Smaller Paychecks, Higher Prices

AMERICANS ARE STRUGGLING IN BIDEN’S ECONOMY

Today’s jobs report offers no comfort to the average American, who is facing the highest inflation in 40 years, decreasing real wages, and a lower standard of living, with no relief in sight.
- Gas prices hit a record high last month, and Americans are still paying an average of $4.21 per gallon.
The U.S. economy added just 431,000 jobs in March, below economists’ expectations.
- The jobs report shows that Bidenflation is shrinking workers’ paychecks, with rising prices eating up any wage growth.
This comes after a new report from the Federal Reserve Bank of San Francisco found that Biden’s $1.9 trillion stimulus fueled inflation.
Despite this, Biden just released a $5.8 trillion, out-of-touch budget that will increase the national debt, raise taxes on hardworking Americans, and waste trillions of taxpayer dollars on a far-left wish list.
- Economists across the political spectrum agree more wasteful government spending will only fuel further inflation.

WORKERS ARE BEING LEFT BEHIND BY BIDEN

The U.S. economy added fewer jobs in March than what economists’ had expected.
- In 2021, 250,000 fewer jobs were created than what Biden promised.
There are still 1.6 million Americans who lost their job during the pandemic and have yet to get it back.
For the second month in a row, the number of Americans working part time for economic reasons increased.
The unemployment rate for Americans without a high school diploma increased by nearly a full percentage point.
Biden’s policies are creating a worker shortage at a time when many Americans are desperate to get back to work.
- There are more than 11 million job openings that businesses are struggling to fill– a near record high – even though there are nearly 6 million unemployed Americans trying to find a job.
- Nearly 900,000 workers were unable to work in March because their employer was closed or had lost business because of the pandemic.
- 48 percent of small business owners say there are job openings they cannot fill – more than double the 48-year historical average.

BIDENFLATION IS SHRINKING WORKERS’ PAYCHECKS

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.
- February’s Consumer Price Index rose by 7.9 percent – the largest increase in nearly 40 years.
- Producer prices have risen 10 percent since last February, the “largest calendar-year increase” on record.
- The Personal Consumption Expenditure Price Index (CPE) shows inflation at a 40-year high.
26 percent of small businesses report inflation as the number one problem their business faces – the highest level since 1981.
On top of rising prices, there’s no relief in sight from the “snarled” supply chain crisis that’s happening on Biden’s watch.
- 73 percent of small businesses have increased their prices because of supply chain disruptions or staffing shortages.
Under Biden, 34 states have hit new record high gas prices, and in 29 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.

AMERICANS KNOW BIDEN IS TO BLAME FOR THE ECONOMY

Almost two-thirds of Americans now disapprove of Biden’s handling of the economy.
Under Bidens failed economy, a record number of Americans expect their finances to worsen over the next 12 months.
- Only six percent of Americans view the economy as “excellent.”
70 percent of Americans disapprove of Biden’s handling of inflation as consumer sentiment reaches a new “decade-long low.”

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.
- Through February, 15 of the top 20 states for jobs recovered since the pandemic began are led by Republican governors.
- 21 of the top 25 states with the lowest unemployment rates are led by Republican governors.
Red states are 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

As inflation continues to slam hardworking Americans, Biden released his new budget earlier this week, a $5.8 trillion spending spree chock-full of wasteful spending and tax hikes.
If Biden’s budget were adopted, the national debt would reach a new record by the end of the decade, growing by over $15 trillion.
- Under this budget, the national debt would spike to $347,000 per household, totaling $45 trillion.
With middle and lower-class Americans already struggling to afford 40-year high inflation and record high gas prices, Biden’s budget will only compound these difficulties.
- Biden’s budget will slam hardworking Americans with 36 tax hikes totaling “$2.5 trillion in new or increased taxes.”
On top of Biden’s trillion-dollar spending spree, Biden is still attempting to pass his radical Build Back Broke agenda which he falsely claims 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 middle and lower-class Americans.