The Biden Price Hike

  • Under Joe Biden, hardworking families and businesses are already feeling the squeeze of rising prices. 
  • Biden’s plan to bankrupt America – including his proposed $6 trillion in spending – would only make things worse. 
  • This would be the largest government expansion in decades and economists have warned trillions in new federal spending is a recipe for inflation. 
    • Consumer prices have jumped 2.6% over the 12 month period ending in March, a “much larger increase” than February.
    • Consumer goods have spiked – including increased prices for toilet paper, diapers, soft drinks, plane tickets, and appliances. 
    • Grocery prices are rising. Consumer Price Index rose 3.5% over the past year. 
    • Gas prices have surged and experts predict they are going to keep going up. 
    • Home prices have increased by an annual 17.2% in March – a drastic climb from the 3-5% annual increase which is considered healthy. 
    • Restaurants are having to raise prices due to higher ingredient prices. 
  • Manufacturers and construction businesses are facing skyrocketing prices for raw materials.
    • Steel prices have tripled. 
    • Lumber futures has increased by more than 500%. 
    • Copper prices are an all-time high.
    • Iron ore futures surged 10%.
  • Inflation rose a whopping 4.2% in April – the sharpest increase in over a decade.
  • Economists across the political spectrum have sounded the alarm on inflation. 
  • Biden is undoubtedly squandering the recovery he inherited and families and businesses are facing rising prices.
  • Now is not the time for Biden’s $3 trillion tax hike and $6 trillion government spending spree. 
  • RNC Research: The Biden Price Hike