Bidenflation Leaves Less Money In Americans’ Pockets

INFLATION GETS WORSE AS BIDEN DOES NOTHING

Biden’s far-left agenda is leaving Americans with less money in their pockets.
April’s Consumer Price Index surged by 8.3 percent compared to last year – a near 40-year high.
- Core consumer prices – excluding food and energy – rose by 6.2 percent.
- Real average hourly earnings fell 2.6 percent in April, with rising prices eating up any wage growth.
- Since Biden’s failed $1.9 trillion “stimulus” was passed, inflation has outpaced wages every single month.
April’s Producer Price Index rose by 11 percent since last year, just shy of the highest increase on record.
- Core producer prices – which takes out food and energy – also increased at a near record 8.8 percent pace.
The Personal Consumption Expenditure index (PCE), a key measure of inflation, jumped by 6.6 percent in March – the largest increase in 40 years.
With Biden’s economy on the decline and prices continuing to surge, economists fear stagflation is on the horizon.
- The U.S. economy shrank 1.4 percent on an annualized rate last quarter – well below economists’ expectations.
- In much the same way Biden claimed he was not concerned about inflation, Biden is now “not concerned about a recession” despite rising concerns from economists.

GAS PRICES CONTINUE TO SET NEW RECORD HIGHS

As inflation remains red hot, U.S. gas and diesel prices reached their highest levels ever recorded today.
- In just one year, gas prices have increased by more than $1.40 per gallon and diesel has gone up by over $2.40 per gallon.
- Under Biden, 45 states have hit new record high gas prices, and in 46 states, Americans are paying average prices above $4 per gallon.
88 percent of American families say rising gas prices are a problem for their family, according to a Fox News poll.
To bring gas prices down, Biden needs to immediately unleash American energy.

BIDENFLATION IS PLACING MORE AMERICANS IN FINANCIAL JEOPARDY

With inflation squeezing household budgets, a Fox News poll found three-quarters of Americans say rising prices are causing financial hardship for their family.
Thanks to Bidenflation, the typical U.S. family will spend an extra $5,200 this year according to a Bloomberg estimate.
- That’s an extra $433 per month working families won’t have in their wallets.
Congress’ Joint Economic Committee estimates Bidenflation cost the average American family $569 last month.
To offset Biden’s price hike, 20 percent of Americans have dipped into their savings more in the last few months to make ends meet.
Personal bankruptcy filings increased 34 percent in March as Bidenflation forces more Americans to forgo paying down their debt.

BIDENFLATION HITS LOW-INCOME FAMILIES THE HARDEST

Low-income families are feeling the pain as they are forced to spend 77 percent of their earnings on necessities – more than double the percent of income higher-income households spend.
Low-income Americans on SNAP benefits are being hit especially hard with every “measure of food insecurity” increasing in recent months.
- With food stamp benefits indexed at June 2021 levels, families cannot keep up with inflation as rising prices mean their benefits don’t go as far.
Working class Americans across the country are being forced to make hard choices to make ends meet.
- Roger Stephens, a retired airplane mechanic from Los Angeles, California: “Uncle Joe has put us on a diet. I like to have a steak once or twice a month. I can’t do it now.”
- Laura Kemp, a widow from Muldrow, Oklahoma: "I'm not making it to the end of the month anymore. Even getting a Big Mac now…I can't afford it."

BIDENFLATION IS CRUSHING MINORITIES, WOMEN, AND RURAL AMERICANS

Skyrocketing prices are disproportionately hurting minorities and women.
A Bank of America study found minority families and rural households “are getting hit the hardest” by Bidenflation.
- Black, Hispanic, and Latino households spend more of their income on energy and food than other demographics, making them increasingly vulnerable to rising prices.
Women make up the majority of the low-wage workforce and are the majority of caregivers, meaning that many women have less ability to absorb rising costs.
Amid soaring prices, 58 percent of women say the economy is not working well for them and 46 percent of women blame Biden for the surge in rising prices.
- This has led to 55 percent of women disapproving of Biden’s job performance according to a Morning Consult poll.

SMALL BUSINESSES ARE TAKING A HIT UNDER BIDENFLATION

With inflation at a 40-year high, small businesses are increasingly struggling to keep up with higher input costs.
A new National Federation of Independent Business (NFIB) survey shows inflation is now the number one problem for small businesses.
- 99 percent of small employers said the recent rise in gas and fuel prices is having a negative impact.
- 86 percent of small employers are having to increase the price of their goods and services.
- 77 percent of small employers said higher supplies and material costs were contributing to higher business costs.
Small business optimism is suffering as a result, with expectations of better business conditions at a 48-year low.
76 percent of small business owners are finding it hard to manage costs due to inflation according to the most recent U.S. Chamber of Commerce Small Business Index.
- Small businesses ranked inflation and the supply chain crisis as the top two challenges they are currently facing.
76 percent of small business owners don’t believe Biden is doing enough to bring down inflation according to a Job Creators Network Foundation poll.

BIDEN’S SUPPLY CHAIN CRISISES ADDS TO INFLATION

There’s no relief in sight from the “snarled” supply chain crisis that is worsening inflationary problems on businesses already reeling from the pandemic.
- Underlying supply-chain issues persist, including warehouses not having enough workers or space to process boxes and trucking firms remaining short of drivers and trailers.
65 percent of small business owners say supply chain issues are having a negative impact on their company according to a Job Creators Network Foundation poll.
Biden’s supply chain issues are also affecting the most vulnerable, with 40 percent of major baby formula brands sold out of formula at the end of April.
- The executive director of a diaper bank in Los Angeles: "It's a crisis situation right now…now we are nearly empty."
- 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.”