Biden’s Reckless Tax and Spending Spree: One Year of Americans Facing Higher Prices, Higher Taxes, and More Debt

This week the Biden Administration is marking the one year anniversary of what they claim is their greatest success – last year’s reckless tax and spending spree.

The American people aren’t celebrating. Families across the country know Democrats’ runaway Washington spending had nothing to do with making life more affordable – and Joe Biden even agrees.

The reality is that Democrats’ reckless tax and spending spree didn’t lower costs. American families are still feeling the pain of sky-high prices.

Sen. Barrasso: “Joe Biden signed the Democrats’ reckless tax and spending spree into law one year ago. He claimed more spending would bring down prices. Once again, he was wrong. Prices are still going up.”

  • “Progress on inflation stalled in July as prices nudged up” (Washington Post, 8/10/2023)
  • “If anything, [Americans] believe life has been getting tougher under what the president has cheekily dubbed ‘Bidenomics.’”(NBC, 8/13/2023)
  • “I’ve talked to a lot of people who don’t know what to do right now. They’re stuck where they’re at.” (NBC, 8/13/2023)

Sen. Barrasso: “Americans are facing sky-high prices at the grocery store, at the gas pump, and while back-to-school shopping.”

  • “Scorching-hot inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent.” (Fox Business, 8/10/2023)
  • “US gas prices are surging to their highest level since October 2022” (Business Insider, 8/7/2023)
  • “Still, gas and food pose a particular concern for the Fed and the prospects of avoiding a recession.” (Wall Street Journal, 8/13/2023)
  • “It will cost you 19.5% more to repair your car now than it did a year ago […] Another hefty expense is car insurance, up 17.8% from a year ago. Car repairs and car insurance were the second- and third-largest annual price increases, respectively, tracked by the CPI.” (CNN, 8/12/2023)
  • “Families with children in elementary through high school plan to spend an average of $890.07 on back-to-school items about $25 more than last year’s record […]” (Axios, 8/6/2023)

Sen. Barrasso: “They’re digging into their dwindling savings just to keep up.”

  • “[…] just 16% of adults say their wages have kept pace with inflation the lowest since at least February 2022 […] Some 58% say they haven’t kept up.” (Investor’s Business Daily, 8/7/2023)
  • “Americans’ credit card debt hits a record $1 trillion” (CNN, 8/8/2023)
  • “Bank of America reported that more people were tapping their 401(k) accounts because of financial distress. The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022.” (CNN, 8/8/2023)