Gas prices:

While gas prices held steady under Pres. Donald Trump (down four cents a gallon), they've surged 49% in the first 42 months under …Joe Biden and Vice Pres. Kamala Harris. From January 2021 to July of 2024, the average price of a gallon of gas (all grades) has increased $1.18, from $2.42 to $3.60, according to the US Energy Information Administration. (View all charts by Clicking Here)

Real Wages:

After accounting for inflation, real wages earned by Americans have declined under Biden-Harris. In the first quarter of 2021, median weekly real earnings averaged $373. But, by the second quarter of 2024, average real earnings had fallen to $368.

Under Trump, however, real wages rose from $352 on January 1, 2017, to $373 on January 1, 2021.

Real wages are calculated using US Bureau of Labor Statistics (BLS) median usual weekly earnings for full-time employees at least 16 years old and are represented in terms of quarterly 1982-84 Consumer Price Index (CPI) seasonally-adjusted dollars.

Mortgage Rates:

It's also costing far more to finance a home purchase under the Biden-Harris Administration.

Mortgage rates today are more than twice the average rate home buyers paid when Trump left office, Freddie Mac data reveal. Under Biden's predecessor, the average 30-year fixed mortgage rate fell by a third, from 4.09% to 2.77%. But, by August 8, 2024, mortgage rates had more than doubled, to 6.5%.

Savings Rates:

With Americans having to spend more than their earnings increased, their average savings rate has declined under Biden.

From February 1, 2017 to February 1, 2021, the average personal savings rate increased 129%, from 5.6% to 12.8%. But, by June 1, 2024, it had plunged to 3.4% – about a quarter of its pre-Biden level – according to Federal Reserve Bank of St. Louis (FRED) calculations, incorporating BLS data.

Consumer Price Index:

Consumer prices rose 7.8% in the 48 months of the Trump Administration, from a CPI of 243.618 in January 2017 to 262.518 in January 2021. (Image credit: MRC)

In contrast, prices have already risen more than twice as much, 19.4%, in just 42 months under Biden. More than three-fourths of the way through his term, the CPI has risen from 262.518 in January of 2021 to 313.534 last month (July 2024), putting it on pace to increase three times as much as it did during Trump's full, four-year term. On a monthly basis, inflation averaged 1.9% under Trump, compared to 5.3% under Biden, thus far. Subscribe for free to Breaking Christian News here

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