Bidenflation Is Still Sky High

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.
January’s Consumer Price Index soared by 6.4 percent compared to last year, exceeding economists’ expectations and remaining excessively high.
- Core consumer prices – excluding food and energy – rose 5.6 percent compared to last year.
- Real average hourly earnings fell 1.8 percent since last year, marking the 22^nd 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.”
January’s Producer Price Index rose by 6 percent since last year, coming in above economists’ expectations.
- This marks the 22^nd straight month that wholesale inflation has been above 5 percent year-over-year.
- Core producer prices – which takes out food, energy, and trade – increased by 4.5 percent from last year.
As inflation continues to destroy Americans’ finances, Biden promises “nothing” will change.

BIDENFLATION IS COSTING FAMILIES THOUSANDS OF DOLLARS

Bidenflation is placing more and more Americans in financial jeopardy.
- 64 percent of Americans now report living paycheck to paycheck – a historic high.
- A record number of Americans say they are worse off financially since Biden became president.
According to a report by Primerica, 72 percent of middle-income families say their earnings are falling behind the cost of living.
- Eight in 10 middle-income households are saving less or even tapping into their savings to make ends meet.
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 recently hitting a record high.
- Household debt has increased at the fastest pace in 15 years.
Mortgage rates are now twice as high as they were a year ago, leaving many unable to afford buying a home.
- Renters are also suffering because of Bidenflation, with a “record-high share of renters spending more than 30% of income on rent each month.”
Manhattan Institute Senior Economist Brian Riedl estimates inflation has cost households an extra $10,000, and that household costs will continue rising even if the inflation rate normalizes.
U.S. average gas prices currently sit at $3.42 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.
According to the latest I&I/TIPP poll, 77 percent of Americans, including 75 percent of Democrats, say inflation is causing financial hardship.
According to the latest Economist/YouGov poll, 69 percent of Americans describe the current state of the economy as poor/fair.
According to a Gallup poll, 76 percent of Americans are dissatisfied with the way things are going in the U.S. and 72 percent of Americans are dissatisfied with the state of the nation’s economy.
A Harvard/Harris poll found that more than half of Americans say their financial situation is worsening while only 38 percent of Americans approve of Biden’s handling of the economy.

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

As working-class families struggle to make ends meet thanks to inflation, voters know Democrats are to blame for rising prices.
In 2021, Biden and Democrats passed their inflation-fueling $1.9 trillion “stimulus,” which even liberal economists admit fueled inflation.
In August, every single Democrat voted to pass the Bidenflation Scam, which experts say will worsen inflation and raise taxes on working-class Americans.
- Studies from the Tax Foundation, Penn Wharton Budget Model, Moody’s, and the Congressional Budget Office all found that the bill will either make inflation worse or do basically nothing to bring down inflation.
- The Tax Foundation concluded that the Bidenflation Scam Act will “worsen inflation especially in the first four” years.
To top this off, Biden is now pushing his student debt bailout, which experts warn will cost taxpayers billions and worsen inflation.