FLASHBACK: Three years ago, Joe Biden’s White House put out a tone-deaf tweet taking credit for Americans saving $0.16 on their Fourth of July BBQ, citing that year’s AFBF report. In 2021, AFBF found that the average cost of a Fourth of July BBQ for ten people was $59.50. Today’s report found that the same BBQ will cost $71.22, a nearly 20% increase in just three years.
MAKE NO MISTAKE: Bidenflation is a direct result of Joe Biden’s out-of-control government spending. House Republicans are committed to reining in Biden’s reckless spending and restoring fiscal responsibility to Washington.
BIDENOMICS BY THE NUMBERS:
- Inflation is a tax on ALL Americans.
- When Joe Biden took office inflation was at just 1.4%.
- Since Joe Biden took office, inflation has risen by 20.1%
- This year’s Fourth of July BBQ will be the most expensive in history because of Bidenomics.
- Americans are paying more for just about everything because of inflation since Biden took office:
- K-12 food is UP 65.1%
- Gasoline, unleaded regular is UP 55.3%
- Eggs are UP 40.1%
- Airfare is UP 39.9%
- Flour is UP 34.8%
- Admission to sporting events is UP 34.0%
- Electricity is UP 29%
- Baby food is UP 28.4%
- Butter is UP 27.3%
- Public transportation is UP 27.2%
- Cigarettes are UP 26.7%
- Cookies are UP 25.8%
- Breakfast cereal is UP 24.8%
- Bread is UP 24.8%
- Poultry is UP 24.2%
- Lunch meats are UP 24.2%
- Chicken is UP 24.0%
- Uncooked ground beef is UP 23.3%
- Pet food is UP 23.0%
- Eating out is UP 22.2%
- Groceries are UP 21.2%
- Rent is UP 21.2%
- Used cars are UP 20.9%
- Americans are spending over $12,800 more annually to buy the basics because of Bidenflation compared to three years ago.
- Since Biden took office, Americans are spending over $1,000 more a month than they were three years ago.
- Real wages remain lower than when Biden first took office.
- Inflation-adjusted average weekly earnings were $397.90 when Biden took office and are now $382.28 – the Bureau of Labor Statistics adjusts to 1982-1984 dollars – meaning Americans have seen a 3.9% decrease under Biden.
- Bidenflation outpaced wages for a majority of Biden’s presidency – both year-over-year real average hourly earnings and real average weekly earnings were negative for 25 months.
- Under Biden, the mortgage rate climbed to over 7% nationally, and housing affordability has plummeted to record lows.