Build Back Broke

As Americans Are Paying More For Just About Everything, Biden Is Threatening Even More Taxes And Government Spending

THE BIDEN ECONOMIC “PLAN” IS FAILING

• Today, Biden heads to Denver, Colorado to push his “Build Back Better” agenda of reckless spending financed by trillions in job-killing tax hikes. 
• Economists warn trillions in new spending is a recipe for even more inflation and higher prices. 
  • If Biden and Democrats get their way, “the federal government will have authorized nearly 1.5 times more in spending” in Biden’s first eight months “than it spent in all of 2019.”
  • Joel Naroff, chief economist at Naroff Economics LLC: “We are transitioning to a higher period of inflation and interest rates than we’ve had over the last 20 years.” 
• Families and consumers are getting “socked with higher prices.”
• Despite Biden’s out-of-touch claims that inflation will pass, economists forecast that if nothing changes, rising prices are “here to stay for years.” 

LESS BANG FOR YOUR BUCK THANKS TO BIDEN

• Consumer prices spiked by 5.3 percent over the last year, putting a dent in the pocketbooks and wallets of Americans across the country.
  • Before the Biden administration, the last time consumer prices spiked this much was in 2008.
  • Rapidly rising prices for everyday goods have completely swamped any wage growth for workers, with real average hourly earnings decreasing 0.9 percent over the last year. 
  • Energy prices continue to rise, with consumers seeing the largest spike in electricity prices since 2014 and the largest rise in the cost of natural gas since 2008.
  • Groceries are more expensive, with Americans seeing higher prices year-over-year for kitchen staples like eggs (9.9 percent), fish (6.3 percent), chicken (7.2 percent) and fresh fruit (3.7 percent).
• Core consumer prices rose 4 percent in August.
  • Before the Biden administration, the last time core consumer prices increased this much was 1991. 
• Producer prices rose 8.3 percent in August from a year ago, the fifth month in a row the index increased by a record amount.
  • Core producer prices also increased by a new record high, up 6.3 percent from a year ago. 
  • Producer prices for meat rose 8.5 percent and poultry “surged” 11 percent. 

COLORADANS ARE FACING RISING PRICES UNDER BIDEN

• Colorado families, workers, and businesses are paying higher prices for the everyday goods they need, with consumer prices in the West rising 5 percent in August.
• Colorado gas prices have risen over a dollar-per-gallon since Biden took office in January. 
• Used car prices in Colorado, a key inflation indicator, rose 29 percent – or $7,087 – since last June.
• Housing has become less affordable, with the National Association of Realtors reporting that home prices have increased 18 percent from a year ago. 
  • Colorado families are facing surging costs if they are trying to buy a home, with the cost of the average house in Colorado Springs rising 24 percent over the past year.

BIDEN IS SQUANDERING THE ECONOMIC RECOVERY

• The latest data on rising prices comes on top of a terrible August jobs report, which showed the economy added half a million fewer jobs than expected.
• Biden continues to squander the economic recovery he inherited, and workers and businesses are still struggling to recover because of Biden’s policy of paying Americans not to work.
  • Democrat Governor Jared Polis continued paying Biden’s “extra benefits,” and now unemployment remains high in Colorado, with the state ranking 36^th in the nation.

BIDEN’S BIG SPENDING WILL BE DETRIMENTAL TO COLORADANS AND AMERICANS

• American workers, families, and small businesses are paying more for “just about everything,” yet Biden wants to slam Americans with even more reckless taxes and spending. 
  • Biden already spent $1.9 trillion on his failed stimulus and is looking to spend trillions more on his and Democrats’ radical agenda, all while his administration supports paying Americans not to work, hurting small businesses, and stifling a robust recovery.
• Biden’s $3.5 trillion reckless spending agenda will raise taxes on Americans and would cause prices to spike even more.
  • Biden and the Democrats’ plan costs the equivalent of $27,000 per household in America and would raise the business tax rate to a level higher than communist China’s. 
  • The true cost of this plan is even higher, with the Committee for a Responsible Federal Budget(CRFB) estimating Democrats’ plan would actually cost up to a staggering $5.5 trillion.
• 62 percent of Americans are unhappy with the economy, nearly as high as the pandemic-era peak and up from 45 percent in April.