‘Bidenomics’ Saddles American Families With Another Expensive Holiday Season

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 Board12.13.23‘Bidenomics’ Saddles American Families With Another Expensive Holiday Season‘Prices For Just About Everything Are Still Higher Than They Were Before The Pandemic’: ‘The Damage Has Been Done After A Long Stretch Of Rising Prices’Prices Rose Again In November, ‘Still Well Above’ The Fed’s Target Rate“Prices across a broad range of goods and services edged higher in November … The consumer price index, a closely watched inflation gauge, increased 0.1% in November, and was up 3.1% from a year ago, the Labor Department reported Tuesday.” (CNBC, 12/12/2023)“The November numbers are still well above the Fed’s 2% target …” (CNBC, 12/12/2023)“Core prices — which exclude volatile food and energy costs and are considered a better guide to the path of inflation — rose 0.3% from October to November, slightly faster than the 0.2% increase the previous month. Measured from a year ago, core prices were up 4%, the same as in October.” (“How Rising Prices For Restaurants, Car Repair And Other Services Kept Inflation Up Last Month,” The Associated Press, 12/12/2023)‘[U]nderlying Price Pressures … Remained Stubbornly High’“[U]nderlying price pressures — from apartment rents, restaurant meals, auto insurance and many other services — remained stubbornly high…. Housing costs … were again among the key factors lifting inflation. Rental prices rose 0.5% from October to November and are up 6.9% in the past year. Although those increases are down from recent peaks, they’re still much sharper than they were pre-pandemic.” (“How Rising Prices For Restaurants, Car Repair And Other Services Kept Inflation Up Last Month,” The Associated Press, 12/12/2023)“Last month, prices for some grocery items continued to rise much faster than the overall inflation rate. Prices for fresh biscuits, rolls and muffins rose 5.9% last month compared to a year ago, nearly double the general rise in consumer prices. The price of uncooked beef steaks rose 9% in November compared to a year ago, and the price of breakfast cereal rose 4% over that period.” (ABC News, 12/12/2023)“The price of other services kept drifting higher, with car insurance up 1% and 19.2% from a year ago. Auto repairs costs rose 0.3% and medical care, 0.6%.” (USA Today, 12/12/2023)“Lingering inflation is a major factor in America’s crushing credit card burden. The nation’s collective card balance stands at a record $1.08 trillion, as of the end of September.” (USA Today, 12/12/2023)‘Prices For Just About Everything Are Still Higher Than They Were Before The Pandemic’: ‘The Damage Has Been Done After A Long Stretch Of Rising Prices’“‘Falling inflation does not mean that prices are falling. In fact, prices for just about everything are still higher than they were before the pandemic,’ said Lisa Sturtevant, chief economist at Bright MLS. ‘Housing costs, in particular, are weighing on many individuals and families.’” (CNBC, 12/12/2023)“‘The rate of inflation may be slowing but the damage has been done after a long stretch of rising prices,’ said Patrick Murray, the director of the independent Monmouth University Polling Institute.” (“Most In New Poll Say Inflation Has Resulted In Holiday Shopping Cutbacks,” The Hill, 12/7/2023)“Consumers are feeling the inflation pinch — or punch.” (“Inflation Makes Holidays ‘Pretty Expensive’ For Shoppers,” NBC-Grand Rapids, 12/11/2023)“Nancy Torborg, of Raleigh, North Carolina, says she and her husband haven’t felt the drop-off in inflation. Their weekly grocery bill has doubled to about $200 the past couple of years. Restaurant tabs also have shot higher, prompting the couple to dine out once every three months instead of monthly. And they no longer attend movies that run them $30 to $40, opting instead to stream films at home. Because of inflation, ‘I can’t afford to retire,’ says Torborg, 67, a public school librarian. ‘I’ll be working until I’m physically unable to.’” (USA Today, 12/12/2023)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 17.4%. (Bureau of Labor Statistics, Accessed 12/13/2023)Grocery (food at home) prices have increased 20.3%. (Bureau of Labor Statistics, Accessed 12/13/2023)Food away from home prices have increased 20%. (Bureau of Labor Statistics, Accessed 12/13/2023)Energy prices have increased 35%. (Bureau of Labor Statistics, Accessed 12/13/2023)Prices for fuel oil have increased 71%. (Bureau of Labor Statistics, Accessed 12/13/2023)Gasoline (all types) prices have increased 43.5%. (Bureau of Labor Statistics, Accessed 12/13/2023)Natural gas prices have increased 27.7%. (Bureau of Labor Statistics, Accessed 12/13/2023)Electricity prices have increased 24.3%. (Bureau of Labor Statistics, Accessed 12/13/2023)Rental prices for a primary residence have increased 18.6%. (Bureau of Labor Statistics, Accessed 12/13/2023)Prices for used cars and trucks have increased 24.5%. (Bureau of Labor Statistics, Accessed 12/13/2023)Prices for new vehicles have increased 20%. (Bureau of Labor Statistics, Accessed 12/13/2023)Furniture prices have increased 16%. (Bureau of Labor Statistics, Accessed 12/13/2023)Airline fares have increased 28%. (Bureau of Labor Statistics, Accessed 12/13/2023)This Holiday Season, ‘Bidenomics’ Has Gifted Americans Higher Prices For Everything From Presents To Even Christmas TreesAmericans Are Having To Pay 10% More For Christmas Trees This Year“If you plan on buying a Christmas tree in 2023, get ready for a hefty price tag.” (“Christmas Tree Prices Are Through the Roof: Here Are 7 Alternatives,” US News & World Report, 12/08/2023)“‘The U.S. is expected to see some increase in Christmas tree prices in 2023 due to high gas prices, rising inflation and transportation costs,’ says Jami Warner, executive director of the American Christmas Tree Association. (“Christmas Tree Prices Are Through the Roof: Here Are 7 Alternatives,” US News & World Report, 12/08/2023)“According to a 2023 Real Christmas Tree Board survey, most growers say their costs have increased by up to 10% this year, and a quarter said they would likely raise their wholesale price between 5% and 15%.” (“Christmas Tree Prices Are Through the Roof: Here Are 7 Alternatives,” US News & World Report, 12/08/2023)“The association says that artificial Christmas trees will break the bank even more than real trees, with price tags all across the board from $85 to $1,000 or more.” (“Christmas Tree Prices Making This Year's Holiday More Costly,” Fox Business, 11/23/2023)‘Inflation Makes Holidays “Pretty Expensive” For Shoppers’“Most Americans in a new poll said inflation and high prices have resulted in cutbacks in their holiday shopping this year.” (“Most In New Poll Say Inflation Has Resulted In Holiday Shopping Cutbacks,” The Hill, 12/07/2023)“The survey from Monmouth University, published Thursday, found 55 percent of respondents said they are cutting back on their holiday shopping lists, an increase from previous years: 46 percent in 2022 and 40 percent in 2021.” (“Most In New Poll Say Inflation Has Resulted In Holiday Shopping Cutbacks,” The Hill, 12/07/2023)“Pollsters saw the trend across all demographic groups, but especially among those making less than $50,000 a year. Two-thirds of this group reported holiday shopping cutbacks, a significant jump from 2022, when 48 percent said the same.” (“Most In New Poll Say Inflation Has Resulted In Holiday Shopping Cutbacks,” The Hill, 12/07/2023)“‘Uh, what sales? I think it’s still expensive and I don’t know, not that good,’ said shopper Elizabeth Barker.” (“Inflation Makes Holidays ‘Pretty Expensive’ For Shoppers,” NBC-Grand Rapids, 12/11/2023)“‘I think it’s this year’s inflation. Everybody says it’s cheaper, but it’s really not. Groceries are not. Nothing is cheaper now. Everybody is getting little things for Christmas,’ said Barker.” (“Inflation Makes Holidays ‘Pretty Expensive’ For Shoppers,” NBC-Grand Rapids, 12/11/2023)“Shoppers are tackling the holiday prices and inflation one purchase at a time. ‘You know, it’s hit or miss,’ said shopper Steven Castleberry.” (“Inflation Makes Holidays ‘Pretty Expensive’ For Shoppers,” NBC-Grand Rapids, 12/11/2023)“In an October survey of 1,036 consumers by CardRates.com, 38% of respondents said they plan to carry holiday credit card debt into the new year.” (USA Today, 12/12/2023)With Every Trip To The Store Costing Americans More, It’s Obvious Why They Continue To See Economic Conditions As Poor And Scorn Biden’s Policies‘Two-Thirds Say The Economy Has Gotten Worse In The Past Two Years, During Biden’s Time In Office’THE WALL STREET JOURNAL: “Only 23% of voters say Biden’s policies have helped them personally, while 53% say they have been hurt by the president’s agenda.” (The Wall Street Journal, 12/09/2023)“‘Bidenomics,’ the president’s signature economic platform, is viewed favorably by less than 30% of voters and unfavorably by more than half.” (The Wall Street Journal, 12/09/2023)“Two-thirds of voters rate the economy as poor or not good, and two-thirds say the economy has gotten worse in the past two years, during Biden’s time in office.” (The Wall Street Journal, 12/09/2023)“In a more expansive sign of pessimism, 48% say they don’t believe this generation will do better than the one that came before, compared with 44% who say conditions will be better for the current generation.” (The Wall Street Journal, 12/09/2023)“Some 37% approve of Biden’s job performance, a low in Journal polling during his presidency, while 61% see his overall image in an unfavorable light, a record high.” (The Wall Street Journal, 12/09/2023)‘A 71% Majority Of Americans Rate Economic Conditions In The Country As Poor’CNN: “The public’s views of the national economy remain lackluster, with more than 4 in 10 saying they’re seriously concerned rising costs could push them out of their own communities.” (“CNN Poll: Biden’s Job Approval Has Dropped Since Start Of The Year As Economic Concerns Remain Prevalent,” CNN, 12/06/2023)“In the latest survey, [Biden’s] job approval rating stands at 37%, with 63% disapproving, a downtick that leaves him facing his worst numbers since taking office...” (“CNN Poll: Biden’s Job Approval Has Dropped Since Start Of The Year As Economic Concerns Remain Prevalent,” CNN, 12/06/2023)“A 71% majority of Americans rate economic conditions in the country as poor, with 38% calling them very poor.” (“CNN Poll: Biden’s Job Approval Has Dropped Since Start Of The Year As Economic Concerns Remain Prevalent,” CNN, 12/06/2023)“An 84% majority say they’re at least somewhat worried about the state of the economy in their community, with 43% saying they are very worried – a rise from two years ago, when only 3 in 10 were very worried.” (“CNN Poll: Biden’s Job Approval Has Dropped Since Start Of The Year As Economic Concerns Remain Prevalent,” CNN, 12/06/2023)“And 74% today say they’re at least somewhat worried that the cost of living will climb so high that they will be unable to remain in their community, with 43% very worried about this possibility.” (“CNN Poll: Biden’s Job Approval Has Dropped Since Start Of The Year As Economic Concerns Remain Prevalent,” CNN, 12/06/2023)“A 54% majority of those in households making less than $50,000 annually say they’re very worried about being pushed out by rising costs, as do 51% of those younger than 35, 48% of people of color and 48% of those who describe themselves as living in an urban area.” (“CNN Poll: Biden’s Job Approval Has Dropped Since Start Of The Year As Economic Concerns Remain Prevalent,” CNN, 12/06/2023)“Economic anxiety appears to weigh heavily on young voters, an important pillar of the Democratic coalition. Less than one-third of voters under age 35 say the economy is in good shape, for example, compared with 40% of those ages 65 and older.” (The Wall Street Journal, 12/09/2023)“Bocian, the Democratic pollster, said that Biden is falling short with several groups who would consistently vote Democratic—young voters and Black and Latino voters. ‘They are feeling economically stressed and challenged right now.’” (The Wall Street Journal, 12/09/2023)‘Fewer Agree With The Democratic Party Than With The GOP On How To Handle The Economy’“Fewer agree with the Democratic Party than with the GOP on how to handle the economy…” (“CNN Poll: Biden’s Job Approval Has Dropped Since Start Of The Year As Economic Concerns Remain Prevalent,” CNN, 12/06/2023)“By a 10-point margin, Americans say their views on the economy align more closely with the Republican Party than with the Democratic Party…” (“CNN Poll: Biden’s Job Approval Has Dropped Since Start Of The Year As Economic Concerns Remain Prevalent,” CNN, 12/06/2023)“‘[D]isaffected Democrats’—those in the party … say inflation, their personal finances or the country overall is moving in the wrong direction.” (The Wall Street Journal, 12/09/2023)“The ‘disaffected Democrats’ are part of a far broader group holding a gloomy view of the economy…” (The Wall Street Journal, 12/09/2023)‘Bidenomics’ Is Such A Losing Message That Democrats Are Quietly Ditching It“House Democrats have rejected the White House's months-long campaign to sell the term ‘Bidenomics.’” (“House Democrats Ditch ‘Bidenomics’ Messaging,” Axios, 12/03/2023)“Democrats are going into the 2024 election divided on how to communicate about the economy at a time when most voters are dissatisfied with it.” (“House Democrats Ditch ‘Bidenomics’ Messaging,” Axios, 12/03/2023)“House Democratic leadership stopped pushing the term months ago.” (“House Democrats Ditch ‘Bidenomics’ Messaging,” Axios, 12/03/2023)“The Democratic Congressional Campaign Committee and House Majority PAC, two key fundraising arms, are also avoiding it on social media and press releases, as polling indicates the tagline is ineffective.” (“House Democrats Ditch ‘Bidenomics’ Messaging,” Axios, 12/03/2023)“House Democratic Caucus Chair Pete Aguilar (D-Calif.) has avoided ‘Bidenomics’ on his social media and press releases, except sharing one article on Facebook with the term featured in the headline. His team said he has invoked 'Bidenomics' during press conferences.” (“House Democrats Ditch ‘Bidenomics’ Messaging,” Axios, 12/03/2023)“The ‘Bidenomics’ catchphrase seemed to present a host of issues, according to Democratic sources.” (“House Democrats Ditch ‘Bidenomics’ Messaging,” Axios, 12/03/2023)“The term was seen as tone-deaf to voters still struggling economically and also invoked a president with lackluster polling numbers.” (“House Democrats Ditch ‘Bidenomics’ Messaging,” Axios, 12/03/2023)Even The White House Has Now ‘Dropped’ ‘Bidenomics’ ‘Entirely’ From Biden’s Speeches“Since June, President Joe Biden had been freely peppering the word ‘Bidenomics’ into his speeches and remarks mentioning the economy — 101 times, to be exact.” (“The Word 'Bidenomics' Is Nowhere To Be Found In The President’s Recent Speeches,” NBC News, 11/29/2023)“In doing so, he was attaching his name to a set of administration policies that most Americans don't believe have worked, according to recent polling. In an NBC News poll conducted this month, only 38% of respondents approved of Biden's handling of the economy.” (“The Word 'Bidenomics' Is Nowhere To Be Found In The President’s Recent Speeches,” NBC News, 11/29/2023)“Now, the word ‘Bidenomics’ appears to have been dropped entirely from Biden's comments about the economy. He hasn't used it in public remarks since Nov. 1, when he likened Bidenomics to ‘the American Dream’ in a speech in Minnesota.” (“The Word 'Bidenomics' Is Nowhere To Be Found In The President’s Recent Speeches,” NBC News, 11/29/2023)“The absence of the word in Biden's speeches comes as some Democratic strategists and Biden allies have criticized the branding.” (“The Word 'Bidenomics' Is Nowhere To Be Found In The President’s Recent Speeches,” NBC News, 11/29/2023)###SENATE REPUBLICAN COMMUNICATIONS CENTERPrintEmailTweetPreviousTHE NEWSROOMSENATE RESOURCESABOUT LEADER McCONNELLFacebookTwitterInstagram