Biden and the Democrats SHRINK the US Economy
STAGFLATION: Biden and the Democrats SHRINK the US Economy, GROW Inflation
- Joe Biden's economy is failing American families and workers – Biden and Democrats' far-left policies are hampering growth, slowing the jobs recovery, and creating crushing inflationary pressures.
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The U.S. GDP shrank 1.4% on an annualized rate last quarter – far below economists' expectations of 1% growth.
- This quarter's GDP nosedive is even worse than the drop observed from Q4 of 2019 to Q1 of 2020 – when COVID-19 began to wreak havoc on the world economy.
- Even Biden's own administration is warning of a recession.
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Americans know Biden's disastrous leadership is failing them.
- 66% of Americans disapprove of Biden on the economy according to a new AP NORC poll.
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A new NFIB survey is even more bad news for Biden's economy:
- 86% of small employers are increasing the price of their goods and services.
- 99% of small employers said the recent rise in gas and fuel prices is having some degree of negative impact.
- 77% of small employers said higher supplies and material costs were contributing to higher business costs.
- According to a Gallup poll, just 2% of Americans say the economy is in "excellent" condition, and 76% of Americans say the economy is getting worse.
- American consumers and businesses can't escape the crushing inflation Biden has created across the U.S. economy.
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March's Consumer Price Index surged by 8.5% compared to last year – exceeding economists' expectations and reaching a new 40-year high.
- Core consumer prices – excluding food and energy – rose by 6.5% since last year, the largest increase since August 1982.
- Real average hourly earnings fell 2.7% in March, with rising prices eating up any wage growth.
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March's Producer Price Index, which measures wholesale inflation, spiked a whopping 11.2% from last year – reaching yet another all-time high.
- This is the 12th consecutive month producer price increases have hit record highs under Joe Biden.
- Core producer prices – a measure which excludes food and energy – also increased at a record 9.2%.
- Despite the avalanche of evidence that Biden's economy is failing, Biden is still insisting the economy is experiencing "enormous growth." It's clear Biden and Democrats are untethered from reality.
- Democrats will pay the price for their reckless economic agenda in November – the American people will elect Republicans up and down the ballot who will fight for jobs and economic growth.
Courtesy of NCGOP