Bidenflation Hits New Records

In September, Biden oversaw the worst jobs report of the year and record high inflation.
- The labor participation rate fell, women lost 26,000 jobs, and 7.7 million Americans remain unemployed.
- Even Biden’s Labor Secretary Marty Walsh admitted the jobs report was “disappointing.”
On the campaign trail, Biden promised, “I’m not going to shut down the economy. I’m going to shut down the virus,” yet has failed on both fronts.
- For the second month in a row, small businesses reported a record number of unfilled open positions.
Now, prices continue to climb despite Biden’s out-of-touch claims that inflation is temporary; Americans see through his lies, with his approval rating plummeting.

INFLATION CONTINUE TO SKYROCKET

Consumer prices increased by 5.4 percent in September compared to last year, putting a dent in the pocketbooks of Americans across the country.
- This was higher than economists expected, rising at the fastest rate in 13 years.
- Groceries are more expensive, with Americans seeing higher prices year-over-year for kitchen staples like eggs (12.6 percent), chicken (7.6 percent) and fresh fruit (5.0 percent).
- New car prices rose 8.7 percent, the largest increase in over four decades.
In September, producer prices rose 8.6 percent since last year, the sixth month in a row it reached a new record high.
- Core producer prices also rose at a new record high, rising 6.8 percent.
The Core Personal Consumption Expenditures Price (CPCE) index – a key measure of inflation that the Federal Reserve watches – spiked by the fastest rate in 30 years.
Rapidly rising prices for everyday goods have completely swamped any wage growth, with wages decreasing 0.8 percent over the past year when accounting for inflation.

AMERICANS ARE PAYING MORE FOR EVERYTHING

Americans are paying more for just about everything, with Biden’s favorite economist Mark Zandi saying inflation is costing the average American family $175 per month, or $2,100 a year.
Energy prices have spiked, with these “higher prices act[ing] as a tax.”
- Crude oil, natural gas, and coal prices have all sharply increased.
Housing prices are up 19.7 percent, a record high, with home prices expected to climb another 16 percent by the end of 2022.
Prices have spiked so much that the Social Security Administration announced the largest cost of living adjustment (COLA) in decades.
- The Social Security benefits that seniors and others rely on are worth less because of Biden’s rising prices.

BIDEN’S MISPLACED PRIORITIES HURT BUSINESSES AND WORKERS

Biden’s unconstitutional vaccine mandate will worsen labor shortages while his $3.5 trillion socialist agenda will make 80 percent of taxpayers poorer in an already struggling economy.
Biden does not care about "mass firings" and "hundreds of people losing their jobs" over his vaccine mandates.
- According to the National Federation of Independent Business, “Additional mandates, enforcement, and penalties will further threaten the fragile small business recovery.”
Meanwhile, Biden’s floundering economy is contending with a “crush of imports” that has left the U.S. flat-footed with shipping delays and port jams.
- Parts of the supply chain – including ports, truckers, and warehouses – can’t find enough workers.

HIGHER PRICES ARE SET TO STAY

Biden and his team downplayed inflation as transitory, but now, stripped of volatile variables, “broader sources of higher inflation” are undeniable.
- Key inflation indicators – producer prices, consumer prices, and CPCE – show higher prices are here to stay.
- Federal Reserve Chairman Jerome Powell, when asked whether inflation is “broader” and “more structural,” replied: “Yes, I think it’s fair to say that it is.”
The Federal Reserve moved its timeline for raising interest rates up to 2023 due to high, persistent inflation.