Are you better off than you were four years ago under Donald Trump? Most people are not doing as well:
- The average family of four is paying $13,717 per year or $1,143 per month more to purchase the same goods and services as in January 2021.
- Americans are still feeling the sting of this inflation crisis—prices are up 15.5 percent under Biden.
- Inflation remains over three times higher than just a couple years ago.
- Real wages are down over 5 percent since President Biden entered the Oval Office.
- Since President Biden took office, the average worker has lost over $4,900 in real wages.
- The labor force participation rate remains 0.7 percentage points lower under Biden than it was when President Trump was in office.
- When adjusting for population gains, nearly 2 million more Americans are on the sidelines today than they were during the previous Administration.
- Nearly 72 percent of all job gains since 2021 were simply jobs that were being recovered from the pandemic, not new job creation. In fact, when looking at today’s economy compared to pre-pandemic levels, employment is up only by 3.7 million, not 13 million.
- On the other hand, in his first 2.5 years, job creation under President Trump was 5 million—1.3 million more jobs than the current President in the same time frame after factoring in the recovery from pandemic.
- The “Inflation Reduction Act” enacted by Democrats last year gave $271 billion in tax credits to pay for “green” energy projects that even liberals admit are a boon for the top 1 percent.
- These out of control “green” handouts are going to cost American communities an estimated $1.2 trillion, according to independent analysis by Goldman Sachs, nearly $1 trillion higher than original estimates.
- Companies with over $1 billion in sales receive more than 90 percent of special interest green energy tax subsidies.
- Some analysts estimate that banks and insurers alone receive over half of green energy checks, far more than any other industry or sector.
- Gas prices are over 34 percent higher than when President Biden took office.
- Energy prices are up 28.5 percent from when President Biden took office.
All facts come from the Congressional Budget Committee Report, June 26, 2023