Prices Surge Under Biden

  • Thanks to Bidenflation, prices are spiking while real wages are diving, costing American families hundreds of dollars each month.
    • Workers and small businesses are paying the price for Biden’s failed policies, but he just doesn’t care.
  • The January Producer Price Index rose by 9.7% since last year, just shy of last month’s highest level ever recorded.
  • This latest report on high inflation comes in addition to last week’s release of the January Consumer Price Index, which  surged by 7.5% compared to last year – exceeding economists’ expectations and marking the  largest annual increase in 40 years.
    • Core consumer prices – excluding food and energy – rose by 6% since last year, the largest increase since August 1982.
    • The Core Personal Consumption Expenditure (CPCE) – a key measure of inflation – hit a near 40-year high.
    • Real average hourly earnings fell 1.7% in January, with inflation eating up any wage gains.
  • On top of rising prices for everyday goods, costs for other essentials like healthcare are also rising.
  • Gas prices remain at a seven-year high, costing Americans above $3 a gallon in every single state.
  • Prices are “rising for everything, from the food on your shelves to the wood in your floors,” with the supply chain crisis edging up costs for basic metals like aluminum used in cars, plumbing, and window frames.
    • 64% of small businesses cite the supply chain crisis as a reason they have had to raise their prices.
  • Bidenflation is costing American families and workers hundreds of dollars each month.
  • Only 1% of Americans view the economy as “excellent” while 75% view the economy as “not so good” or “poor.”
    • With rising inflation, consumer sentiment has tanked to 10-year low.
  • Biden pushed a $1.9 trillion “stimulus” package, but the U.S. economy saw hundreds of thousands fewer jobs created in 2021 than what Biden promised.
  • Biden has failed to deliver on his promise to provide relief from supply chain bottlenecks – cargo ships are now simply waiting farther out at sea.
  • Total household debt across the United States rose by $1.02 trillion in 2021 – the most in any year since a 2008-09 financial crisis – largely due to rising prices for homes and new and used cars.
  • Fed Chair Jerome Powell warned high inflation will “likely continue…well into [2022],” a  worrying economic indicator that “can ultimately derail an economy.”
  • Biden’s Build Back Broke agenda would make soaring prices even worse by requiring tax hikes on many middle class families, levying a home heating tax, and  increasing child care costs by as much as $27,000 per year for many Americans.
  • In November, the American people will hold Biden and Democrats accountable for their radical and destructive economic policies.