Biden's Failing Economy
Biden's Failing Economy
- Inflation is now at a forty-year-high, Americans are struggling to afford basic necessities, and workers are seeing their wages fall, all because of Biden's failed economic policies.
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Inflation is wiping out nominal wage gains – real wages have fallen due to Biden's reckless agenda.
- The consumer price index spiked by 7.5% since January 2021 to a 40 year high, while wages haven't kept up.
- Biden's inflation tax is costing the average American family $385 per month.
- Producer prices rose 9.7% since last year, just shy of December's highest level ever recorded.
- Key inflation indicators show higher prices are here to stay under Biden.
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With gas prices at an eight-year high and only projected to go higher, the Biden administration refuses to unleash American energy.
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Today, AAA's national gas average reached $3.83/gal for regular grade fuel. In California, the state average has reached a new record of $5.07/gal. Today's price average in Hawaii of $4.66/gal set another new record high, as did the average of $4.28/gal in Nevada.
- Under President Trump, the national average of gas prices in 2020 was just $2.17/gal.
- Americans are seeing higher prices at the pump now, and could see even higher in the future, because Biden crushed the energy independence we achieved under President Trump.
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Today, AAA's national gas average reached $3.83/gal for regular grade fuel. In California, the state average has reached a new record of $5.07/gal. Today's price average in Hawaii of $4.66/gal set another new record high, as did the average of $4.28/gal in Nevada.
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Biden and Democrats continue to push for trillions more in wasteful spending. Biden is lying to the American people when he claims this nearly two trillion dollar spending spree 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 poor and middle-class Americans.
- 373 economists signed on to a letter stating Biden's economic agenda will "increase inflation, increase the federal debt, reduce the number of people working, badly misallocate capital, and hobble economic growth."
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Americans got their jobs back in February in spite of Biden's policies, not because of them.
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Republican-led states are the ones leading the recovery, recovering more jobs with lower unemployment rates than Democrat-run states
- Through December, 16 of the top 20 states for jobs recovered since the pandemic began are led by Republican governors.
- 16 of the top 20 states with the lowest unemployment rates are led by Republican governors.
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Republican-led states are the ones leading the recovery, recovering more jobs with lower unemployment rates than Democrat-run states
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The February jobs report provides little consolation to the American families, workers, and small businesses struggling in the Biden economy.
- There are 2.1 million Americans who lost their job during the pandemic and have yet to get it back.
- The number of Americans working part time for economic reasons increased by 418,000.
- Wages were revised flat in February and revised down for December and January.
- Biden's policies are creating a worker shortage at a time when many Americans are desperate to get back to work: 47% of small business owners reported job openings they could not fill – more than double the 48-year historical average.
- There are nearly 11 million job openings that businesses are struggling to fill– a near record high – even though there are 6.3 million unemployed Americans trying to find a job.
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Biden's Chief of Staff Ron Klain says Americans disapprove of the economy because they haven't "fully internalized" the "progress." Out of touch Elites like Klain just don't care Americans are feeling real economic pain:
- One Latino voter says inflation is hurting his pocketbook so much that he was actually "better off" at his old job where he was paid $5 less.
- Terry Williams, owner of a North Carolina landscaping company, says, "Gas prices going up, of course, it affects the business because our mowers, everything I have runs off gas."
- Steve Gurrola, a Supermarket clerk who drives 30 miles back and forth to work: "I'm spending a lot of money just on gas alone. Ooh, it hurts, it hurts a lot!"
- Victor Castillo of Texas on gas prices: "It's emptying the pocket. I'm on a fixed income, so it hurts a lot."
- The American people know the truth – Biden's economy is failing them. They know this truth because they live it every day – every trip to the grocery store or gas station has become far more expensive. They'll hold Biden and Democrats accountable in November for their destructive economic policies.
Courtesy of NCGOP