Biden Owns Inflation

Historic Price Hikes Have Left Biden Desperately Trying To Deflect Blame, But The American People Aren’t Buying It

INFLATION KEEPS GETTING WORSE

• “Staggering inflation” under Biden is only growing worse, with the price hikes for gas, groceries, and goods shattering previous records.
  • As prices continue to rise and many store shelves are empty, consumer sentiment has now plummeted to an 11-year low.
• February’s Consumer Price Index surged by 7.9  percent compared to last year – exceeding economists’ expectations and reaching a new 40-year high.
  • Core consumer prices – excluding food and energy – rose by 6.4 percent since last year, the largest increase since August 1982.
  • Many of the price increases in this index were the highest ever recorded by the federal government.
  • Real average hourly earnings fell 2.6 percent in February, with inflation eating up any wage gains.
• February’s Producer Price Index rose by 10 percent since last year, the highest increase on record.
  • This is the eleventh consecutive month producer price increases have hit record highs.
  • Core producer prices – which takes out food and energy – also increased at a near record 8.4 percent.
• Under Biden, gas prices have hit an all-time record high, with Americans paying average prices above $4 per gallon in 38 states.
• While 64 percent of Americans are living paycheck-to-paycheck and paying an extra $296 per month due to inflation, Biden is shamelessly casting blame, falsely claiming inflation and record gas prices are because of the war in Ukraine, which only started last month.
  • Americans know Biden is lying and that he and his disastrous policies are directly to blame.

BIDENFLATION IS LEAVING MINORITIES, WOMEN, AND LOW-INCOME AMERICANS BEHIND

• As inflation continues to surge, Biden’s failed economy is leaving behind the very groups he promised to be a champion for.
• According to a recent Wall Street Journal poll, 35 percent of Black, Hispanic, and Asian-American voters report facing major financial strain due to inflation.
• Major U.S. cities, which include high minority populations, are experiencing some of the nation’s highest gas prices.
• Biden promised to work for “low-income Americans,” yet 66 percent of households making under $40,000 have reported financial hardship due to inflation.
  • According the Penn Wharton Budget Model, low-income households disproportionally saw “expenditures greater than earnings” in 2021.
• 74 percent of women view the U.S. economy in a negative light.

BIDEN GASLIGHTS AMERICANS

• As inflation continues to surge, the Biden White House has attempted to gaslight Americans into believing Biden’s inflation is “Putin’s price hike.”
• The Biden administration has continually moved the goalposts on inflation, claiming it was “transitory,” then downplaying it as actually a “good sign,” before blaming it on “corporate greed,” falsely claiming it was peaking, and now blaming it on the war in Ukraine.
  • Inflation was “accelerating” long before Russia’s invasion of Ukraine.
  • Consumer prices rose at or above 5 percent year over year for 10 months.
  • Many economists agree Biden and Democrats’ $1.9 trillion “stimulus” bill fueled the “nasty” spike in inflation.
• Biden even admitted at one point that his wasteful spending package fueled inflation because “people have more money now.”
• With gas prices at an all-time record high, Biden is lying and claiming he “feel[s] and understand[s]” what American are “going through.”
  • “Pain,” however, has always been the point of Biden’s energy “transition.”

AMERICANS DON’T BUY BIDEN’S GASLIGHTING

• According to a number of recent polls, an overwhelming majority of Americans don’t buy Biden’s deflections.
  • Wall Street Journal: 63 percent disapprove of Biden’s handling of inflation.
  • ABC News: 70 percent disapprove of Biden’s handling of inflation and gas prices.
  • CBS News: 69 percent disapprove of Biden’s handling of inflation.
• Former Obama advisor Steven Rattner: “This is Biden’s inflation and he needs to own it.”
• Larry Summers, former Obama economist and Clinton Treasury Secretary, says Biden is “wrong” to blame inflation on Russia’s war in Ukraine: “this is a consequence, fundamentally, of an overheated economy.”
• The Biden administration is out of touch with Americans suffering from staggering inflation.
  • Biden’s Treasury Secretary Yellen said Americans are “by and large…in good financial shape.”
  • Biden Press Secretary Jen Psaki lied, saying “inflationary numbers go down month to month” and that “a huge part of what we’ve done has had an impact already” on inflation.  

INFLATION WILL REMAIN “UNCOMFORTABLY HIGH” INTO 2022

• With inflation showing no sign of slowing, Biden’s Treasury Secretary Janet Yellen admitted “we’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high.”
• Regardless, Biden and Democrats are still trying to ram through another bloated, multitrillion-dollar spending bill that would make Americans in every income bracket poorer in an already struggling economy.
  • The Biden administration is simply rebranding their failed “Build Back Broke” spending agenda as “Building A Better America.”
• Biden is lying to the American people when he claims this nearly two trillion-dollar spending spree will “lower inflationary pressures on the economy.”
  • Numerous economists have warned that more spending could lead to even higher inflation which will make life harder for poor and middle-class Americans.