Higher Prices, Lower Wages

BIDEN’S GREAT AMERICAN PAY CUT IS PUNISHING FAMILIES

Today’s jobs report shows many Americans are being left behind as workers continue to see a real wages pay cut under Bidenflation.
- Inflation ate up any wage gains in June, meaning workers’ paychecks are shrinking.
The workforce participation rate fell at a time when it should be expanding.
There are still over 500,000 Americans who lost their job during the pandemic and have yet to get it back.
Biden’s policies are creating a worker shortage at a time when many Americans are desperate to get back to work.
- There are 11.3 million job openings that businesses are struggling to fill– a near record high – even though there are 5.9 million unemployed Americans trying to find a job.
- 2.1 million workers were unable to work in June because their employer was closed or had lost business because of the pandemic.
- 51 percent of small business owners say there are job openings they cannot fill – more than double the 48-year historical average.

HIGHER PRICES ARE HERE TO STAY

Inflation has outpaced wages every month – 15 months straight- since Biden’s wasteful $1.9 trillion “stimulus” was passed.
Key inflation indicators show higher prices are here to stay under Biden.
- May’s Consumer Price Index surged by 8.6 percent compared to last year – a 40-year high.
- May’s Producer Price Index rose by 10.8 percent since last year, a near record high.
Inflation is placing more and more Americans in financial jeopardy.
- The typical U.S. family will spend an extra $5,200 this year due to inflation.
- Bidenflation cost the average American family $635 last month, according to a Bloomberg estimate, according to Congress’ Joint Economic Committee estimates.
U.S. average gas prices recently hit new record highs, and 67 percent of Americans are experiencing financial hardships due to the increased cost.
- Under Biden, all 50 states have hit new record high gas prices, and in all 50 states Americans are paying average prices above $4 per gallon.
- The average American household will spend an additional $2,000 on gas this year because of Biden’s gas hike.

THE AMERICAN DREAM IS HARDER TO OBTAIN UNDER BIDEN

Working-class Americans are facing rising mortgage rates, depleted savings, and delayed retirements, making it harder for millions to achieve the American Dream.
Savings rates have plummeted to their lowest level since the Great Recession.
- A Northwestern Mutual study found Americans now have an average of $11,000 less in savings than they did last year.
The Dow, Nasdaq, and S&P 500 are now lower than when Biden took office.
- The Dow just had its worst six months to start a year since 1962, the Nasdaq its worst ever, and the S&P 500 its worst since 1970.
- More than 50 percent of American families own stocks and tens of millions of Americans have 401(k)s.
1.5 million retirees have rejoined the labor market in part because of “rising costs” while 25 percent of Americans say increased prices will lead to them delaying their retirement.

ECONOMISTS WARN OF A RECESSION

The U.S. economy shrank 1.6 percent on an annualized rate last quarter – worse than originally believed and well below economists’ expectations.
Biden inherited a robust recovery and is turning it into stagflation – even Biden’s own economists are warning of a recession.
- Biden’s Labor Secretary Marty Walsh said “it is a real likelihood” the United States will have a recession.
- Biden’s economic adviser Jared Bernstein refused to rule out a recession.

AMERICANS SAY THE ECONOMY IS BAD, AND THEY BLAME BIDEN

Polling shows the American people see just how bad things are and overwhelmingly blame Biden for his poor handling of the economy.
Consumer sentiment is at a new record low according to the University of Michigan, with a reading lower than at any point since the gauge started in 1952.
Gallup’s Economic Confidence Index is now at its lowest reading since the end of the Great Rescission in early 2009.
In May, the NFIB small business optimism index fell, marking the fifth consecutive month below the 48-year average.
71 percent of Americans disapprove of Biden’s handling of inflation and 75 percent of Americans rate the economy as “bad.”
With the economy on the brink of recession, 85 percent of Americans, including a whopping 78 percent of Democrats, say the nation is headed in the wrong direction.

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.
- 250,000 fewer jobs were created in 2021 than what Biden promised.
Republican-led states are the ones creating jobs and leading the economic recovery.
- Through May, nine 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 20 states with the lowest unemployment rates, 16 are led by Republican governors and 16 have Republican-controlled legislatures.
Red states are winning the post-pandemic economy – a study by Moody’s found that 11 of the 15 best performing states were red while 8 of the bottom 10 were blue.
- Republican-led states have added over 340,000 jobs since February 2020 while Democrat led states are still down 1.3 million jobs.
- Major companies such as Citadel and Caterpiller are fleeing blue states and heading toward the economic freedom that Republican-led states offer.
Red states are also better for business, with Republican states making up nine of the top ten states for the best business tax climate.
- The four states with the worst business tax climate are all run by Democrat governors.