New York Republican Elise Stefanik recently criticized President Biden’s economic agenda.
Since Joe Biden assumed office, inflation has climbed by more than 17%. Stefanik wrote on X that Bidenomics is making life more expensive for all of America’s hardworking citizens.
Biden has presided over a period of 17.4% total price rises, which is more than the 13% growth in hourly wages. Reports show that at a similar time in Jimmy Carter’s administration, the inflation rate was 26.2%.
At the same stage in their first term as president, Biden’s Presidential Inflation Rate (PIR) is three times higher than Trump’s 5.6% and GW Bush’s 5.4%.
Despite a slight decline in inflation from its record highs in 2022, prices have not fallen much.
According to a November NBC report, Biden’s economic ideas, which are colloquially known as “Bidenomics,” have been widely unpopular.
According to Democrats who spoke with the media, they aren’t the only ones who can’t stand Bidenomics. The term was seen as insensitive to people who were still suffering economically and as an homage to a president with dismal poll numbers.
The latest data from the U.S. Department of Commerce shows that consumer prices fell 0.1% last month but are up 2.6% from November 2022. According to reports, core inflation, which does not include energy and food costs, increased by 3.2% annually and 0.1% monthly.
Mortgages and other large loans often have interest rates that track the policies of the Federal Reserve. From 7.79% in October, the standard 30-year fixed-rate mortgage decreased to 6.67%, its lowest level in six months.
In December, the US Department of Commerce released its Personal Consumption Expenditures (PCE) price index, which showed that the highest annual inflation rate reached 7.1% in June 2022. While personal income increased by 0.4% in November, it was slightly improved over October’s 0.3% gain.
