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March 15, 2023 | Research
Economy

Bidenflation Is Breaking The Banks

Research

New Data Shows Yet Another Month Of Uncomfortably High Inflation — Breaking The Banks And Bankrupting Families

HIGHER PRICES AND LOWER WAGES FOR AMERICAN FAMILIES

  • Biden and Democrats' failed policies are squeezing Americans' wallets and robbing them of their hard-earned money.
  • February's Consumer Price Index soared by 6.0 percent compared to last year, remaining excessively high.
  • February's Producer Price Index rose by 4.6 percent since last year.
    • Core producer prices – which takes out food, energy, and trade – increased by 4.4 percent from last year.

BIDENFLATION BREAKS THE BANKS

  • In the last week, America experienced the second and third-largest bank failures in our nation's history.
  • Bidenflation broke the banks – Biden's $1.9 trillion "stimulus" fueled inflation, forcing the Fed to raise interest rates, which increased pressure on banks and set the stage for the current crisis.
  • Now, Moody's – Biden's favorite economic forecaster – has downgraded their outlook for the entire U.S. banking system to "negative."
    • Moody's: "We have changed to negative from stable our outlook on the US banking system to reflect the rapid deterioration in the operating environment following deposit runs at Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank (SNY) and the failures of SVB and SNY."

BIDENFLATION IS COSTING FAMILIES THOUSANDS OF DOLLARS

  • Bidenflation is placing more and more Americans in financial jeopardy.
    • 60 percent of workers report living paycheck-to-paycheck.
    • A record number of Americans say they are worse off financially since Biden became president.
  • According to recent studies by the New York Fed and Dallas Fed, low-income Americans are being hit the hardest by inflation.
  • Americans are increasingly relying on credit cards to cover daily expenses, finding their regular income is no longer enough to make ends meet, with overall credit card balances now at an all-time high.
    • Nearly 25 million Americans are behind on their credit cards, auto loans, or personal loans – a number not seen since 2009.
    • Household debt has increased at the fastest pace in 15 years.
  • Americans are now saving just 2 percent of their disposable income – down from a pandemic-era high of 34 percent – and "many people are barely able to save that."
    • 54 percent of Americans report using savings to pay for everyday expenses such as groceries and rent.
  • Moody's found that the typical American family is spending roughly $395 more a month on the same goods and services as they were last year.
  • U.S. average gas prices currently sit at $3.47 per gallon which is more than $1.00 higher than when Biden became president.

AMERICANS ARE NOT HAPPY WITH BIDEN'S ECONOMY

  • American families are seeing higher prices for virtually everything, and they know exactly who to blame: Biden and Democrats.
  • 68 percent of Americans describe the current state of the economy as poor/fair according to an Economist/YouGov poll.
  • Just 34 percent of Americans approve of Biden's handling of the economy according to a Gallup poll. 
  • 57 percent of Americans say they have less money in their pocket than they did a year ago according to the latest Fox News survey.
  • Half of Americans say their financial situation is worsening while only 39 percent of Americans approve of Biden's handling of the economy according to a recent Harvard/Harris poll.

DEMOCRATS' RESPONSE TO THE CRISIS THEY CREATED: MORE INFLATIONARY SPENDING