12.13.23

‘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)

“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 More

Since President Biden took office, inflation has increased 17.4%. (Bureau of Labor Statistics, Accessed 12/13/2023)

This Holiday Season, ‘Bidenomics’ Has Gifted Americans Higher Prices For Everything From Presents To Even Christmas Trees

Americans 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)

“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)

‘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)

“‘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)

“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)

“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)

“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)

“‘[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)

‘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)

“House Democratic leadership stopped pushing the term months ago.” (“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)

“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)

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SENATE REPUBLICAN COMMUNICATIONS CENTER