President Biden and congressional Democrats aren’t facing a “messaging” problem. They are out of touch with the challenges American families face. Sen. Debbie Stabenow (D-MI) dismissed the problem as something one could avoid simply by purchasing an electric vehicle that would be unaffordable for a median-income earning family in her own state.
While doubling down on the policies that created the highest inflation in 40 years that’s stealing from people’s paychecks, Democrats are telling Americans to “stop being poor.”
As a result, America’s working families and Main Street businesses are suffering. Americans’ view of the U.S. economy is now worse than it’s been in a decade.
President Biden is a Pay-Cut President. After the GOP-led Tax Cuts and Jobs Act (TCJA) boosted paychecks and created more economic opportunity, under President Biden, American workers’ disposable income has now fallen for seven straight months.
- With Biden-Flation accelerating, workers’ wages have shrunk by more than three percent since President Biden took office and now 65 percent of families say their income is falling behind the cost of living.
- Last year, American families paid a $5,000 inflation tax.
- A majority of small businesses fear Biden-Flation will close down their business.
- A report from the St. Louis Fed found that had states across the country ended Democrats’ lavish unemployment bonuses early, employment would have increased by 1.6 million jobs.
Americans Anticipate More Pain at the Pump. With gas prices across the country more than doubling since President Biden took office, experts predict gas prices will surpass $6 per gallon by August while others predict an increased risk of rolling blackouts.
- Skyrocketing gas prices will now cost the average American household an extra $2,800 per year.
- Just this year, American families will spend $5,000 on gas, a 78 percent increase from a year ago, with nearly two thirds saying that rising gas prices have prompted them to cut household expenses.
Families Face Sky High Prices and Grocery Shelf Shortages. As the Biden Administration failed to fix the nationwide baby formula shortage and have worsened the supply chain crisis, American families have struggled to keep food on the table.
- Under the Biden Administration, the cost of food in May 2022 rose 9.4 percent compared to May last year.
- According to one estimate, 74 percent of formula products were out of stock in the last week of May.
Economists Warn of Rising Recession Risks. There is growing consensus among experts that the U.S. is headed toward recession, while 85 percent of Americans believe the U.S. will be in a recession in the next year.
- In the first quarter of 2022, the economy shrunk, after falling short of projections four out of the last five quarters.
- President Biden’s economic policies have been so disastrous and inflationary, that since March of 2022, nearly 40 economists have raised concerns about a looming recession.
Bottom Line: President Biden has no plan to address inflation and Democrats’ so-called “solutions” would only make matters worse:
- Crippling Tax Hikes. President Biden’s tax hikes would slash low- and middle-income earners’ incomes and destroy at least 138,000 U.S. jobs, according to a new study by the nonpartisan Tax Foundation.
- Runaway Spending. Although analysis from the San Francisco Federal Reserve and the nonpartisan Congressional Budget Office attributes inflation to Democrats’ $2 trillion “stimulus,” Democrats are once again attempting (and failing) to revisit their plans for more spending.
- Gimmicks and Green Giveaways. Democrats have proposed $550 billion in green welfare subsidies to special interests and the wealthy, while proposing $145 billion in tax hikes on Made-in-American oil and gas, pipeline, and refining firms.
- Blame Games. Even though former Obama-Biden Administration officials including former Chairman of the Council of Economic Advisers Jason Furman warned against Democrats’ $2 trillion “stimulus,” the Biden Administration continues to try and pass the buck for inflation on everyone but themselves, from Putin to American industries.