Biden’s Price Hike Means Higher Prices, Lower Wages, And A Declining Standard Of Living

INFLATION HIT A NEW 40-YEAR HIGH UNDER BIDEN

• Biden’s failed policies are squeezing Americans’ budgets, robbing them of their hard-earned money.
• June’s Consumer Price Index soared by 9.1 percent compared to last year, exceeding economists’ expectations and reaching a new 40-year high.
  • Core consumer prices – excluding food and energy – rose by 5.9 percent.
  • Real average hourly earnings fell 3.6 percent over the last year, marking the 15^th month in a row under Biden in which inflation has outpaced wages.
  • Real wages have fallen every month since Biden and Democrats passed their wasteful $1.9 trillion “stimulus.”
• June’s Producer Price Index rose by 11.3 percent since last year, a near-record high.
  • This marks the seventh consecutive month where producer prices saw a double-digit gain. 
• Core producer prices – which takes out food and energy –increased by 6.4 percent. 
• With the economy on the brink of recession, 85 percent of Americans, including a whopping 78 percent of Democrats, say the nation is headed in the wrong direction.
  • And voters know Biden is to blame – almost two-thirds of Democrats do not want him to run in 2024.

SKY-HIGH GAS PRICES

• Average U.S. gas prices have risen by more than $2.20 since January 2021, now roughly twice as expensive as when Biden took office.
  • Americans in all 50 states are paying average prices above $4.10 per gallon, and under Biden, all 50 states have hit new record high gas prices.
• Rising gas prices could cost American households an additional $2,200 this year, with 67 percent of Americans saying higher prices at the pump are causing them “financial hardship.”
• Meanwhile, as Americans get crushed at the pump, Biden’s policies are doing nothing to ease the pain.
  • This week, Biden is in Saudi Arabia begging a foreign country for oil instead of unleashing American energy and creating jobs here at home.
  • Last month, the Biden administration exported over five million barrels of oil from the U.S. emergency reserves to China and Europe.

BIDENFLATION IS JEOPARDIZING AMERICANS’ FINANCES AND FUTURES

• With Bidenflation surging to a new 40-year high, 42 percent of Americans say they’re “struggling to remain where they are financially.”
• Even if inflation stopped rising today, Biden’s price hike would cost the average U.S. family more than $8,600 over the next year according to Congress’ Joint Economic Committee.
  • In June 2022 alone, inflation cost the typical household an extra $718. 
• As prices continue to rise, millions of Americans are draining their savings to pay their bills.
  • According to a Forbes Advisor survey, 67 percent of Americans are dipping into their savings to make ends meet, with 31 percent having either “completely drained their savings” or “depleted a substantial amount.” 
• A Northwestern Mutual study found Americans now have an average of $11,000 less in savings than they did last year.
• Consumer sentiment plummeted to a record low in June – its lowest level in 70 years according to the University of Michigan.

SMALL BUSINESSES SUFFER UNDER BIDEN

• As rising input costs squeeze company budgets, small business owners worry about their ability to make ends meet under Biden.
• Recent surveys from National Federation of Independent Business (NFIB) and the U.S. Chamber of Commerce show the crushing impact inflation is having on entrepreneurs.
  • 88 percent of small business owners indicate they are “concerned” about the impact of inflation on their business, with nearly half saying they are “very concerned.”
  • 69 percent of small business owners report Biden’s supply chain crisis has had either a “significant” or “moderate” impact on their business.
  • Half of all small business owners report being unable to fill job openings.
  • 77 percent are concerned about the impact of rising interest rates.
• As a result, U.S. small business sentiment dropped to its lowest level in nearly 10 years with the number of small business owners expecting better business conditions in the next six months plummeting to an all-time low in June.

BIDEN’S WAR ON WOMEN: BABY FORMULA AND FEMININE PRODUCT SHORTAGES CONTINUE

• On top of crushing inflation, women continue to face shortages of and rising prices on feminine hygiene products and baby formula despite Biden’s promise to fix the supply chain crisis. 
• Prices for menstrual products like tampons and pads have increased 9.8 percent and 8.3 percent respectively according to Bloomberg.
  • Even before Biden’s price hike, 42 percent of women reported having trouble affording menstrual-care products, meaning millions of women are being hit especially hard.
• Nationally, in-stock rates for baby formula remain well below 60 percent in many states, forcing parents to drive 1,000 miles in some cases to feed their children.
  • Texas mom Taylor Miller: “We’ll literally waste a whole tank of gas in a day trying to find formula and maybe only find one can ... It's very stressful.”
  • Katie Thompson, a mother of two: “I don’t know how I’m going to feed my child … now going to the shelves and there’s nothing there … this is scary.”
  • Ashleigh, a Jacksonville mother whose son needs a specific formula: “I cannot get food for my child. I cannot feed my son.”
• While families scramble to feed their newborns, the Biden administration has no answers despite knowing about this crisis over eight months ago.
  • Just last week, a Biden administration official said, “We are months — months — away from an end to these shortages.”

BIDEN’S RADICAL POLICIES ARE TO BLAME FOR INFLATION

• Biden’s radical tax-and-spend agenda is responsible for inflation.
  • A report from the Federal Reserve Bank of San Francisco found that Biden’s $1.9 trillion “stimulus” fueled inflation.
  • Since Biden’s failed $1.9 trillion “stimulus” was passed, inflation has outpaced wages every single month.
  • According to a June The Economist/YouGov Poll, 75 percent of Americans, including 58 percent of Democrats, blame Biden for inflation, saying he bears “a lot” or “some” responsibility for higher prices.
• Marc Goldwein of the Committee for a Responsible Federal Budget: “We put gasoline on the fire. That’s basically what the [$1.9 trillion stimulus] did.”
• Even liberal economists say Biden’s spending fueled inflation:
  • Former Obama economic advisor Steven Rattner: “The original sin” was passing the $1.9 trillion, which has “contributed materially to today’s inflation levels.”
  • Former Obama economist Jason Furman: Biden's spending is “too big ... don't know any economist” who supported that much.
  • Biden's Treasury Secretary Janet Yellen: Biden's $1.9 trillion stimulus was one of the “factors that are involved in inflation.”
• With Biden’s economy on the decline and economists warning of a looming recession, nearly 60 percent of Americans feel pessimistic about their ability to achieve the American Dream.
  • Chris Rupkey, chief economist at Fwdbonds: “Realistically, it’ll be a miracle if we don’t go into a recession.”
  • While former Obama economic adviser Larry Summers warns a recession is “almost inevitable,” other experts say the economy is currently in “recession-like” territory already.
  • Biden’s Labor Secretary Marty Walsh: “[The U.S. entering a recession] is a real likelihood.”