‘Inflation crisis’ arrives — thanks to Bidenomics, RNC says

NEWS AND OPINION:

The Republican National Committee has compiled a detailed and damning report with a telling, dramatic title: “Biden’s Tax-And-Spend Agenda Has Triggered The Worst Inflation Crisis In Decades And Sent Interest Rates Soaring.”

Here are just a few of the findings, verbatim from the report:

“This is a direct result of Bidenomics – [President] Biden fueled inflation, which forced the Fed to raise interest rates. Between 2022 and 2023, the Fed raised interest rates 11 times to combat a 40-year high in inflation. Despite hopes that interest rates would fall this year, the Fed has indicated that it doesn’t plan to cut rates anytime soon as inflation persists well above the two percent target,” the research said.

“Thanks to Bidenflation, working-class Americans face surging home prices and rising mortgage rates, leaving many unable to afford buying a home. In October, U.S. mortgage rates reached their highest in more than 23 years. According to Freddie Mac, the average 30-year fixed mortgage rate has more than doubled since Biden took office, increasing from 2.77% to 7.22%,” the research said.

“Only 10% of new car listings are below $30,000, while only 28% of used car listings are priced below $20,000, making car ownership increasingly difficult. Following standard budgeting advice to not spend more than 10% of monthly income on car-related expenses, Americans would need an income of at least $100,000 to afford a car,” it continued.

“The average car payment, now well over $700 per month for a new vehicle, has reached a record high due to a spike in auto loan interest rates. Roughly one in three car buyers are now taking out six- to seven-year loans on used vehicles to help lower monthly payments. In 2004, only 1% of auto loans lasted six to seven years. The average auto loan debt grew by 5.2% in 2023, with total auto loan debt climbing to $1.51 trillion,” the research said.

It also covered the perils of credit card debt and student loans. Find the report at gop.com/articles/ along with some other intriguing findings.

MOTHER’S DAY ECONOMY

Mom is still on our minds and hearts. Mother’s Day spending is expected to reach $33.5 billion this year, according to the National Retail Federation and Prosper Insights & Analytics. Their research also revealed that 84% of U.S. adults are expected to celebrate the holiday.

And the pocketbook numbers: On average, those celebrating the day plan to spend $254.04 on Mother’s Day gifts and celebrations. The research also found that 59% of those celebrating the holiday are shopping specifically for a mother or stepmother, followed by a wife (22%) or daughter (12%).

The most popular gifts to give are flowers (74%), greeting cards (74%) and special outings such as dinner or brunch (59%).

Honoring our moms — along with grandmas, aunts and other kind ladies — is also good for the economy, by the way. Consumers will spend a total of $7 billion on jewelry, $5.9 billion on special outings and $3.5 billion on electronics. In addition, total spending on flowers is expected to reach $3.2 billion, while total spending on greeting cards is expected to reach $1.1 billion this year.

The source of this cheerful news is a survey of 8,213 U.S. adult consumers which was conducted by the retail group April 1-8 and released April 30.

HANDS OFF THE DISHWASHER

Let us recall that President Biden is keen on a jumbo-sized, green-minded agenda. And Republicans are on it.

“While the Biden administration fights to unleash a stream of new burdensome regulations for a multitude of vital home appliances like dishwashers, washing machines, refrigerators, air conditioners, and dryers, House Republicans passed legislation to protect consumer choice and keep government agencies out of your home,” said the weekly “Republican Recap” issued Thursday by House Majority Leader Steve Scalise.

He’s talking about H.R. 6192, the Hands Off Our Home Appliances Act, which was introduced by Rep. Debbie Lesko, Arizona Republican. It prevents the Energy Department from implementing new or amended energy efficiency standards for appliances that are not technologically feasible and economically justified.

“Thanks to a Republican majority in the U.S. House of Representatives, we again took action against the Biden administration’s unconstitutional efforts to commandeer Americans’ freedoms and opportunities for consumer choice. I am grateful for the leadership of Speaker Mike Johnson and Leader Steve Scalise in ensuring that this bill passed the U.S. House of Representatives. Together, we told President Biden to take his hands off our home appliances!” Ms. Lesko said in a statement released Thursday.

WEEKEND REAL ESTATE

For sale: A grand, “lovingly restored Main Street mansion,” built in traditional colonial style in 1919 on 1 acre in Roxboro, North Carolina. Five bedrooms, five baths, formal living and dining rooms, parlor; 6,315 square feet. Grand staircase plus back staircase, extensive original woodwork, five fireplaces, state-of-the-art chef’s kitchen, game room, sunroom, laundry. Brick patio, side porch with sitting area, stone walls, mature landscaping; driveway leads to a formal porte cochere and detached two-car garage. Priced at $499,000 through ReMax.com; enter 10016087 in the search function.

POLL DU JOUR

• 46% of U.S. adults have “a great deal or a fair amount of confidence” in former President Donald Trump to do or recommend the right thing to help the U.S. economy; 86% of Republicans, 45% of independents and 4% of Democrats agree.

• 39% have a great deal or a fair amount of confidence in Federal Reserve Chairman Jerome Powell to help the economy; 30% of Republicans, 37% of independents and 56% of Democrats agree.

• 38% feel the same way about President Biden; 6% of Republicans, 34% of independents and 82% of Democrats agree.

• 38% feel the same way about Democratic leaders in Congress; 10% of Republicans, 33% of independents and 80% of Democrats agree.

• 36% feel the same way about Republican leaders in Congress; 67% of Republicans, 33% of independents and 12% of Democrats agree.

SOURCE: A Gallup Poll of 1,001 U.S. adults conducted by telephone April 1-22 and released Tuesday.

• Follow Jennifer Harper on X @HarperBulletin, on Facebook @HarperUniverse — and a happy Mother’s Day to all.