of a recession that Democrats and Biden’s own economic advisors have previously touted.
  • Despite this, Biden and Democrats passed their Bidenflation Scam designed to raise taxes on families during a recession and hire 87,000 new IRS agents that will go after the middle class.
  • Instead of helping working families, Biden signed a student debt bailout last week– a handout to the rich that will cost taxpayers hundreds of billions and worsen inflation.
• Inflation remains at a 40-year high, with Americans paying higher prices for just about everything.
  • Inflation ate up any wage gains in August, coming in below economists’ expectations, meaning workers’ paychecks are shrinking.
  • The number of long-term unemployed workers increased by 70,000 in August, while the number of Americans working part-time for economic reasons increased by 225,000, increasing for the second month in a row.
• The American people see just how bad the economy is and overwhelmingly blame Biden for rising prices and a shrinking economy.
  • According to an Economist/YouGov poll, 55 percent of Americans believe we are in a recession.
• As Biden’s economy flounders, U.S. companies including Ford, Wayfair, Lyft, Peloton, LinkedIn, and more are planning hiring freezes and layoffs.

BIDENFLATION IS HERE TO STAY

• Key inflation indicators show higher prices are here to stay under Biden.
  • July’s Consumer Price Index soared by 8.5 percent compared to last year,  meaning inflation remained at the highest levels in 40 years.
  • July’s Producer Price Index rose by 9.8 percent since last year, marking the 16th straight month that wholesale inflation has been above 5 percent year-over-year. 
• Inflation is placing more and more Americans in financial jeopardy.
  • The typical U.S. family will spend an extra $5,200 this year due to inflation, according to a Bloomberg estimate.
  • Congress’ Joint Economic Committee estimates Bidenflation cost the average American family $717 in July.
• 37 percent of small businesses report inflation as their single most important problem in operating their business, the highest level since 1979.
• U.S. average gas prices sit above $3.75 per gallon, more than $1.40 higher than when Biden became president.

AMERICANS KNOW BIDEN IS TO BLAME FOR THE ECONOMY  

• The American people see just how bad things are and overwhelmingly blame Biden for his poor handling of the economy.
  • 61 percent of Americans are struggling to live “paycheck to paycheck.”
• According to a Quinnipiac poll, Biden’s economic approval rating is underwater, and 79 percent of Americans have “not so good” or “poor” views of the economy.
• According to a CBS News poll, 60 percent of Americans disapprove of the way Biden is handing gas prices.
• According to a Fox News poll, 75 percent of Americans – including a whopping 56 percent of Democrats – are dissatisfied with the nation’s direction.
• According to a Gallup poll, 83 percent of Americans rate current economic conditions as “only fair” or “poor,” and 72 percent of Americans think the economy is getting worse.
• According to an NPR poll, rising prices have hit minority communities especially hard, with inflation causing “serious problems” for 69 percent of Native American, 58 percent of Black, and 56 percent of Latino households.

BIDEN CONTINUES TO FUEL INFLATION

• Despite turning a recovery into a recession, Biden and congressional Democrats passed their Bidenflation Scam Bill designed to raise taxes on families during a recession and hire 87,000 new IRS agents, increasing audits on the middle class.
  • Biden campaigned on the promise not to raise taxes on Americans making less than $400,000, making this commitment at least 60 times.
  • Studies from the Tax Foundation, Penn Wharton, Moody’s, and the Congressional Budget Office all find that the Democrats’ “Inflation Reduction Act” will either make inflation worse or do basically nothing to bring down inflation.
• Biden’s student loan bailout is a handout to the rich that will cost taxpayers billions and worsen inflation.
  • The Penn Wharton Budget Model found that the costs of Biden’s student loan bailout could exceed $1 trillion, with the majority of the benefits going to the top 60 percent of earners. 
  • The Committee For A Responsible Federal Budget reports that Biden’s plan to cancel student debt would immediately increase inflation and “create additional inflationary pressure over time.”
  • A CNBC survey found that 59 percent of Americans worry that student loan forgiveness would worsen Bidenflation.
  • Former Obama economic advisor Larry Summers called Biden’s decision to extend the pause in student loan payments “highly problematic,” saying student debt cancellation is “highly regressive” and likely to contribute to “inflation pressures.”

REPUBLICAN-LED STATES ARE LEADING JOB GROWTH

• Biden deserves no credit for jobs that have been created – he paid Americans not to work for months and stifled economic growth.
  • 250,000 fewer jobs were created in 2021 than what Biden promised.
• Republican-led states are the ones creating jobs and leading the economic recovery.
  • Through July, nine of the top 10 states for jobs recovered since the 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 and eight have Republican-controlled legislatures.
• Americans are voting with their feet, moving out of blue states for red states.
  • Florida and Texas have seen some of the largest gains in new residents while states like California, Illinois, and New York are seeing their citizens leave in droves.
• Business is fleeing too; in Illinois, three major companies – Boeing, Caterpillar, and Citadel – recently announced they are leaving the state for the economic freedom and safety that Republican-led states offer.
  • Red states have been rated better for business, with Republican states making up nine of the top ten states for the best business tax climate.