Bidenflation Takes A Toll On Americans’ Finances

Working Class Americans, Small Business Owners, And Families Are All Suffering In The Biden Economy

HIGHER PRICES AND LOWER WAGES FOR AMERICAN FAMILIES

• May’s Consumer Price Index soared by 4 percent compared to last year, remaining excessively high and well above the Fed's average target of 2 percent.
  • Core consumer prices – excluding food and energy – rose by 5.3 percent compared to last year, having “basically flatlined.”
• With persistent inflation eating away at wage gains, more and more Americans are struggling financially.
  • Real average weekly earnings fell 0.7 percent since last year, marking the 26^th month in a row under Biden in which inflation has outpaced wages.
  • Real weekly wages have fallen every month since Biden and Democrats passed their wasteful $1.9 trillion "stimulus."

AMERICANS ARE POORER TODAY THANKS TO BIDEN

• Inflation is placing more and more Americans in financial jeopardy.​
  • 61 percent of workers report living paycheck-to-paycheck. 
  • Many Americans report that they have had to reduce their savings to make ends meet and have delayed purchases or swapped to cheaper alternatives.
  • America’s outlook on retirement is now at an 11-year low, with one in four Americans cutting back on retirement savings.
  • U.S. consumer confidence is back at a six month low and remains well below pre-pandemic levels. 
• Low-income Americans are being hit the hardest by inflation according to recent studies by the New York Fed, Dallas Fed, and the Urban Institute.
• Americans are increasingly borrowing to cover daily expenses, finding their regular income is no longer enough to make ends meet.
  • Nearly 25 million Americans are behindon their credit cards, auto loans, or personal loans – a number not seen since 2009.
  • Credit card balances are now at an all-time high.
• U.S. average gas prices currently sit at $3.59 per gallon, which is more than $1.00 per gallon higher than when Biden took office.
• Biden’s policies are creating a worker shortage at a time when many Americans are desperate to get back to work.
  • There are 10.1 million job openings that businesses are struggling to fill, even though there are 6 million unemployed Americans trying to find a job.
  • 44 percent of small business owners say there are job openings they cannot fill – roughly double the 49-year historical average.

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.
• Just 33 percent of Americans approve of Biden's handling of the economy, according to an AP-NORC
• 74 percentof Americans describe the current state of the economy as poor/fair and 64 percent say things in the country are on the wrong track, according to an Economist/YouGov poll.
• 83 percentof Americans say the economic situation is negative and almost 80 percent say that Biden’s policies have not helped them, according to the latest Fox News survey.
• Roughly half of Americans say their financial situation is worseningwhile only 37 percent of Americans approve of Biden's handling of inflation, according to a recent Harvard/Harris poll.

DEMOCRATS’ RESONSE TO THE INFLATION CRISIS BIDEN 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 singleDemocrat 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 Officeall 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.
• Biden then announced his plan to bail out student debt, which experts warn will cost taxpayers billionsand worsen inflation.
• In March, Biden unveiled his budget for FY 2024: a $6.9 trillion spending spree chock full of wasteful spending and higher taxes.

REPUBLICAN-LED STATES ARE DRIVING JOB GROWTH

• Biden deserves no credit for jobs that have been created – he paid Americans not to work for months and stifled economic growth.
• Republican-led states are the ones creating jobs and leading the economic recovery.
  • The latest state jobs report shows that eight of the top 10 states for jobs recovered since the coronavirus pandemic began are led by Republican governors, and all 10 states have Republican-controlled legislatures.
  • Out of the top 10 states with the lowest unemployment rates, eight are led by Republican governors.