President Biden and Vice President Harris’ runaway spending has directly resulted in soaring prices for Americans–from housing to groceries–that make day-to-day life unaffordable and the American dream unattainable.
GOVERNMENT SPENDING IS OUT OF CONTROL
Biden and Harris’ unprecedented government spending spree has created widespread economic turmoil and staggering debt.
FAST FACT: Between January 2021 and October 2024, the federal government added roughly $8 trillion to the national debt—more than $60,000 dollars per household.
FAST FACT: The Democrats’ so-called Inflation Reduction Act cost taxpayers trillions, led to increased inflation, and included an estimated $1.2 trillion price tag exclusively for green subsidies, such as expensive electric vehicles. The bill did nothing to reduce inflation but has steadily increased the cost of your gas, groceries, and rent.
NORTH CAROLINIANS ARE STRUGGLING TO FEED THEIR FAMILIES
The Biden-Harris administration’s spending has created unprecedented inflation, resulting in increased costs of groceries for North Carolina families.
FAST FACT: In North Carolina, the average household is spending $120 more on food each month compared to 2021. That means the average household has cumulatively spent over $3,210 more on food due to inflation since Biden-Harris took office.
SKY-HIGH HOUSING COSTS MAKE THE AMERICAN DREAM UNAFFORDABLE
Under Biden and Harris’ tenure, housing prices skyrocketed and rent affordability is at its worst on record, making the American dream unattainable for many.
FAST FACT: The average cost of housing in North Carolina is $261 more per month than it was in January 2021. The rising cost of housing is more than $5,887 since Biden-Harris took office.
INCREASED PRICE OF ENERGY
The Biden-Harris war on the U.S. energy industry prioritizes “sustainable” policies – which cut domestic production of fossil fuels – over American interests.
FAST FACT: Energy prices have also increased to the point where North Carolinians are paying $100 more on energy per month than they were in January 2021. In total, the average North Carolina household has spent over $4,147 more on energy due to inflation since Biden-Harris took office.
TRANSPORTATION COSTS ARE THROUGH THE ROOF
Biden and Harris’ “green” policies have led to increased levels of government spending and regulations that add more pressure on the transportation industry and increase costs for North Carolinians.
FAST FACT: The average household in North Carolina is spending $239 more on transportation per month than they were in January 2021. Since Biden-Harris took office, the average household has spent over $9,074 more than they should have as a result of inflation.
TOTAL DAMAGE: As a result of inflation, the average North Carolina household is spending $1,020 more per month to purchase the same basket of goods and services as in January 2021. As a direct result of inflation, the average North Carolina household has spent $27,991 more since January 2021.
*Estimates by the Joint Economic Committee are as of the September 2024 Report.
Biden and Harris’ bad policies and reckless government spending are squarely to blame for the cost-of-living crisis. North Carolinians can literally feel the cost of these policies. We need policies that put American interests first by taming inflation and making day-to-day life affordable again.