“Bidenomics” Has Failed America

  • This holiday season Americans know Biden’s economic agenda has been a disaster and prices are higher under Democrat leadership in the White House.
  • The latest Consumer Price Index (CPI) data shows year-over-year inflation remained high last month at 3.1% – twice the rate compared to when Biden took office.
    • Core consumer prices – stripping out food and energy – rose by 4.0%.
  • Prices have risen by 17.4% since Biden took office and Americans are still reeling with lasting effects of inflation.
    • Food prices are up 20.3%, rent is up 18.6% and electricity costs are up 24.3%
    • Persistent inflation has eaten away at wage gains.
      • Real wages remain lower than when Biden took office.
    • Americans are struggling to pay debts, save for retirement, and afford day to day goods.
      • 60% of Americans report living paycheck-to-paycheck.
      • More than 1 in 3 Americans will forego giving gifts this year due to the economic state.
      • The personal savings rate was 3.8% in October well below a decades long average of roughly 8.9%.
    • Low-income Americans are being hit the hardest by inflation according to studies by the New York Fed, Dallas Fed, and Urban Institute and
    • Americans are increasingly borrowing to cover daily expenses, finding their regular income is no longer enough to make ends meet.
      • Credit card debt recently surpassed $1 Trillion for the first time ever – with the average credit card balance now more than $6,000 the highest in ten years.
      • More retirement savers are borrowing from their 401(k), a “leading” indicator of economic stress.
      • The average rate for a 30-year fixed mortgage is now at its highest level since 2000.
        • Homeownership has been deemed “unaffordable” in 99% of the country.
      • This is now one of the least-affordable rental markets ever.
    • Polling has repeatedly shown Americans view the economic condition of the country as poor, weak, or on the wrong track.
      • 67% of Americans disapprove of the way Biden is handling the economy, according to a Gallup Poll.
    • Americans know Republican-led states are leading the way on job creation and economic growth.
      • Out of the top 25 states with the lowest unemployment rates, 17 are led by Republican governors.
    • On November 5, 2024 voters will send Republican leadership to Washington to get our nation’s economy back on track.

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