Mar-a-Lago, FL— New Consumer Price Index data proves Joe Biden’s reckless spending and radical, leftist policies are devastating American families and destroying America’s economy.
Inflation continues to spiral out of control, hitting 6.4% in January—with natural gas prices alone skyrocketing over 26.7% in the past year.
According to the Wall Street Journal, in the last year, grocery prices have increased more than 11.3%, electricity costs are up 11.9%, and transportation service costs are 14.6% higher under Joe Biden.
In 2020, President Donald J. Trump handed Joe Biden a booming economy with an inflation rate of only 1.2%. By 2022, Joe Biden wiped out the middle-class gains President Trump achieved, causing 9.1% inflation, a 40-year record high.
According to NBC News: “Monday, the New York Federal Reserve reported that the median expected growth in household income dropped from 4.6% to 3.3%. That is the largest one-month drop in the nearly 10-year history of the survey.”
In other words, U.S. households are not only expecting a slowdown in income, they also expect that slowdown to be quite large.
Gallup reported that, “a majority of Americans, 56%, now say price increases are causing financial hardship for their household, up from 49% in January and 45% in November.”
A report from the Heritage Foundation analyzed consumer prices and inflation and found that average Americans lost $7,400 in annual income since Biden took office.
Amid the Bidenflation crisis, real wages have remained negative for 22 months straight. Biden’s senseless spending spree has caused prices to soar and take-home pay to fall for millions of Americans.
“On a month-by-month basis, however, prices increased by 0.5% in January compared with a slower gain of 0.1% in December. The acceleration was driven by shelter costs,” as reported by USA Today.
In Biden’s America, a majority of Americans are living paycheck to paycheck and more than 40% of Americans have been forced to stop saving for retirement.
On top of all the economic misery Biden has created, his war on energy has fueled inflation as the “energy index rose 2% compared with the prior month. Gasoline prices rose 2.4%. Compared with a year ago, energy prices are up 8.7% and gasoline prices are up 1.5%,” per Breitbart News.
Biden has overseen the worst economic decline since the Great Depression. When President Trump returns to office, he will deliver economic opportunity and prosperity for Americans of all backgrounds, lower inflation, and cut wasteful government spending.