“ARE YOU BETTER OFF THAN YOU WERE FOUR YEARS AGO?”
Consider the calamity of energy prices. Biden came into office declar- ing war on American energy — and he’s winning. Remember, his first act in office was to kill the vital Keystone XL pipeline by which American oil and gas could be transported to American communities. The gas price was $2.50 a gallon when Trump left office. Now, in most markets, it is $3.50 to $4.00 a gallon. In California, gas is above $5 a gallon. Overall energy prices are up 41 percent in the first 40 months of Biden’s presidency. For those trying to afford a new home, the costs are even more explosive. The average payment on a 30-year mortgage was about $2,000 a month under Trump. Now, it is closer to $3,000 a month. This is nearly a 50 percent price hike. Why? Because the mortgage interest rate has spiked to 7.1 percent nationally from 3 percent in 2020. Then, of course, there is the calam- ity of our national debt. It’s skyrock- eted by an estimated $6 trillion in Biden’s first three and a half years of office. Even Biden admits that if he is reelected, we will borrow $1 trillion a year for the next decade. He doesn’t even PRETEND to have a plan to get near a balanced budget.
All of this is already causing an extreme affordability crisis for work- ing-class families and retirees on a fixed income. More Americans than ever are going into debt to pay their bills thanks to Biden’s policies. Earlier this year, credit card bills surpassed $1 trillion for the first time ever. Delinquencies on credit card payments are starting to rise because parents don’t have the money to pay the escalating bills. So the question that Trump will be asking Americans as the election approaches is this: Are you better off than you were four years ago? Well, under Trump, median income after inflation rose by $6,000. Under Biden the average family has LOST $2,000 of real take-home pay. Anyone up for four more years of this?
Stephen Moore Stephen Moore is a senior economic advisor for Donald Trump and an economist with Freedom Works. He is a frequent commentator on Fox News.
12 • AMAC Magazine
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