Joe Biden and House Democrats continue to push even more out-of-control spending as inflation continues to skyrocket. Over 80% of small businesses are now reporting that they have had to raise their prices for consumers to stay afloat.
According to the new U.S. Census Household Pulse Survey, Americans have to borrow money from friends and family to afford these increased costs for goods and services inflicted on them by Biden and House Democrats’ Far-Left policies.
BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:
- Inflation is a tax on ALL Americans.
- Inflation has increased every month of Joe Biden’s presidency.
- In March, the CPI increased by 1.2%. to an annual rate of 8.5%.
- Inflation will now cost the average American household over $5,000this year.
- Inflation is already costing the average American family an extra$327 a month.
- March was the largest 12-month increase since the period ending December 1981.
- Inflation has risen dramatically since Biden took office.
- This massive level of inflation is not the result of a so-called “Putin price hike,” but the failed policies of President Biden and House Democrats.
- Due to a 41 year high level of inflation, some economists estimate that the probability of a recession in the next 12 months is as high as 70%.
- Real wages have decreased under Biden 9 out of the 13 months since his first full month in office.
- Real average hourly earnings decreased 2.7%, seasonally adjusted, from March 2021 to March 2022.
- Since Biden came into office, real wages have declined by over 3%.
- Earnings are not keeping up with inflation.
- Americans are paying more for just about everything because of inflation.
- 2021 went down as the worst year for inflation since 1981.
- According to the National Federation of Independent Businesses Survey:
- Over 60% of small businesses are now reporting they will have to raise their prices, and over 80% said they already have.
IT’S SIMPLE: President Biden and House Democrats have actively worked to create an economy that hurts businesses and consumers. Instead of addressing the root cause of this economic crisis, out-of-control spending, Democrats are doubling down at the expense of America’s job creators.