I want to share MRC’s research with you. It’s all about Bidenomics and how well it’s working to bury the middle class, especially people on fixed incomes. Gas prices have surged, real wages have declined, mortgage rates have more than doubled, savings have plunged, consumer prices have risen far more than under Donald Trump, and inflation is skyrocketing.
If you love this, vote for Joe and the committee of anonymous, unaccountable people who make his decisions for him.
Gas prices:
While gas prices held steady under Pres. Donald Trump (down four cents a gallon), they’ve surged 54% in the first 39 months of Pres—Joe Biden’s term. From January 2021 to April of 2024, the average price of a gallon of gas (all grades) has increased 31 cents, from $2.42 to $3.73, according to the U.S. Energy Information Administration.
Real Wages:
After accounting for inflation, real wages earned by Americans have declined under Biden. In the first quarter of 2021, median weekly real earnings averaged $373. But, by the first quarter of 2024, average real earnings had fallen to $365.
Under Trump, however, real wages rose from $352 on January 1, 2017, to $373 on January 1. 2021.
Mortgage Rates:
Mortgage rates today are more than twice the average rate home buyers paid when Trump left office, Freddie Mac data reveal. Under Biden’s predecessor, the average 30-year fixed mortgage rate fell by a third, from 4.09% to 2.77%. But, by May 9, 2024, mortgage rates had more than doubled, to 7.1%.
Savings Rates:
From February 1, 2017 to February 1, 2021, the average personal savings rate increased 129%, from 5.6% to 12.8%. But, by March 1, 2024, it had plunged to 3.2% – only a quarter of its pre-Biden level – according to Federal Reserve Bank of St. Louis (FRED) calculations, incorporating BLS data.
Consumer Price Index:
Consumer prices rose 7.6% in the 48 months of the Trump Administration, from a CPI of 243.618 in January 2021 to one of 262.035 in December 2020.
In contrast, prices have already risen more than twice as much, 19.3%, in just 39 months under Biden. More than three-fourths of the way through his term, the CPI has risen from 262.518 in January of 2021 to 313.207 last month (April 2024), putting it on pace to increase three times as much as it did during Trump’s full, four-year term.
Inflation:
Thus far, monthly inflation has averaged 1.9% under Trump, compared to 5.5% under Biden.
GO TO MRC FOR THE FULL ACCOUNTING
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