Lower Wages, Bidenflation, And Recession

BIDEN HAS TURNED A RECOVERY INTO A RECESSION

Today’s jobs report shows that the Great American Pay Cut continues, with wage growth remaining well-below the current rate of inflation – meaning workers’ paychecks are shrinking.
Biden turned a recovery into a recession – the U.S. economy has now shrank for two consecutive quarters, meeting the definition of a recession that Democrats and Biden’s own economic advisors have previously touted.
Despite this, Biden and congressional Democrats released their Bidenflation Scam Bill designed to revive their radical Build Back Broke agenda and raise taxes on American families and small businesses.
The American people see just how bad things are and overwhelmingly blame Biden for his poor handling of the economy.
- 58 percentof Americans are struggling to live “paycheck to paycheck.”

WORKERS ARE BEING LEFT BEHIND IN BIDEN’S ECONOMY

Americans are being left behind in Biden’s economy, with workers forced to delay retirement, take on a second job, or tap into their savings to make ends meet.
The unemployment rate for Black Americans, Black men, Hispanic men, and those without a high school diploma all increased in July.
For the second month in a row, the labor force participation rate fell at a time when it should be expanding.
The number of Americans working part-time for economic reasons increased by 303,000 in July.
In recent weeks, many major companies “have announced hiring freezes or layoffs.”

HIGHER PRICES, LOWER WAGES

The jobs report shows that Bidenflation is shrinking workers’ paychecks, with rising prices eating up any wage growth.
Key inflation indicators show higher prices are here to stay under Biden.
- June’s Consumer Price Index soared by 9.1 percentcompared to last year, exceeding economists’ expectations and reaching a new 40-year high.
- June’s Producer Price Index rose by 11.3 percent since last year, a near-record high and the seventh consecutive month where producer prices saw a double-digit gain.
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 according to a Bloombger estimate.
- Congress’ Joint Economic Committee estimates that Bidenflation cost the average American family $718 last month.
34 percent of small businesses report inflation as their single most important problem in operating their business, the highest level since 1980.
- In June, the small business optimism index fell, marking the sixth consecutive month below the 48-year average.
S. average gas prices remain above $4 per gallon, more than $1.70 higher than when Biden became president.

AMERICANS FEEL THE PINCH OF BIDENFLATION

As prices continue to rise and real wages continue to fall, Americans are left struggling to keep up.
Consumer sentiment is near an all-time low and consumer expectations remain at their lowest point since 2009 according to the University of Michigan.
Biden’s economic approval rating has reached its lowest level of his presidency and fallen further than either of his two predecessors according to a CNBC All-America Economic Survey.
- Only 22 percent of Americans believe the economy will improve, “the worst economic outlook measure CNBC has recorded.”
A majority of Americans say Biden’s policies have made the economy worse, and three out of four Americans are “very concerned” about rising prices according to a Pew Research Poll.
85 percent of Americans, including a whopping 78 percent of Democrats, say the nation is headed in the wrong direction according to an AP-NORC poll.

BIDEN’S RESPONSE TO HIS RECESSION: RAISE TAXES

Despite turning a recovery into a recession, Biden and congressional Democrats released their Bidenflation Scam Bill designed to revive their radical Build Back Broke agenda and raise taxes on American businesses and families.
- According to the Joint Committee on Taxation, Americans earning less than $200,000 per year will see taxes rise by $16.7 billion in 2023, and taxpayers earning between $200,000 and $500,000 will pay $14.1 billion more.
- Biden campaigned on the promise not to raise taxes on Americans making less than $400,000, making this commitment at least 60 times.
- Democrats themselves – including Sen. Joe Manchin, Sen. Chuck Schumer, and President Barack Obama – have admitted increasing taxes during a recession is bad policy.
Studies from the Tax Foundation, Penn Wharton, Moody’s, and the Congressional Budget Office all find that the Democrats’ Bidenflation Scam Bill will either make inflation worse or do basically nothing to bring down inflation.
The Bidenflation Scam will also double the size of the IRS, increase energy costs for hardworking Americans, and give the wealthy a handout.

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.
In just eight months President Trump was able to recover more than half the jobs lost due to the pandemic, while the Biden administration has taken 18 months to recover the remaining amount.
Republican-led states are the ones creating jobs and leading the economic recovery.
- Through June, 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.
In April, Red states had already recovered more than 100 percent of the jobs lost to the pandemic, while Democrat-run states have still yet to recover all jobs lost due to the pandemic.