Biden’s Great American Pay Cut

THE GREAT AMERICAN PAY CUT

February’s jobs report shows American workers are seeing a pay cut in the Biden economy, with wages not keeping up with Bidenflation.
- Under Biden, inflation has soared to a 40 year high while real wages have fallen.
- Along with wages remaining flat this month, nominal wage growth was revised down in January and December.
- Experts concede “real wages have been declining” and are warning that “we have a bumpy road ahead ... we have very little room to act.”
With gas prices at an eight-year high and only projected to go higher, the Biden administration refuses to unleash American energy.
Instead, Biden continues to push for trillions more in wasteful spending, which economists across the political spectrum agree will only fuel further inflation.
Republican-led states are the ones leading the economic recovery, with more jobs recovered and lower unemployment rates than Democrat-run states.

BIDENFLATION IS COSTING AMERICANS HUNDREDS OF DOLLARS EACH MONTH

Bidenflation is costing the average American family $385 per month according to a new estimate from Congress’ Joint Committee on Taxation.
- Some regions of the country are being hit even harder, with inflation costing the average family in the west over $500 per month.
Moody’s Analytics, a “Wall Street” firm Biden loves to cite, found inflation is costing American families $250 per month.
- Biden’s favorite economist – Moody’s Mark Zandi – estimated last year the average American family was paying an extra $175 per month because of Bidenflation.
Last year, Biden’s anti-American energy agenda cost the average family a total of $1,000 according to the Heartland Institute.
The Penn Wharton Budget Model found inflation cost the average American household $3,500 last year.

HIGHER PRICES ARE HERE TO STAY

Key inflation indicators show higher prices are here to stay under Biden.
- January’s Consumer Price Index surged by 7.5 percent compared to last year – exceeding economists’ expectations and marking the largest annual increase in 40 years.
- January’s Producer Price Index rose 9.7 percent since last year, just shy of December's highest level ever recorded.
- The Federal Reserve’s preferred inflation indicator shows inflation at a near 40-year high.
In January’s NFIB Small Business Optimism Index, 22 percent of small businesses reported inflation as the number one problem their business faces – the highest level since 1981.
There’s little consolation for businesses reeling from the “snarled” supply chain crisis Biden promised -- but failed -- to solve, with ships full of goods simply waiting further out at sea.

AMERICANS ARE BEING LEFT BEHIND

There are 2.1 million Americans who lost their job during the pandemic and have yet to get it back.
In February, the number of Americans working part time for economic reasons increased by 418,000.
U-6, which is a broader measure of joblessness, actually increased to 7.2 percent in January, the first month it has increased since April 2020.
Biden’s policies are creating a worker shortage at a time when many Americans are desperate to get back to work.
- There are nearly 11 million job openings that businesses are struggling to fill – a near record high – even though there are 6.3 million unemployed Americans trying to find a job.
- 47 percent of small business owners reported job openings they could not fill – more than double the 48-year historical average.

REPUBLICAN-LED STATES ARE DRIVING THE RECOVERY

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.
- Through December, 16 of the top 20 states for jobs recovered since the pandemic began are led by Republican governors.
- 16 of the top 20 states with the lowest unemployment rates are led by Republican governors.
Voters are flocking to Republican-led states, with populations growing in red states like Texas and Florida, while the populations of blue states like Illinois and New York are shrinking.
Red states are also better for business, with Republican states making up nine of the top ten states for the best business tax climate.

BIDEN AND DEMOCRATS’ WANT TRILLIONS MORE IN INFLATIONARY SPENDING

Biden and Democrats are still trying to ram through another bloated, multitrillion-dollar spending bill that would slam 80 percent of taxpayers will see their incomes reduced.
- The Biden administration is simply rebranding their failed “Build Back Broke” spending agenda as “Building A Better America.”
Biden is lying to the American people when he claims this nearly two trillion-dollar spending spree will “lower inflationary pressures on the economy.”
- Numerous economists have warned that more spending could lead to even higher inflation which will make life harder for poor and middle-class Americans.

AMERICANS CAN’T AFFORD BIDEN

70 percent of Americans believe the economy is getting worse under Biden, the highest since April 2020.
Biden’s Chief of Staff Ron Klain says Americans disapprove of the economy because they haven’t “fully internalized” the “progress.” However:
- One Latino voter says inflation is hurting his pocketbook so much that he was actually “better off” at his old job where he was paid $5 less.
- Terry Williams, owner of a North Carolina landscaping company, says, “Gas prices going up, of course, it affects the business because our mowers, everything I have runs off gas.”
- Steve Gurrola, a Supermarket clerk who drives 30 miles back and forth to work: “I’m spending a lot of money just on gas alone. Ooh, it hurts, it hurts a lot!"
- Victor Castillo of Texas on gas prices: “"It’s emptying the pocket. I’m on a fixed income, so it hurts a lot."