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 Board10.30.23This Halloween, Americans Can’t Afford A House To Greet Trick-Or-TreatersThanks To Bidenomics, Inflation Is Eating Away At Budgets, Halloween Candy Costs More, And The High Interest Rates Required To Tame Inflation Mean Many Families Can’t Afford To Buy A HouseThe White House’s ‘Bidenomics’ Sales Pitch Is Failing SpectacularlyAmericans Continue To Tell Pollsters How Inflation Has Eroded Their Financial Situation“About 2 in 3 Americans say their household expenses have risen over the last year, but only about 1 in 4 say their income has increased in the same period, according to a new poll from The Associated Press-NORC Center for Public Affairs Research. As household expenses outpace earnings, many are expressing concern about their financial futures. What’s more, for most Americans, household debt has either risen in the last year or has not gone away.” (“Many Americans Say Their Household Expenses Are Outpacing Earnings This Year, AP-NORC Poll Shows,” The Associated Press, 10/27/2023)“Relatively few Americans say they’re very or extremely confident that they could pay an unexpected medical expense (26%) or have enough money for retirement (18%). Only about one-third are extremely or very confident their current financial situation will allow them to keep up with expenses …” (“Many Americans Say Their Household Expenses Are Outpacing Earnings This Year, AP-NORC Poll Shows,” The Associated Press, 10/27/2023)Nationwide Polls Find Americans Continue To View The Economy Negatively“Americans’ already negative assessments of the U.S. economy have become slightly worse in September, both in their perception of current economic conditions and their outlook for the economy’s direction. In this month’s update, 20% of U.S. adults say economic conditions are ‘excellent’ or ‘good,’ while 32% call them ‘only fair’ and 48% ‘poor.’ The overall positive rating is down slightly from 23% in August, while the poor rating is up from 42% and is the highest Gallup has seen in a year.” (“Americans' Weak Economic Ratings Slip Further in September,” Gallup, 9/29/2023)“Asked about the economy’s direction, nearly three-quarters of Americans (73%) say conditions are getting worse, while 24% say they’re improving.” (“Americans' Weak Economic Ratings Slip Further in September,” Gallup, 9/29/2023)AP-NORC POLL: “About three-quarters of Americans describe the nation’s economy as poor, which is in line with measurements from early last year.” (“Many Americans Say Their Household Expenses Are Outpacing Earnings This Year, AP-NORC Poll Shows,” The Associated Press, 10/27/2023)“About 4 in 10 Americans (38%) approve of how Biden is handling the presidency, while 61% disapprove. His overall approval numbers have remained at a steady low for the last several years. Most Americans generally disapprove of how he’s handling the federal budget (68% disapprove) [and] the economy (67%) …” (“Many Americans Say Their Household Expenses Are Outpacing Earnings This Year, AP-NORC Poll Shows,” The Associated Press, 10/27/2023)Americans Overwhelmingly Reject ‘Bidenomics’“Voters in the top seven swing states are rejecting the Bidenomics message that's central to President Biden's reelection bid, according to a poll out [October 19th] from Bloomberg News and Morning Consult…. The poll, which surveyed 5,023 registered voters earlier this month, found that voters who said the economy was their most important issue disapproved of Biden's economic policies, 65% to 14%.... Overall, just 26% of voters in the poll said Bidenomics has been good for the economy, while 49% disapproved of the policies, Bloomberg reported.” (Axios, 10/19/2023)“The poll covers Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin — the top seven swing states heading into the 2024 campaign, according to the Cook Political Report.” (Axios, 10/19/2023)“[D]ownbeat views of the economy are widespread among Wisconsin voters … [a] Bloomberg News/Morning Consult poll found … In Wisconsin, 79% of registered voters said the US economy is on the wrong track. That was higher than the 74% who said the same across seven swing states that are likely to be decisive in next year’s presidential contest. The dim outlook was held by Wisconsin voters in key demographic groups, including women, blue-collar workers, rural residents, and those ages 18 to 34…. More Wisconsin voters than not said the economy was better under the Trump administration and that the current president’s ‘Bidenomics’ policies are bad for the economy.” (“Voters in Wisconsin Say US Economy Is on Wrong Track. That’s Bad News for Biden,” Bloomberg News, 10/25/2023)“The Bloomberg News/Morning Consult poll found that even Wisconsin voters who are members of a union household think ‘Bidenomics’ is bad for the economy – a discouraging signal for the president from a group that exit polls show he carried in 2020.” (“Voters in Wisconsin Say US Economy Is on Wrong Track. That’s Bad News for Biden,” Bloomberg News, 10/25/2023)Fed Chair: ‘Inflation Is Still Too High’ And No One Should Expect Interest Rate Cuts SoonFEDERAL RESERVE CHAIRMAN JEROME POWELL: “Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal…” (“Powell Says Inflation Is Still Too High And Lower Economic Growth Is Likely Needed To Bring It Down,” CNBC, 10/19/2023)“Fed Chairman Jerome Powell told members of the Economic Club of New York Luncheon that no one should expect interest rate cuts in the near future: ‘While the path is likely to be bumpy and take some time, my colleagues and I are united in our commitment to bringing inflation down sustainably to 2%.’” (“High Mortgage Rates Push Home Sales Decline, Tracking To Hit Great Recession Levels,” USA Today, 10/20/2023)‘There’s Never Been a Worse Time to Buy’ A Home‘Getting On The Property Ladder Has Rarely Been Tougher For First-Time Buyers’“Getting on the property ladder has rarely been tougher for first-time buyers. But a tight housing market isn’t turning out to be a bonanza for landlords either. The cost of buying a home versus renting one is at its most extreme since at least 1996.” (“There’s Never Been A Worse Time To Buy Instead Of Rent,” The Wall Street Journal, 10/22/2023)“A person taking out a 30-year mortgage today on a $430,000 home with a 10% down payment would fork out around $3,200 in monthly repayments, 60% more than if they had bought the same house three years ago.” (“There’s Never Been A Worse Time To Buy Instead Of Rent,” The Wall Street Journal, 10/22/2023)“Rising house prices make it hard for renters to scrape together a 10% down payment, let alone afford spiraling mortgage costs. ‘There is a lot of shadow demand for homes, with a bunch of first-time buyers waiting on the sidelines for the payment-to-paycheck calculation to work for them,’ says Odeta Kushi, deputy chief economist of First American Financial Corporation.” (“There’s Never Been A Worse Time To Buy Instead Of Rent,” The Wall Street Journal, 10/22/2023)“A collapse in prices would restore the market to balance, but seems unlikely barring a major recession.” (“There’s Never Been A Worse Time To Buy Instead Of Rent,” The Wall Street Journal, 10/22/2023)“Home sales numbers released Thursday offered a sobering mix of news: The number of existing homes sold fell to levels not seen since the fallout of the Great Recession. At the same time, prices remain stubbornly high amid the highest mortgage rates in 23 years.” (“High Mortgage Rates Push Home Sales Decline, Tracking To Hit Great Recession Levels,” USA Today, 10/20/2023)“The number of homes sold has been tumbling since 2022 when the Fed announced its plans to raise interest rates in an effort to tame 40-year high inflation. Mortgage rates have more than doubled since and, in turn, increased monthly payments for new homeowners.” (“High Mortgage Rates Push Home Sales Decline, Tracking To Hit Great Recession Levels,” USA Today, 10/20/2023)‘People Today Are Borrowing Significantly More Money For Homes At Much Higher Interest Rates Than Just A Few Years Ago’THE WALL STREET JOURNAL: ‘Home Sales Slide To Lowest Pace Since 2010 As High Rates Squeeze Market’ (The Wall Street Journal, 10/19/2023)“Home sales fell in September to the lowest rate in 13 years, showing the corner of the economy most weakened by high interest rates remains in decline.” (“Home Sales Slide To Lowest Pace Since 2010 As High Rates Squeeze Market,” The Wall Street Journal, 10/19/2023)“People today are borrowing significantly more money for homes at much higher interest rates than just a few years ago. Overall, a homebuyer’s dollar goes about half as far as it did at the end of 2020.” (“Saving Money To Buy A House? Your Dollar Goes Half As Far As It Did At The End Of 2020, New Data Shows,” NBC News, 10/21/2023)“Prices have shot up as well. The median sale price of a single-family home is above $416,000 as of the second quarter of this year, up from just under $360,000 in late 2020. By some measures, U.S. home price indexes are at all-time highs.” (“Saving Money To Buy A House? Your Dollar Goes Half As Far As It Did At The End Of 2020, New Data Shows,” NBC News, 10/21/2023)“The national median existing-home price rose 2.8% in September from a year earlier to $394,300, NAR said. That was the highest price for any September in data going back to 1999, said Lawrence Yun, NAR’s chief economist. Prices aren’t adjusted for inflation.” (“Home Sales Slide To Lowest Pace Since 2010 As High Rates Squeeze Market,” The Wall Street Journal, 10/19/2023)“‘People are priced out,’ Yun said. ‘The story of limited inventory and rising, and rising, [and] rising mortgage rates continue to hinder the home sales market.’” (“Home Sales Slide To Lowest Pace Since 2010 As High Rates Squeeze Market,” The Wall Street Journal, 10/19/2023)‘If You Don’t Make Six Figures, It's Going To Be Really Tough’ To Afford A Home“Real median household income was $74,580 in 2022, according to the U.S. Census Bureau. ‘If you don’t make six figures, it's going to be really tough’ to afford a home in many markets, Yun told NBC News.” (“Saving Money To Buy A House? Your Dollar Goes Half As Far As It Did At The End Of 2020, New Data Shows,” NBC News, 10/21/2023)“The typical American cannot afford to buy a home in a growing number of communities across the nation, according to common lending standards. That's the main takeaway from a new report from real estate data provider ATTOM. Researchers examined the median home prices last year for roughly 575 U.S. counties and found that home prices in 99% of those areas are beyond the reach of the average income earner, who makes $71,214 a year, according to ATTOM.” (“Homes "Unaffordable" In 99% Of Nation For Average American,” CBS News, 9/28/2023)‘Americans Are Struggling To Pay Their Debts’“Americans are having a harder time making interest payments as savings are shrinking and a barrage of interest rate hikes by the Federal Reserve have jacked up the cost of financing. Delinquency rates on credit cards, mortgages and auto payments have all been ticking up as the level of household savings, which swelled under stimulus payments handed out during the pandemic, have been declining.” (“Americans Are Struggling To Pay Their Debts As Economy Tightens,” The Hill, 10/26/2023)“Sixty-day car payment delinquencies for people with bad credit hit an all-time record of 6.1 percent in September, up from 5.8 percent in August, according to data from Fitch Ratings. That’s the highest level of lateness since the company first started tallying rates in 1994.” (“Americans Are Struggling To Pay Their Debts As Economy Tightens,” The Hill, 10/26/2023)“Ninety-day delinquency on credit cards has increased to 5.1 percent, up from 3.4 percent in the second quarter of last year, Federal Reserve data shows.” (“Americans Are Struggling To Pay Their Debts As Economy Tightens,” The Hill, 10/26/2023)“U.S. credit card debt and other types of revolving loans surpassed $1 trillion in August, with outstanding balances on bank cards climbing 18.1 percent above where they were last year to reach $851.4 billion, according to financial data company Equifax. Sixty-day payment lateness increased to 1.8 percent from 1.32 percent in 2022, with the delinquency rate rising steadily over the course of last year.” (“Americans Are Struggling To Pay Their Debts As Economy Tightens,” The Hill, 10/26/2023)‘There’s No Hiding This From Consumers. They See It Every Time They Go To The Grocery Store, Fill Up Their Gas Tank Or Pay Their Energy Bill’LAS VEGAS REVIEW-JOURNAL EDITORIAL BOARD: “In September, according to the Bureau of Labor Statistics, the Consumer Price Index was up 3.7 percent year-over-year. That’s the same rate as August and an increase from the 3 percent rate in June. It’s also a long way from the Federal Reserve’s inflation target of 2 percent. And that 3.7 percent is building on 7 percent annual inflation in 2021 and 6.5 percent in 2022. In June 2022, the annual inflation rate hit 9.1 percent, a 40-year high. There’s no hiding this from consumers. They see it every time they go to the grocery store, fill up their gas tank or pay their energy bill. Would-be homeowners and renters face serious sticker shock. Unsurprisingly, credit card debt has soared. It topped $1 trillion in the second quarter this year. That’s an all-time record.” (Editorial, “‘Bidenomics’ Branding Backfires As Inflation Runs Rampant,” Las Vegas Review-Journal, 10/14/2023)“At the same time, under ‘Bidenomics’ the national debt has roared past $33 trillion, and the president doesn’t seem at all concerned. Mr. Biden previously tried to pass himself off as a deficit hawk, yet the red ink for the fiscal year ending Sept. 30 was $1.7 trillion — $2 trillion without an administration accounting gimmick involving student loan debt. Interest payments on the debt now exceed defense outlays…. This is Bidenomics in action.” (Editorial, “‘Bidenomics’ Branding Backfires As Inflation Runs Rampant,” Las Vegas Review-Journal, 10/14/2023)‘Biden’s Poor Marks On The Economy Are Driven By Reality’THE WALL STREET JOURNAL EDITORIAL BOARD: “Sometimes we wonder if White House spinners write their press releases in advance of the actual news. That’s one way to explain President Biden’s boast … after the latest monthly inflation report: ‘That’s Bidenomics in action.’ … Inflation may be down from its peak of 9.1%, but it’s still 3.7% on an annual basis for the second straight month. In a separate report, the Labor Department said that real average hourly earnings after inflation fell 0.2% for the month. That’s a second straight monthly decline after 0.4% in August. Real wages are up only 0.5% in the past 12 months, though they are still down during the Biden Presidency. That’s one reason Americans give Mr. Biden low marks on the economy, despite his persistent spin that it’s all terrific.” (Editorial, “‘That’s Bidenomics in Action,’” The Wall Street Journal, 10/12/2023)THE WALL STREET JOURNAL EDITORIAL BOARD: “Democrats keep wondering why more black and Hispanic voters are showing interest in the GOP. A possible explanation arrived last week in a new Federal Reserve report showing how minorities in particular have struggled in the Biden years…. After adjusting for inflation, the typical white family’s income rose 1.3%, the report says. But it shows declines for black and Hispanic families of 1.6% and 1.1%, respectively. Wages for minorities didn’t keep up with inflation, and those for whites barely did…. All of this explains why Americans, and especially minorities, are sour on Mr. Biden’s economic policies. ‘We see a broad-based increase in economic pessimism that was especially strong for non-White families,’ the Fed says. Americans of every race report more uncertainty about their incomes than they did in 2019, but ‘the step-up in uncertainty for Black and Hispanic families was especially strong—14.2 percentage points and 10.9 percentage points.’ The share of Americans who expect the economic future to be worse ‘skyrocketed in 2022 across all races and ethnicities’ and was ‘at or near record highs,’ surpassing levels ‘in the aftermath of the Great Recession.’” (Editorial, “Why Bidenomics Isn’t Popular,” The Wall Street Journal, 10/22/2023)“Mr. Biden’s poor marks on the economy are driven by reality. The enduring mystery is why Mr. Biden won’t change. His climate and energy policies are raising costs for consumers and employers, and a regulatory avalanche is creating business uncertainty.” (Editorial, “Why Bidenomics Isn’t Popular,” The Wall Street Journal, 10/22/2023)And Of Course Inflation Is Making Halloween Candy More Expensive, Too“The spookiest day of the year is almost here, and with it comes the need for Halloween candy to give to trick-or-treaters, but the price of candy is slightly scarier this year. The increase is due, in part, to the rising cost of ingredients needed to make the candy. Inflation has also affected the cost of labor, as workers need a higher wage to get by.” (“Halloween Candy Prices Up A Scary 13% This Year,” Washington Examiner, 10/23/2023)“This year, the cost of Halloween candy is up by 13%, according to the U.S. Bureau of Labor Statistics.” (“Halloween Candy Prices Up A Scary 13% This Year,” Washington Examiner, 10/23/2023)“The average household is expected to spend about $35 on candy in 2023. Last year, the average household spent $30.” (“Halloween Candy Prices Up A Scary 13% This Year,” Washington Examiner, 10/23/2023)“Several retail analysts told The Times that two years of rising prices for sugar cane, cocoa, nuts and packaging have combined with increased interest in Halloween to squeeze wallets more tightly this year. ‘Thanks to inflation, Halloween is becoming a trick for Americans with wallets,’ said Michael Austin, a former economic adviser to two Kansas governors and a scholar at the conservative American Enterprise Institute.” (“Industry Reports See ‘Spookflation’ As Halloween Demand Meets Rising Prices,” Washington Times, 10/24/2023)“‘Government overspending is the real boogeyman, not global dynamics, and the solution requires central banks and the government to trim their budgets, excess currency, and balance sheets to fend off inflation becoming the biggest scare of 2023,’ Mr. Austin said.” (“Industry Reports See ‘Spookflation’ As Halloween Demand Meets Rising Prices,” Washington Times, 10/24/2023)“By comparison, U.S. sugar prices are up by 10% from last year, according to an analysis by the St. Louis Federal Reserve.” (“Industry Reports See ‘Spookflation’ As Halloween Demand Meets Rising Prices,” Washington Times, 10/24/2023)“According to market researcher Pattern, the prices of candy and chocolate staples for trick-or-treating have risen more steeply than general inflation since last October. The top 10 increases are Airheads (up 26% from last year), Baby Ruth (up 14%), Candy Corn (13%), PayDay (12%), Tootsie Rolls (11%), Jolly Ranchers (also 11%), Junior Mints (10%), Starburst (10%), Dots (9%) and Smarties (8%).” (“Industry Reports See ‘Spookflation’ As Halloween Demand Meets Rising Prices,” Washington Times, 10/24/2023)“In a survey released Oct. 17 by the Harris Poll and the Halloween & Costume Association, 66% of adults who celebrate Halloween said price increases have affected their plans this year. As a result, 36% planned to spend less and 42% identified pricing as the main influence on their costume choice.” (“Industry Reports See ‘Spookflation’ As Halloween Demand Meets Rising Prices,” Washington Times, 10/24/2023)“‘The survey results indicate that the impact of inflation and budget constraints on the Halloween-loving masses could potentially affect industry sales for 2023,’ the Halloween industry group noted.” (“Industry Reports See ‘Spookflation’ As Halloween Demand Meets Rising Prices,” Washington Times, 10/24/2023)“‘It is ridiculous,’ said Kramer Brown. ‘It went up to $3 for just those Costco bags.’” (“‘Everything Is So Expensive Right Now;’ Candy Costs Higher As Halloween Approaches,” WHIO, 10/23/2023)“‘Everything is so expensive right now, unfortunately,’ said Joe Dreher.” (“‘Everything Is So Expensive Right Now;’ Candy Costs Higher As Halloween Approaches,” WHIO, 10/23/2023)###SENATE REPUBLICAN COMMUNICATIONS CENTERRelated Issues: Inflation, EconomyPrintEmailTweetPreviousTHE NEWSROOMSENATE RESOURCESABOUT LEADER McCONNELLFacebookTwitterInstagram
