The Worst Jobs Report Of The Year

Biden And Democrats Have Delivered Higher Prices, Lower Wages, And A Recession – And Americans Know They Are To Blame

BIDEN DELIVERS THE WORST JOBS REPORT OF THE YEAR

• Today’s jobs report is little consolation to Americans struggling to afford gas, groceries, and other basic goods as their paychecks continue to shrink.
  • Inflation ate up any wage gains in September, meaning workers are seeing a pay cut.
  • The economy added just 263,000 jobs, making this the worst jobs report of the year and the second fewest jobs added since the COVID recovery began.
  • The labor force shrank at a time when it should be expanding, another indicator the economy isn’t moving in “ the right direction.”
• Biden turned a recovery into a recession – the U.S. economy has now shrank for two consecutive quarters, meeting the definition of a recession thatDemocrats and Biden’s own economic advisors have previously touted.
• Inflation remains at a 40-year high, with Americans paying higher prices for just about everything.
• The American people see just how bad things are and overwhelmingly blame Biden for his poor handling of the economy.
  • 61 percent of Americans disapprove of Biden’s handling of the economy.

HIGHER PRICES, LOWER WAGES

• The jobs report shows that Bidenflation is shrinking workers’ paychecks, with rising prices eating up any wage growth.
  • Even liberal economists say the pace of wage growth is also slowing, further contributing to the pay cut Americans are experiencing.
  • Under Biden, American workers have seen the “most severe” pay cut of the last 25 years according to a recent paper from Dallas Federal Reserve economists.
• Key inflation indicators show higher prices are here to stay under Biden.
  • August’s Consumer Price Index soared by 8.3 percent compared to last year,  meaning inflation remained at the highest levels in 40 years.
  • August’s Producer Price Index rose by 8.7 percent since last year, marking the 17th straight month that wholesale inflation has been above 5 percent year-over-year.
  • August’s personal consumption expenditures (PCE) – the Fed’s preferred measure of inflation – “shows inflation accelerated even more than expected in August.”
• 71 percent of workers say their pay isn’t keeping up with inflation according to a Bank of America survey.
• U.S. average gas prices are on the rise, currently sitting at $3.89 per gallon which is more than $1.50 higher than when Biden became president.

MORE AMERICANS ARE IN FINANCIAL JEOPARDY UNDER BIDEN

• Inflation is placing more and more Americans in financial jeopardy.
• 40-year high inflation is “forcing many households to load up on credit cards or dip into [their] savings” to stay afloat financially. 
  • More than a third of U.S. adults are dipping into their savings accounts to be able to afford the higher prices they are seeing.
• Low-income Americans spend a “greater share of their earnings on necessities like groceries and gas,” meaning inflation is having a disproportionate impact on these households. 
  • Out-of-control inflation has led to a rise in food insecurity across the country, as half of households are skipping meals, cutting portion sizes, or not getting enough to eat, and two thirds are strapped for cash.
• 79 percent of Americans are changing holiday travel plans due to high inflation.
• 40-year high inflation is “forcing many households to load up on credit cards or dip into [their] savings” to stay afloat financially. 
  • Low-income Americans spend a “greater share of their earnings on necessities like groceries and gas,” meaning inflation is having a disproportionate impact on these households. 
• According to a Bloomberg estimate, the typical U.S. family will spend an extra $5,200 this year due to inflation.
• Congress’ Joint Economic Committee estimates Bidenflation cost the average American family $715 in August.

AMERICANS SAY THE ECONOMY IS IN BAD SHAPE, AND THEY BLAME BIDEN

• The American people see just how bad things are and overwhelmingly blame Biden for his poor handling of the economy.
  • Three in five Americans are struggling to live “paycheck to paycheck,” and close to one-fifth are struggling to pay their bills.
• An ABC News/ Washington Post poll shows 74 percent of Americans say the economy is in bad shape.
• According to an Economist/YouGov poll, 59 percent of Americans believe we are in a recession.
• A PBS/NPR/Marist poll found that more than half of voters believe Biden has weakened the economy.
• According to a Fox News poll, 59 percent of voters are “extremely concerned” about inflation and higher prices.
• According to a Gallup poll, 82 percent of Americans rate current economic conditions as “only fair” or “poor” and 67 percent of Americans think the economy is getting worse.
• According to a Data For Progress poll, 49 percent of voters blame the Democrat Party for the high costs of food, gas, and other basic necessities.
• According to a Morning Consult survey, 77 percent of voters say the economy is “very important” when deciding whom to vote for in the midterm elections.

BIDEN’S RESPONSE TO THE RECESSION HE CREATED: MORE INFLATIONARY SPENDING

• Biden and congressional Democrats passed their Bidenflation Scam designed to raise taxes on families during a recession and hire 87,000 new IRS agents, increasing audits on the middle class.
  • Studies from the Tax Foundation, Penn Wharton, Moody’s, and the Congressional Budget Office all find that the Democrats’ “Inflation Reduction Act” will either make inflation worse or do basically nothing to bring down inflation.
• Biden’s student loan bailout disproportionately benefits the rich, will cost taxpayers billions, and worsen inflation.
  • The CBO, which Biden considers the “gold standard,” says Biden’s student loan bailout will cost $400 billion while the Penn Wharton Budget Model found that costs could exceed $1 trillion.

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 August, 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 12 states with the lowest unemployment rates, ten are led by Republican governors and nine have Republican-controlled legislatures.