Press Releases

As Democrats continue their partisan made-for-TV hearings, Americans are struggling to pay the staggering price of inflation and historic gas prices. According to a new Moody’s Analytics analysis, American households are now paying an extra $460 a month on Biden’s inflation tax. In addition, gas prices are maintaining their new record high of $5.01 a gallon, forcing Americans to pay on average an extra $160 per month just to fill up their tanks. In Joe Biden’s America, 64% of Americans are now making less trips to the grocery store to lessen the pain at the pump, according to a new poll. BIDEN’S ECONOMIC CRISIS BY THE NUMBERS: 

• Inflation is a tax on ALL Americans.
• In May, the CPI increased 8.6%for the 12 months ending May, the largest 12-month increase since the period ending December 1981.
  • Wages are not keeping up with inflation, and have actually DECREASED, while prices for goods have risen.
  • Real wages are down nearly 4% from the beginning of the Biden Administration.
  • Real wages have decreased under Biden 10 out of the last 12 months.
• A new Congressional Budget Office report shows inflation will continue to skyrocket into 2023.
  • This same CBO report also confirms that Biden and House Democrats’ reckless spending created the rampant inflation we are seeing today.
• America’s GDP actually decreased at an annual rate of 1.5% in the first quarter of 2022, worse than expected and initially reported.
  • This is the weakest showing since the pandemic recovery began.
• Inflation will cost Americans OVER $5,000 this year.
  • Per month, households are spending an extra $460.
• Americans are paying more for just about everything because of inflation.

• U.S. consumer sentiment plunged in early June to the lowest on record as soaring inflation continued to batter household finances.
  • Most Americans expect inflation to get worse in the next year and are adjusting their spending habits in response to rising prices.
  • The majority of small businesses also feel the economy will only get worse next year, according to a new poll.

• Gas prices under Joe Biden have been historic, and have more than DOUBLED since Joe Biden took office.
  • The national average for a gallon of gas is $5.01 as of Monday.
  • This is another all-time high.
  • Diesel prices have skyrocketed 75% in just one year.
• Economists are projecting that the average national retail price for a gallon of regular gasoline will surpass $6 a gallon by August.
• In some states, the price of a gallon of gas has surpassed the federal minimum wage.
• A new report shows Americans will spend $5,000 this year on gas, a 78% increase from the $2,800 Americans spent a year ago.
  • This means Americans are spending over $2,000 extra a year on gas under Joe Biden.
  • 64% of Americans are now making less trips to the grocery store to save money.
• President Biden has continued to recklessly deplete the Strategic Petroleum Reserve (SPR), which is meant for war or major weather events, for his political benefit. Now, the SPR is at its lowest point since 1987.
• Americans are smart. They know this is Biden’s Price Hike - no one-else’s.

MAKE NO MISTAKE: President Biden and House Democrats created this rampant inflation and historic gas prices with their reckless spending and anti-energy agenda. This is NOT Putin’s Price Hike. Democrats own these crises—but Americans are paying for them.