Bidenflation Is Destroying The American Dream

Under Biden, The American Dream Is Harder To Achieve, With Bidenflation Making It More Difficult To Buy A Home, Save, And Retire

BIDENFLATION IS DENYING FAMILIES THE AMERICAN DREAM

• Working-class Americans are facing rising mortgage rates, depleted savings, and delayed retirements, making it harder for millions to achieve the American Dream.
• In May, inflation soared 8.6 percent compared to last year, exceeding economists’ expectations and reaching a new 40-year high.
  • Prices on everything from real estate and healthcare to cars and college have increased drastically, pricing many out of the market and jeopardizing the American Dream for working-class families.
• Savings rates have plummeted to their lowest level since the Great Recession.
• 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.

BIDENFLATION IS MAKING IT HARDER FOR FAMILIES TO BUY A HOME

• Thanks to Bidenflation, working-class Americans face surging home prices and rising mortgage rates, leaving many unable to afford buying a home.
• The S&P Case-Shiller Index, which tracks average home prices across the country, has risen 20.4 percent over the past year – a near all-time high.
• According to Freddie Mac, the average 30-year fixed mortgage rate has more than doubled from January 2021 to June 2022, rising by an astonishing 3 percentage points since Biden took office.
  • Last month, 30-year mortgage rates saw the largest one-week increase in 35 years.
  • Rising mortgage rates pose the “biggest hurdle” for homebuyers, “pricing many out of the market” and denying many Americans the ability to build wealth.
• For families that cannot afford a house, rental options offer no protection from Bidenflation, with rents increasing 14 percent since last year.
  • In fact, 97 of America’s 100 largest cities saw month-to-month rent increases in June.

BIDEN’S PRICE HIKE IS THROWING A WRENCH IN AMERICANS’ RETIREMENT PLANS

• Millions of Americans are facing shrinking retirement savings thanks to Biden’s price hike.
  • 1.5 million retirees have rejoined the labor market in part because of “rising costs” while 25 percent of Americans say increased prices will lead to them delaying their retirement.
  • The average 401(k) balance has plummeted 7 percent in the first quarter of 2022, and Social Security payments continue to lag behind inflation.
  • With these rising costs crushing Americans, 21 percent report having “reduced their retirement savings” according to the BMO Real Financial Progress Index survey.
• Under Biden, the dream of retirement is being destroyed for many Americans.
  • Connie Kitchens, a retired Georgia public school teacher, on returning to work: “I have to find the right job, with flexibility. This isn’t what I dreamed it was going to be when I retired.”
  • W.E. Upjohn Institute’s Beth Truesdale on retirees going back to work: “In many cases, it isn’t a choice to work longer so much as having to work longer to make ends meet.”
  • Sinem Buber, lead economist at ZipRecruiter: “The purchasing power of retirement savings is eroding every single month.”

BIDENFLATION IS CUTTING INTO AMERICANS’ SAVINGS

• With Bidenflation at a new 40-year high, millions of Americans are cutting into 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.”
  • In April 2022, the personal savings rate fell to its lowest level – 4.4 percent – since the Great Recession.
• A Northwestern Mutual study found Americans now have an average of $11,000 less in savings than they did last year.

BIDENFLATION IS MAKING COLLEGE MORE EXPENSIVE

• On top of rising prices, students face surging tuition costs and higher interest rates on student loans thanks to Bidenflation.
• According to the Treasury Department, federal student loan interest rates increased from 3.73 percent to nearly 5 percent as of July 1, resulting in “higher monthly payments.”
  • For a $20,000 federal loan, Biden’s interest rate hike will cost students an extra $252 in interest annually, further squeezing student budgets.
  • And for students hoping to look elsewhere, private student loans are likely to surge even higher.
• Tuition costs are also on the rise with colleges like Boston University, University of Virginia, and Syracuse University all charging over 4 percent more as Bidenflation increases costs for colleges.

BIDEN’S 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.
  • In fact, 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.
• Economist 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.