February 14 2023

January’s CPI Data Shows Americans Continue to Get Poorer Under Joe Biden

The Consumer Price Index rose 6.4% over the last twelve months, according to newly released data from the Bureau of Labor Statistics. When President Trump left office, inflation was 1.4%.  Americans pay every day to cover the hidden costs of Biden and the Democrats’ reckless spending and their war on American energy.

Our Take:

  • Ever since Joe Biden set American currency on fire, real year-over-year wages have fallen for 22 straight months.
  • Year-over-year inflation for Jan. 2023 was worse than expected, coming in 0.2% points higher than estimated.
  • Real average hourly earnings over the last twelve months decreased by 1.8% in January.
  • Joe Biden inherited a booming economy from President Trump and squandered it with his massive wealth-redistributions and wasteful spending. 

The Background:

While hard-working families earn less and pay more every month, the White House gaslights the public and pretends that the economy is in great health. Americans, however, do not believe them. No amount of spin can deny that the average American family lost $7,400 to Biden’s inflation.

Even former Obama economic advisor Jason Furman denied the Biden administration’s spin: “Nothing in this number gives me comfort…This inflation issue is real. I don’t think it is going away anytime soon, and I think anyone who is overly calm about it is making me nervous.”

Goods are not getting cheaper. Wages are not rising. There is only one way to reverse the course for our nation and that is with President Trump back in the White House.

"Joe Biden's war on American energy is one of the key drivers of the worst inflation in 58 years, and it's hitting every single American family very, very hard," President Trump stated last week. "In effect, Biden's anti-American energy crusade is a massive tax hike on everything. Higher energy costs, raise the price of food, raw material, shipping, transportation, construction, manufacturing, and everything else."

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