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 Board11.14.23Understandably Angry With Stubbornly High Prices, Americans Heap Scorn On ‘Bidenomics’Americans’ Frustration With High Prices For Food, Housing, And More Shows Up In Poll After Poll, And Their Disdain For ‘Bidenomics’ Has Even Democrats Desperate To Distance Themselves From The White House’s Insulting Economic Spin As Inflation Remained Higher Than Normal In OctoberSENATE REPUBLICAN LEADER MITCH McCONNELL (R-KY): “This morning’s October inflation report tells a story that has become familiar on President Biden’s watch. Prices remain stubbornly high, and well above the Federal Reserve’s 2 percent target. Prices are up 3.2 percent year over year. And cumulative inflation since the President took office now clocks in at 17.6 percent. Even as the rate prices are growing, working Americans are growing more frustrated with an expensive new normal. The price of a gallon of milk has risen 15.8 percent since January 2021. Meanwhile, a gallon of gas is going for 54.8 percent more…. Earlier this month, President Biden told a gathering in rural Minnesota that, ‘Bidenomics is just another way of saying ‘the American Dream.’ The American people just aren’t buying it. According to one recent survey, only 14 percent of US voters have said President Biden has made them better off. And 65 per cent of voters said they had cut back on non-essential spending. So, if the President thinks that Bidenomics is the American Dream, he might want to pay closer to how many Americans are desperate to wake up.” (Sen. McConnell, Remarks, 11/14/2023)After More Than Two Years Of ‘Bidenomics,’ Americans Have Had Enough“No one seems to like ‘Bidenomics,’ the eponymous shorthand for Joe Biden’s economic policies — not voters, not Democratic officials, not even, at times, the president himself.” (“‘Jumbled Mess’: The Bidenomics Brand Leaves Nearly Everyone — Including Biden — Baffled,” NBC News, 11/05/2023)“Just as the phrase hasn’t caught on despite a low jobless rate, the underlying policies that Bidenomics purports to describe have left voters cold, polling shows.” (“‘Jumbled Mess’: The Bidenomics Brand Leaves Nearly Everyone — Including Biden — Baffled,” NBC News, 11/05/2023)“Voters blame the administration for the sharp rise in basic expenses like groceries, gas and housing, and they remain fixated on the cost of living…” (“Biden Is In A Deep Hole On The Economy. New Polling May Show A Way Out.” Politico, 11/14/2023)“Just 30 percent of voters approve of President Biden’s handling of the economy, the lowest reading since he took office, according to a Washington Post-ABC News poll.” (The Washington Post, 11/13/2023)FINANCIAL TIMES: ‘Only 14% Of US Voters Say Joe Biden Has Made Them Better Off’ (Financial Times, 11/13/2023)“A poll found that almost 70 per cent of voters thought Biden’s economic policies had either hurt the US economy or had no impact, including 33 per cent who said they believed the president’s policies had ‘hurt the economy a lot’. Only 26 per cent said his policies had helped.” (“Only 14% Of US Voters Say Joe Biden Has Made Them Better Off,” Financial Times, 11/13/2023)“The FT-Michigan Ross poll found that just 40 per cent of registered voters said they approved of Biden’s job performance, while 59 per cent disapproved. An even smaller share — 36 per cent — said they approved of his handling of the economy, while 61 per cent disapproved.” (“Only 14% Of US Voters Say Joe Biden Has Made Them Better Off,” Financial Times, 11/13/2023)‘Surveys And Interviews With Arizona Voters Find That They Are Sour On The Economy’ After ‘Arizona Experienced Some Of The Worst Inflation In The Country’“A majority of Arizona voters in the recent New York Times/Siena survey rated the country’s economy as poor. Just 3 percent of voters said it was excellent.” (“In Arizona, Bad Feelings About the Economy Sour Some Voters on Biden,” The New York Times, 11/14/2023)“Surveys and interviews with Arizona voters find that they are sour on the economy…” (“In Arizona, Bad Feelings About the Economy Sour Some Voters on Biden,” The New York Times, 11/14/2023)“Arizona experienced some of the worst inflation in the country, largely because housing costs shot upward as people thronged to the state during the pandemic.” (“In Arizona, Bad Feelings About the Economy Sour Some Voters on Biden,” The New York Times, 11/14/2023)“Average monthly rents in Phoenix rose to $1,919 in September from $1,373 in early 2020, a 40 percent increase according to Zillow. Average rents across the country rose about 30 percent over the same period.” (“In Arizona, Bad Feelings About the Economy Sour Some Voters on Biden,” The New York Times, 11/14/2023)“A recent New York Times/Siena poll shows that a vast majority of voters in battleground states — 81 percent — say the economy is ‘fair’ or ‘poor.’” (The Washington Post, 11/13/2023)“Only 2 percent of voters said the economy was excellent.” (“Trump Leads In 5 Critical States As Voters Blast Biden, Times/Siena Poll Finds,” The New York Times, 11/05/2023)“Worryingly for Biden, that discontent is being reflected in demographics crucial to his re-election: 48 percent of Black voters in the Times/Siena poll rated the economy as poor, as did 59 percent of voters under 30.” (“Voters Aren’t Believing in Bidenomics,” The New York Times, 11/06/2023)“Less than one percent of poll respondents under 30 rated the current economy as excellent, including zero poll respondents in that age group in three states: Arizona, Nevada and Wisconsin.” (“Trump Leads In 5 Critical States As Voters Blast Biden, Times/Siena Poll Finds,” The New York Times, 11/05/2023)‘The Inflation Reduction Act’s Rooftop-Solar And Electric-Vehicle Subsidies Won’t Help Them Buy Groceries Or Fill Up Their Gas Tanks’“Youngsters have a more negative outlook than seniors and are also more likely to identify the cost of living as the most important issue—closely followed by the economy and jobs.” (“How Bidenomics May Cost Biden The Youth Vote,” The Wall Street Journal, 11/12/2023)“The Inflation Reduction Act’s rooftop-solar and electric-vehicle subsidies won’t help them buy groceries or fill up their gas tanks.” (“How Bidenomics May Cost Biden The Youth Vote,” The Wall Street Journal, 11/12/2023)“On those financial measures, Mr. Biden hasn't fully made the case to his fellow Democrats that he'll help them financially…” (CBS News, 11/05/2023)“Those financial factors may be hurting Mr. Biden with Black and Hispanic voters, key parts of the Democratic coalition, who are not convinced they would be helped financially if he wins a second term.” (CBS News, 11/05/2023)“Hispanic voters are much likelier to say their finances would improve under Trump than Mr. Biden. And most Black voters do not expect their finances to change if Mr. Biden wins again.” (CBS News, 11/05/2023)The White House’s ‘Bidenomics’ Branding Is ‘Falling Flat’, ‘A Jumbled Mess’“‘Folks, Bidenomics is just another way of saying the American dream!’ Mr. Biden declared … on a trip to Minnesota.” (“Trump Leads In 5 Critical States As Voters Blast Biden, Times/Siena Poll Finds,” The New York Times, 11/05/2023)“The trouble is, people aren’t buying it.” (“‘Jumbled Mess’: The Bidenomics Brand Leaves Nearly Everyone — Including Biden — Baffled,” NBC News, 11/05/2023)“That’s creating ongoing challenges for the president. The White House has been playing up its ‘Bidenomics’ plan…” (The Washington Post, 11/13/2023)“So far, the message appears to be falling flat.” (The Washington Post, 11/13/2023)NBC NEWS: ‘‘Jumbled Mess’: The Bidenomics Brand Leaves Nearly Everyone — Including Biden — Baffled’ (NBC News, 11/05/2023)“‘In a September focus group with Pennsylvania swing voters, one participant told the research firm Engagious that the concept was a ‘jumbled mess,’ adding that ‘it’s really hard to explain.’” (“‘Jumbled Mess’: The Bidenomics Brand Leaves Nearly Everyone — Including Biden — Baffled,” NBC News, 11/05/2023)Even Democrats Want The White House ‘To Heave ‘Bidenomics’ Into The Dumpster’POLITICO’S JONATHAN MARTIN: “Perhaps the most overwhelming economic messaging advice I picked up from Democrats was for him to heave ‘Bidenomics’ into the dumpster. Attempting to make voters believe something they don’t is folly. Attaching your name to that strategy borders on masochistic.” (Jonathan Martin, “Here’s How Biden Can Turn It Around,” Politico Magazine, 11/13/2023)“Democratic anxiety over Bidenomics peaked in recent weeks…” (“Biden Is In A Deep Hole On The Economy. New Polling May Show A Way Out.” Politico, 11/14/2023)“‘Whoever came up with the slogan Bidenomics should be fired,’ said one Democratic strategist, who requested anonymity to speak more freely. ‘It’s probably the worst messaging you could ever imagine.’” (“‘Jumbled Mess’: The Bidenomics Brand Leaves Nearly Everyone — Including Biden — Baffled,” NBC News, 11/05/2023)“Biden’s television advertising has thus far avoided the term Bidenomics…” (“‘Jumbled Mess’: The Bidenomics Brand Leaves Nearly Everyone — Including Biden — Baffled,” NBC News, 11/05/2023)“Earlier this fall, President Joe Biden’s top aides met a pair of progressives who had arrived in the West Wing with reams of data and a private warning: ‘Bidenomics’ wasn’t breaking through.” (“The Alarming News Progressive Groups Delivered To The White House,” Politico, 11/14/2023)“[V]oters, discouraged by rising prices and baffled by the ‘Bidenomics’ brand, weren’t buying it. Now Biden’s closest advisers had a raft of fresh evidence confirming it.” (“The Alarming News Progressive Groups Delivered To The White House,” Politico, 11/14/2023)“Just 35 percent of Americans trusted Democrats more on economic issues, according to weeks of private polling presented to the White House in mid-September and recently obtained by POLITICO. The data reinforced broad concerns over the public’s dismal outlook.” (“The Alarming News Progressive Groups Delivered To The White House,” Politico, 11/14/2023)“Perhaps most alarming, 7 out of 10 people surveyed believed the economy wasn’t getting better…” (“The Alarming News Progressive Groups Delivered To The White House,” Politico, 11/14/2023)“They offer a window into a White House well aware that its economic message wasn’t resonating, even as it’s repeatedly dismissed such fears as overblown.” (“The Alarming News Progressive Groups Delivered To The White House,” Politico, 11/14/2023)“‘When we intentionally put our finger on the scale, and 100 percent of people hear good economic indicators before saying if the economy’s going well for them, we still get walloped,’ said Adam Green, co-founder of the Progressive Change Campaign Committee.” (“The Alarming News Progressive Groups Delivered To The White House,” Politico, 11/14/2023)“‘Democrats can’t just hammer people over the head with an insistence that the economy is great,’ said Green…” (“The Alarming News Progressive Groups Delivered To The White House,” Politico, 11/14/2023)‘Bidenomics’ Is Costing Americans For Thanksgiving, Too“Shoppers can expect to pay a pretty penny for their Thanksgiving meal this year.” (“Why Is Thanksgiving So Expensive? Here's What The Data Says,” USA Today, 11/12/2023)“Labor and food production costs contribute to the increasing cost of produce this year, and food production costs are estimated to increase by 4.1%.” (“Why Is Thanksgiving So Expensive? Here's What The Data Says,” USA Today, 11/12/2023)“‘Things are going to be a little bit more expensive this year than last year,’ Dr. Michael Swanson, Wells Fargo Agri-Food Institute's chief agricultural economist told ABC News.” (ABC News, 11/07/2023)“‘It is still sticker shock -- this year over last year, prices are up about 2.4% but that's on top of the 11.4% from the year before that,’ Phil Lempert, CEO of SupermarketGuru, told ‘Good Morning America.’” (ABC News, 11/07/2023)“Ham prices are at an all-time high, reaching up to $4.56 per pound in September, up 5% from last year.” (ABC News, 11/07/2023)“Thanksgiving side dishes are expected to be 4% more expensive in 2023 compared to last year.” (“Why Is Thanksgiving So Expensive? Here's What The Data Says,” USA Today, 11/12/2023)“Consumers can expect to pay about 20% less for fresh cranberries compared to a year ago, but canned cranberry fans will be faced with prices up 60% from last year, Wells Fargo data found.” (ABC News, 11/07/2023)“Other staple items such as potatoes will cost more this year, up 2.7%.” (ABC News, 11/07/2023)Prices Rose Again In October, With Inflation Still Higher Than The Fed’s Target Rate“Prices rose 3.2 percent over the year ending in October … still above the 2 percent considered to be the normal rate.” (The Washington Post, 11/14/2023)“Housing costs, namely rent, continue to be the largest contributor to overall inflation. Rent costs rose 0.5 percent in October over September, the same rate as it’s been since the summer.” (The Washington Post, 11/14/2023)“Food costs rose 0.3 percent in October, after rising 0.2 percent in each of the last three months. Car insurance and medical care were also up.” (The Washington Post, 11/14/2023)“[P]rices for groceries, health care, car insurance, rent and beyond are higher than before the pandemic started, weighing on peoples’ budgets and dragging down their perceptions of an otherwise strong economy.” (The Washington Post, 11/14/2023)‘A Key Reason Why Most Americans Hold A Gloomy View Of The Economy … Is That The Costs Of Things They Buy Regularly … Remain So Much Higher Than They Were Three Years Ago’“Many economists say a key reason why most Americans hold a gloomy view of the economy … is that the costs of things they buy regularly — milk, meat, bread and other groceries — remain so much higher than they were three years ago. Many of these items are still growing more expensive, though more gradually.” (The Associated Press, 11/14/2023)The Fed Chairman Is Warning That Getting Inflation Back To Normal ‘May Actually Take A Longer Time’FEDERAL RESERVE CHAIRMAN JEROME POWELL: “‘We know that ongoing progress toward our 2 percent goal is not assured: Inflation has given us a few head fakes,’ Mr. Powell said. ‘If it becomes appropriate to tighten policy further, we will not hesitate to do so.’” (“Fed Chair Recalls Inflation ‘Head Fakes’ And Pledges To Do More If Needed,” The New York Times, 11/09/2023)“Bringing inflation all the way down to the Fed’s 2% goal, which is measured against a separate gauge produced by the Commerce Department, ‘may actually take a longer time,’ he [Powell] said.” (The Wall Street Journal, 11/14/2023)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 17.6%. (Bureau of Labor Statistics, Accessed 11/14/2023)Grocery (food at home) prices have increased 21%. (Bureau of Labor Statistics, Accessed 11/14/2023)Food away from home prices have increased 19.5%. (Bureau of Labor Statistics, Accessed 11/14/2023)Energy prices have increased 40%. (Bureau of Labor Statistics, Accessed 11/14/2023)Prices for fuel oil have increased 75.5%. (Bureau of Labor Statistics, Accessed 11/14/2023)Gasoline (all types) prices have increased 55%. (Bureau of Labor Statistics, Accessed 11/14/2023)Natural gas prices have increased 23%. (Bureau of Labor Statistics, Accessed 11/14/2023)Electricity prices have increased 25%. (Bureau of Labor Statistics, Accessed 11/14/2023)Rental prices for a primary residence have increased 18%. (Bureau of Labor Statistics, Accessed 11/14/2023)Prices for used cars and trucks have increased 23.6%. (Bureau of Labor Statistics, Accessed 11/14/2023)Prices for new vehicles have increased 20%. (Bureau of Labor Statistics, Accessed 11/14/2023)Furniture prices have increased 17%. (Bureau of Labor Statistics, Accessed 11/14/2023)Apparel prices have increased 12.7%. (Bureau of Labor Statistics, Accessed 11/14/2023)Airline fares have increased 27.2%. (Bureau of Labor Statistics, Accessed 11/14/2023)‘Americans Are Still Angry That Prices Rose As Much As They Did’“…Americans are still angry that prices rose as much as they did, showing up in consumer sentiment that has fallen for three straight months.” (The Washington Post, 11/13/2023)“[Inflation is] still well above what policymakers would like and has become a sticking point for households across the country.” (The Washington Post, 11/13/2023)“For many voters … other [economic] realities [are apparent], such as high inflation, rising interest rates that have made loans more costly and dwindling savings.” (The Washington Post, 11/13/2023)‘Basic Expenses, Such As Food, Housing And Transportation, Are Considerably Higher Than They Were A Year Ago’“Basic expenses, such as food, housing and transportation, are considerably higher than they were a year ago...” (The Washington Post, 11/13/2023)“‘Those are all very salient things: how much you’re spending at the grocery store, how much you’re paying in rent, whether you can afford to move,’ said Jonathan Rothwell, principal economist at polling giant Gallup. ‘Those factors are very important to people’s sense of how the economy is doing, and they’re not performing well.’” (The Washington Post, 11/13/2023)“There is a growing sense among Americans, economists say, that they’re having to overspend to maintain their pre-pandemic standard of living …” (The Washington Post, 11/13/2023)Overwhelming Majorities Of Americans Point To Rising Prices As ‘The Source Of Their Biggest Financial Stress’“Asked what was the source of their biggest financial stress, 82 per cent of respondents said price increases. Three-quarters of respondents said rising prices posed the most significant threat to the US economy in the next six months.” (“Only 14% Of US Voters Say Joe Biden Has Made Them Better Off,” Financial Times, 11/13/2023)“‘Every group — Democrats, Republicans and independents — list rising prices as by far the biggest economic threat?.?.?.?and the biggest source of financial stress,’ said Erik Gordon, a professor at Michigan’s Ross School. ‘That is bad news for Biden, and the more so considering how little he can do to reverse the perception of prices before election day.’” (“Only 14% Of US Voters Say Joe Biden Has Made Them Better Off,” Financial Times, 11/13/2023)“In response to inflationary pressures, 65 per cent of voters said they had cut back on non-essential spending such as holidays or eating out, while 52 per cent said they had reduced spending on food or other everyday necessities.” (“Only 14% Of US Voters Say Joe Biden Has Made Them Better Off,” Financial Times, 11/13/2023)High Interest Rates Are Weighing Down Americans‘Borrowing Costs Might Remain Permanently Higher Than They Were In The Years After The Deep 2007-9 Recession’“Some economists have speculated that borrowing costs might remain permanently higher than they were in the years after the deep 2007-9 recession.” (“Fed Chair Recalls Inflation ‘Head Fakes’ And Pledges To Do More If Needed,” The New York Times, 11/09/2023)“Household debt increased 1.3% to $17.29 trillion in the third quarter. However, a growing number of households are having difficulty wrangling that debt, which is increasingly more costly amid an environment of painfully persistent inflation and high interest rates.” (“US Credit Card Balances See Largest Yearly Leap On Record,” CNN, 11/07/2023)“The latest data also showed that the rate of households becoming delinquent or entering serious delinquency (behind by 90 days or more) on their credit cards was the highest since the end of 2011.” (“US Credit Card Balances See Largest Yearly Leap On Record,” CNN, 11/7/2023)‘Americans Are Piling Up Record Credit Card Balances, And More And More Are Falling Behind On Those Payments’CNN: ‘US Credit Card Balances See Largest Yearly Leap On Record’ (CNN, 11/07/2023)“During the third quarter, credit card balances hit a fresh high of $1.08 trillion, rising $48 billion from the prior quarter and leaping by a record $154 billion from the year before, according to the Federal Reserve Bank of New York’s latest Quarterly Report on Household Debt and Credit released Tuesday.” (“US Credit Card Balances See Largest Yearly Leap On Record,” CNN, 11/07/2023)“…Americans are piling up record credit card balances, and more and more are falling behind on those payments.” (“US Credit Card Balances See Largest Yearly Leap On Record,” CNN, 11/07/2023)“The year-over-year increase is the largest since the New York Fed started tracking that data in 1999.” (“US Credit Card Balances See Largest Yearly Leap On Record,” CNN, 11/07/2023)Buying A Home Is Increasingly Out Of Reach For Many Americans“Importantly, home prices are at an all-time high, and housing affordability is near a record low, which is also influencing people’s feelings about their finances.” (The Washington Post, 11/13/2023)“And the average rate for a 30-year, fixed-rate loan surpassed 7% in mid-August and hasn’t looked back since, according to Freddie Mac.” (“US Credit Card Balances See Largest Yearly Leap On Record,” CNN, 11/07/2023)“About 85% of respondents said it was a ‘bad time’ to purchase a home, citing high prices and mortgage rates.” (“US Credit Card Balances See Largest Yearly Leap On Record,” CNN, 11/07/2023)“Even if consumers are in strong enough financial shape to buy a home, many aren’t pulling the trigger, according to a new survey released Tuesday by mortgage giant Fannie Mae.” (“US Credit Card Balances See Largest Yearly Leap On Record,” CNN, 11/07/2023)“Consumers’ ongoing frustration with the housing market is only getting compounded by increasing feelings of pessimism toward the larger economy, said Doug Duncan, Fannie Mae senior vice president and chief economist.” (“US Credit Card Balances See Largest Yearly Leap On Record,” CNN, 11/07/2023)###SENATE REPUBLICAN COMMUNICATIONS CENTERRelated Issues: Economy, InflationPrintEmailTweetPreviousTHE NEWSROOMSENATE RESOURCESABOUT LEADER McCONNELLFacebookTwitterInstagram
