Research | The Leader Board | THE NEWSROOM | Republican LeaderSkip to primary navigation Skip to content×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELL×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELLxxsearchxMENUFacebookTwitterInstagramFacebookTwitterInstagramVisit Senator McConnell's site here THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER McCONNELLxxsearchxMENUHomeTHE NEWSROOMThe Leader Board06.12.24American Families Continue To Struggle With ‘The Predictable And Avoidable Consequences Of Bidenomics’Inflation Remains Above Normal With The Cumulative Effects Of Three Years Of Price Increases Leaving ‘Almost Two-Thirds Of Americans Considered Middle Class [Saying] They Are Facing Economic Hardship,’ And No Amount Of Spin Or Finger-Pointing From The White House Will Change That Reality SENATE REPUBLICAN LEADER MITCH McCONNELL (R-KY): “Since President Biden took office, consumer prices have risen more than 20 percent. The nation hasn’t seen this sort of persistent drain on our economy since the Carter Administration. And the Biden Administration is desperate to avoid the obvious comparison to the stagflation of the 1970s. The White House recently asserted that, ‘President Biden’s top priority is beating inflation, which is why he has taken historic action’. Well that begs the question – which historic action are we talking about here? Is the Administration referring to the time it invited historic inflation over the warnings of top liberal economists, like Larry Summers, with the so-called American Rescue Plan? Or the time they did the same thing again, but called it the Inflation Reduction Act? … A recent survey reported that nearly two thirds of middle-class Americans say they’re facing economic hardship. Numbers don’t lie. Neither do consumers. The high prices they’re facing aren’t a matter of ‘bad vibes.’ They’re the predictable and avoidable consequences of Bidenomics.” (Sen. McConnell, Remarks, 6/12/2024) ‘Inflation Still Hasn’t Returned To Normal’“Prices rose 3.3 percent in the year ending in May … [and] inflation still hasn’t returned to normal.” (The Washington Post, 6/12/2024)· “[P]rice increases remain quicker than the Fed’s goal.” (The New York Times, 6/12/2024)“Medical care costs also rose slightly more in May than in April. Costs for prescription drugs rose 2.1 percent, and hospital services increased 0.5 percent.” (The Washington Post, 6/12/2024) The Cumulative Effect Of Inflation Since President Biden Took Office Has Americans Paying Significantly Higher Prices For Food, Energy, Transportation, Housing, And MoreSince President Biden took office, inflation has increased 20%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Grocery (food at home) prices have increased 21.25%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Food away from home prices have increased 22.2%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Energy prices have increased 41.3%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Prices for fuel oil have increased 51.1%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Gasoline (all types) prices have increased 54.8%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Natural gas prices have increased 22.2%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Electricity prices have increased 29%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Rental prices for a primary residence have increased 21.2%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Prices for used cars and trucks have increased 20.9%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Prices for new vehicles have increased 19.1%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Furniture prices have increased 14.3%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Apparel prices have increased 12.4%. (Bureau of Labor Statistics, Accessed 6/12/2024)· Airline fares have increased 40%. (Bureau of Labor Statistics, Accessed 6/12/2024) ‘We’re Spending Way More To Get The Same Amount Of Food That We Were Getting Before’“…Americans are far from experiencing price cuts across the board. That’s because inflation cooling simply means that the pace of price increases is slowing.” (CNN, 6/12/2024)· “And slower inflation hasn’t yet translated to lower borrowing costs: The 30-year fixed-rate mortgage has hovered around 7% in recent months, near the highest level since 2001, while banks are charging 22% interest on credit cards.” (The Wall Street Journal, 6/12/2024)“Even as overall inflation moderates, such necessities as groceries, rent and health care are much pricier than they were three years ago — a continuing source of public discontent and a political threat to President Joe Biden’s re-election bid.” (The Associated Press, 6/12/2024)· “The cost of auto insurance, which has soared in recent months, [is] still up more than 20% from a year earlier.” (The Associated Press, 6/12/2024)“[T]he sting of high prices has still left businesses, workers and families with the sense that the economy isn’t working for them.” (The Washington Post, 6/12/2024)“Ronika Wheeler, who lives in Washington, D.C., with her mother and three children, said the roughly $150 she spent on groceries each week covered less than it did a few years ago. Ms. Wheeler, 41, said she had to stick to the ‘basic necessities’ and shop more at discount retailers like Aldi as a result. She has also cut back on healthier items, such as fresh fruits and vegetables, for her family.” (The New York Times, 6/12/2024)· “‘We’re spending way more to get the same amount of food that we were getting before,’ Ms. Wheeler said. ‘While I want to feed my kids fresh fruits and vegetables, I can’t go broke because then I can’t feed them next week.’” (The New York Times, 6/12/2024) Persistent Inflation And High Interest Rates Have Americans Of Every Income Level Feeling Insecure, But Lower-Income And Middle Class Families Are Being Hit The Hardest‘Almost Two-Thirds Of Americans Considered Middle Class Said They Are Facing Economic Hardship’“Almost two-thirds of Americans considered middle class said they are facing economic hardship and don’t anticipate a change for the rest of their lives, according to a poll commissioned by the National True Cost of Living Coalition.” (“Majority Of Middle-Class Americans Say They Struggle Financially,” Bloomberg, 6/04/2024)· “By many traditional measures, the US economy is strong, with robust labor, housing and stock markets, as well as solid gross domestic product growth. But the data don’t capture the financial insecurity of millions of households who worry about their future and are unable to save, according to the group, created this year to come up with cost-of-living tools that help gauge economic well-being.” (“Majority Of Middle-Class Americans Say They Struggle Financially,” Bloomberg, 6/04/2024)· “In the large poll of 2,500 adults, 65% of people who earn more than 200% of the federal poverty level — that’s at least $60,000 for a family of four, often considered middle class — said they are struggling financially.” (“Majority Of Middle-Class Americans Say They Struggle Financially,” Bloomberg, 6/04/2024)‘[L]ow-Income Consumers Have Depleted Pandemic-Era Savings Cushions And Have Turned To Borrowing On Credit Cards’“[P]eople lower on the income ladder who spend a bigger share of their income on necessities are feeling pinched and less confident about their job prospects. Meanwhile, wealthier households are still spending.” (“Economic Data Paint a Picture of Two Americas,” The Wall Street Journal, 6/08/2024)· “[L]ow-income consumers have depleted pandemic-era savings cushions and have turned to borrowing on credit cards. They’re falling behind on payments at higher rates, and discount retailers are reporting that demand is weakening.” (“Why The Recession Still Isn’t Here,” The Wall Street Journal, 6/07/2024)‘A Sizable Share Of Higher-Income Americans Also Feel Financially Insecure’“A sizable share of higher-income Americans also feel financially insecure. The survey shows that a quarter of people making over five times the federal poverty level — an annual income of more than $150,000 for a family of four — worry about paying their bills.” (“Majority Of Middle-Class Americans Say They Struggle Financially,” Bloomberg, 6/04/2024)‘Overall, Regardless Of The Income Level, Almost 6 In 10 Respondents Feel That They Are Currently Financially Struggling’“Overall, regardless of the income level, almost 6 in 10 respondents feel that they are currently financially struggling.” (“Majority Of Middle-Class Americans Say They Struggle Financially,” Bloomberg, 6/04/2024)“About 40% of respondents were unable to plan beyond their next paycheck, and 46% didn’t have $500 saved. The February poll found that more than half said it’s at least somewhat difficult to manage current levels of debt.” (“Majority Of Middle-Class Americans Say They Struggle Financially,” Bloomberg, 6/04/2024)“David Jones, co-chair of the National True Cost of Living Coalition, said the polling results crossed party lines. ‘It was Republicans, Independents, Democrats expressing the same kinds of issues,’ he said. ‘It’s not going away no matter who becomes president.’” (“Majority Of Middle-Class Americans Say They Struggle Financially,” Bloomberg, 6/04/2024) ‘The Price For Owning A Home Is Rising Rapidly’ And ‘Housing Costs Continue To Be A Main Driver Of Overall Inflation’“Housing costs continue to be a main driver of overall inflation, as has been the case for more than a year. A key rent gauge carried on a streak of rising 0.4 percent over the previous month. Overall shelter costs were up 5.4 percent over the previous year.” (The Washington Post, 6/12/2024)· “[O]n a month-to-month basis, housing costs were up 0.4 percent in May for the second month in a row, defying forecasters’ hopes for a continued slowdown. Over the past three months, shelter costs have risen at an annual rate of 5.2 percent.” (“Housing Costs Cool, But Remain A Source Of Concern,” The New York Times, 6/12/2024)“Housing is by far the largest monthly expense for most families, and therefore also weighs heavily in inflation calculations, accounting for more than a third of the Consumer Price Index.” (“Housing Costs Cool, But Remain A Source Of Concern,” The New York Times, 6/12/2024)· “That means it will be hard for the Federal Reserve to bring inflation fully under control as long as housing costs continue to rise at their recent rate.” (“Housing Costs Cool, But Remain A Source Of Concern,” The New York Times, 6/12/2024)“Some [economists] have begun to worry that the pandemic, demographic shifts or other forces might have caused changes in the housing market that would keep housing inflation — at least as measured in the Consumer Price Index — elevated for an extended period.” (“Housing Costs Cool, But Remain A Source Of Concern,” The New York Times, 6/12/2024)· “Adding to that concern: Private-sector rent measures have shown signs of picking up again recently as a boom in new apartment construction has faded.” (“Housing Costs Cool, But Remain A Source Of Concern,” The New York Times, 6/12/2024)‘Many Americans Would Like To Buy A Home But Have Been Unable To Because Home Prices Have Spiked To Record Highs And Mortgage Rates Remain Elevated’“The price for owning a home is rising rapidly – and we’re not just talking about mortgage payments. US homeowners are now paying an average of $18,118 a year on property taxes, homeowners’ insurance, maintenance, energy and various other expenses linked to owning a home, according to a new Bankrate study.” (“The Hidden Costs Of Owning A Home Are Surging For Americans,” CNN, 6/12/2024)· “That’s nearly the cost to buy a used car and represents a 26% increase from four years ago when it cost $14,428 annually to own and maintain a home.” (“The Hidden Costs Of Owning A Home Are Surging For Americans,” CNN, 6/12/2024)· “All of these variable expenses are on top of the fixed cost of a mortgage, including property taxes, homeowners insurance, energy costs, internet, cable bills and home maintenance.” (“The Hidden Costs Of Owning A Home Are Surging For Americans,” CNN, 6/12/2024)“Many Americans would like to buy a home but have been unable to because home prices have spiked to record highs and mortgage rates remain elevated. The housing market is historically unaffordable.” (“The Hidden Costs Of Owning A Home Are Surging For Americans,” CNN, 6/12/2024)· “But even the ones fortunate enough to have bought a home over the past few years are grappling with sticker shock over the cost of maintaining it.” (“The Hidden Costs Of Owning A Home Are Surging For Americans,” CNN, 6/12/2024) ‘Inflation Soared Under Mr. Biden’ And ‘Remains Voters’ Biggest Economic Concern’“Inflation soared under Mr. Biden in 2021 and 2022…” (“Whose Fault Is Inflation? Liberals Want Biden to Blame Big Business,” The New York Times, 6/06/2024)“Voters appear to care far more about high prices right now… inflation remains voters’ biggest economic concern.” (The New York Times, 6/07/2024)· “[T]he price increases driven by soaring inflation earlier in Biden’s administration are still pinching voters. And the recent progress on getting prices down has come in fits and starts.” (Politico, 6/07/2024)“What Republicans call ‘Bidenflation’ has become one of the president’s biggest political liabilities …” (“Whose Fault Is Inflation? Liberals Want Biden to Blame Big Business,” The New York Times, 6/06/2024)· “The problem is that they still blame Biden for their McDonald’s receipts, too: in the same poll, 59% percent said government spending was also a major factor in inflation. Recent polling from the Cook Political Report’s Swing State Project, meanwhile, found most Americans believe the president has at least some control over the cost of living, and that it was more likely to keep rising under Biden than Trump. It’s hard to spin a comeback story when voters think the president is trying to recover from shooting himself in the foot.” (“Why Biden’s Economic Comeback Story Is Falling Flat,” Semafor, 6/02/2024)“The result: Across a year of concerted campaigning, voters’ sour view of the economy has barely budged. Biden remains deep underwater with an electorate skeptical of his record…” (Politico, 6/07/2024)· “That challenge is especially acute with the younger, poorer and minority voters that Biden needs most but who have also taken the brunt of rising costs and high interest rates.” (Politico, 6/07/2024)‘Dealing With A Straitened Budget Exacts A Psychological Toll As Well As A Financial One’“Recent survey work conducted by Harvard University economist Stefanie Stantcheva and fellow researchers has underscored how much people dislike inflation. They found, for example, that people on average view a one percentage-point increase in the inflation rate as twice as bad as a one percentage-point increase in the unemployment rate.” (“Americans Really, Really Hate Inflation—and That’s a Big Problem for the Fed,” The Wall Street Journal, 6/09/2024)· “Survey respondents’ reasons for disliking inflation weren’t just based on worries about rising prices eating into their buying power, but by a view that inflation is mentally taxing. Dealing with a straitened budget exacts a psychological toll as well as a financial one.” (“Americans Really, Really Hate Inflation—and That’s a Big Problem for the Fed,” The Wall Street Journal, 6/09/2024) ‘No President In Recent Memory Has Presided Over A Higher Cumulative Price Increase Since Jimmy Carter’THE WASHINGTON POST EDITORIAL BOARD: “The cumulative increase since President Biden took office in January 2021 shows prices up [more than] 19 percent. That’s unusual. No president in recent memory has presided over a higher cumulative price increase since Jimmy Carter (cumulative inflation was nearly 38 percent at this point in his term).” (Editorial, “Telling Americans The Economy Is Good Won’t Work,” The Washington Post, 5/29/2024)· “Telling Americans the economy is better than they realize doesn’t make much impact in an era when many are still in shock about the rise in prices.” (Editorial, “Telling Americans The Economy Is Good Won’t Work,” The Washington Post, 5/29/2024) ‘Lacking Big New Policy Proposals Or Messaging Gambits,’ The White House Continues To Cast About To Blame Anyone And Everyone Else For The Inflation Biden’s Economic Policies Caused“Lacking big new policy proposals or messaging gambits, the White House has revived some old tactics they hope can drive fresh gains: A renewed pressure campaign on companies to slash prices, coupled with high-volume attacks on the ‘corporate greed’ that Biden blames for driving up costs.” (Politico, 6/07/2024)· “The fact that inflation soared under Biden might not be as daunting a political problem for the White House if it could easily pin it on another villain. But the president’s attempts to blame inflation on ‘corporate greed’ and price gouging don’t seem to have helped his approval rating.” (“Why Biden’s Economic Comeback Story Is Falling Flat,” Semafor, 6/02/2024)“Republican lawmakers have long accused Democrats of seeking a political distraction by blaming companies for price increases.” (“Whose Fault Is Inflation? Liberals Want Biden to Blame Big Business,” The New York Times, 6/06/2024)· “‘For the last three years the American people have been ravaged by inflation,’ Senator John Kennedy, Republican of Louisiana, said last month in a Senate subcommittee hearing on price gouging. ‘That inflation, like all inflation, is man-made. That man’s name is Joe Biden.’” (“Whose Fault Is Inflation? Liberals Want Biden to Blame Big Business,” The New York Times, 6/06/2024)‘The Push To Blame Corporations Has United Many Factions Of The Democratic Party, Including Progressives’“As high prices at grocery stores, gas pumps and pharmacies have soured many voters on his first term, President Biden has developed a populist riposte: Blame big corporations for inflation, not me.” (“Whose Fault Is Inflation? Liberals Want Biden to Blame Big Business,” The New York Times, 6/06/2024)“The push to blame corporations has united many factions of the Democratic Party, including progressives, swing-state populists, union leaders and environmentalists.” (“Whose Fault Is Inflation? Liberals Want Biden to Blame Big Business,” The New York Times, 6/06/2024)· “[S]ome progressives are urging Mr. Biden to follow [the] lead [of Senators Bob Casey of Pennsylvania and Sherrod Brown of Ohio] and make ‘greedflation,’ as they call it, a driving theme of his re-election bid.” (“Whose Fault Is Inflation? Liberals Want Biden to Blame Big Business,” The New York Times, 6/06/2024)“Mr. Biden has also attacked corporations for pricing practices in certain sectors such as meatpacking, snack foods, concert tickets and gasoline.” (“Whose Fault Is Inflation? Liberals Want Biden to Blame Big Business,” The New York Times, 6/06/2024)But ‘Many Economists … And Even Some Former Top Aides To Democratic Presidents, Reject That Argument’“Some economists close to his White House disagree that corporations’ raising prices to juice profits is a major driver of inflation.” (“Whose Fault Is Inflation? Liberals Want Biden to Blame Big Business,” The New York Times, 6/06/2024)“Many economists, including libertarians and even some former top aides to Democratic presidents, reject that argument, noting that there is little historical link between profit levels and the inflation rate. Economists at the Federal Reserve Bank of San Francisco wrote last month that evidence suggests corporate price markups have not been a ‘main driver’ of the inflation increase under Mr. Biden…” (“Whose Fault Is Inflation? Liberals Want Biden to Blame Big Business,” The New York Times, 6/06/2024) ‘Biden And His Team Have Had, In Some Cases, Years To Explain The Policies They’ve Enacted … With Little Politically To Show For It’“President Joe Biden is running out of the tools — and the time — he needs to turn around Americans’ gloomy view of the U.S. economy.” (Politico, 6/07/2024)· “Inside Biden’s orbit, the fear is that there’s little new the administration can do to change the perceptions of a stubborn electorate…” (Politico, 6/07/2024)· “‘The big problem is the pain points are things they feel every week, every month, every day,’ conceded one Biden adviser who was granted anonymity to express the internal sense of dismay. ‘Is that fixable? It’s unclear.’” (Politico, 6/07/2024)“That price growth has muddied Mr. Biden’s jobs pitch.” (The New York Times, 6/07/2024)· “Even as the Fed’s favored inflation measure has moderated from the 7.1% hit in June 2022, prices are far higher than they were before the pandemic.” (“Americans Really, Really Hate Inflation—and That’s a Big Problem for the Fed,” The Wall Street Journal, 6/09/2024)“Among Biden advisers, there is also optimism that the problem is not the message, but that too few people so far are hearing it.” (Politico, 6/07/2024)· “But Biden and his team have had, in some cases, years to explain the policies they’ve enacted. And the president himself has made numerous trips to construction sites and infrastructure projects, with little politically to show for it. He now has five months to make his case, even as cost-of-living concerns blot out better aspects of the economy.” (Politico, 6/07/2024)‘The Consensus Is That Voters Are Punishing The President For How Much The Cost Of Living Has Risen Overall Since He Took Office’“The consensus is that voters are punishing the president for how much the cost of living has risen overall since he took office.” (“Why Biden’s Economic Comeback Story Is Falling Flat,” Semafor, 6/02/2024)· “Americans are deeply unhappy about real aspects of the economy. But unlike his predecessors, Biden is struggling with a problem that started on his own watch.” (“Why Biden’s Economic Comeback Story Is Falling Flat,” Semafor, 6/02/2024)“Biden doesn’t have an easy before and after story to tell since inflation took off a few months into his presidency, during the spring and summer of 2021.” (“Why Biden’s Economic Comeback Story Is Falling Flat,” Semafor, 6/02/2024) ###SENATE REPUBLICAN COMMUNICATIONS CENTERRelated Issues: Economy, InflationPrintEmailTweetPreviousTHE NEWSROOMSENATE RESOURCESABOUT LEADER McCONNELLFacebookTwitterInstagram
