Analysis finds Americans need extra $11,400 to afford the basics as GOP lawmakers blame 'Bidenomics'

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The analysis was released by Republican members of the U.S. Senate Joint Economic Committee

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Republican lawmakers and more called out President Biden and his administration on Wednesday while reacting to a new report that found Americans need an extra $11,400 just to afford the basics, pointing to the president's economic policies and his "Bidenomics" message. 

Several Republican lawmakers posted to social media on Wednesday, blaming Biden's economic policies following a report from CBS News, citing a recent analysis by Republican members of the U.S. Senate Joint Economic Committee, which found that a typical American household would need an "extra $11,434 to maintain the same standard of living they enjoyed in January of 2021."

The analysis found that it might be worse on a state-by-state basis. For example, in Colorado, the average American household must spend an extra $15,000 per year to afford the same standard of living they had in 2021.

CBS reported that the numbers reflect the increased cost of basic goods, despite other positive economic measures, such as the jobless rate being at a two-decade low.

analysis finds americans need extra 11400 to afford the basics as gop lawmakers blame bidenomics

President Biden speaks about supply chain resilience during an event in the Indian Treaty Room at the Eisenhower Executive Office Building in Washington, D.C., on Monday. (Alex Wong/Getty Images)

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Rep. Eli Crane, R-Ariz., said "Bidenomics" was a "huge tax" on Americans and added that the "D.C. Swamp is ruining this country for future generations."

Colorado Republican Rep. Ken Buck sounded the alarm about the numbers from his state, noting that they were "even higher."

Rep. Brett Guthrie, R-Ky., in a post Wednesday on social media, said Americans deserved better, adding, "This is the real Bidenomics in action."

Biden announced the establishment of the White House Council on Supply Chain Resilience on Monday, along with 30 new actions that aim to, "help Americans get the products they need when they need them, enable reliable deliveries for businesses, strengthen our agriculture and food systems, and support good-paying, union jobs here at home," according to the White House. 

analysis finds americans need extra 11400 to afford the basics as gop lawmakers blame bidenomics

Transportation Secretary Pete Buttigieg, right, talks about supply chains while introducing President Biden during an event in the Indian Treaty Room at Eisenhower Executive Office Building in Washington, D.C. on Monday. (Alex Wong/Getty Images)

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Several polls have showed an overall dissatisfaction of Biden's handling of the economy. A Gallup poll released on Tuesday found that just 32% of Americans approve of his handling of the economy.

Rep. Larry Buschon, R-Ind., said "Bidenomics" was making life harder for families and that "they deserve better than the failed economic policies of this administration."

Sen. Joni Ernst, R-Iowa, posted a gif of herself holding a poster that read, "The Reality of Bidenomics." The GIF included a caption that read, "Bidenomics is not working, period." 

Biden is set to promote his economic accomplishments in Colorado on Wednesday, and plans to take direct aim at Rep. Lauren Boebert, R-Colo., who recently said in a statement that her constituents were "being crushed by so-called ‘Bidenomics,'" NBC News reported. 

analysis finds americans need extra 11400 to afford the basics as gop lawmakers blame bidenomics

President Biden speaks to guests at Ingeteam Inc., an electrical equipment manufacturer, in Milwaukee on Aug. 15. Biden used the opportunity to speak about his "Bidenomics" economic plan on the one-year anniversary of the Inflation Reduction Act of 2022. (Scott Olson/Getty Images)

"This is reality and why an overwhelming majority of Americans disapprove of Bidenomics. The White House and Dem leadership aren’t living in reality," Rep. Don Bacon, R-Neb., wrote on social media. 

The Spectator's Stephen Miller posted a photo of the president, who appeared next to a screen that touted his "Bidenomics" message, in response to CBS News' tweet. 

Hanna Panreck is an associate editor at Fox News.

Authored by Hanna Panreck via FoxNews November 29th 2023

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