Bidenomics leads to first decade-long rise in poverty rate.
It’s time for your daily dose of Bidenomics — where the rules are made up and the points don’t matter.
In today’s lesson, we’ll learn how the U.S. poverty rate increasing for the first time in more than a decade is actually a sign of a booming economy or something.
According to the U.S. Census Bureau, a whopping 12.4% of Americans lived in poverty in 2022. That’s up from 7.8% in 2021. In fact, it was the first increase in the U.S. poverty rate in 13 years.
That news comes as the Census also reported that the U.S. real median household income decreased by 2.3% to $74,580 in 2022. Meanwhile, year-over-year inflation rose 7.8%, per Fox Business.
The Biden administration has long claimed that his policies are working and that his spending plans have juiced the American economy. Meanwhile, prices have increased more than 17% since he took office.
In August, inflation continued to tick upward.
In a statement given to Townhall.com, Job Creators Network President and CEO Alfredo Ortiz said,
“This accelerating inflation, which is nearly twice the Federal Reserve’s target rate, is another Bidenomics blow to ordinary Americans and small businesses dealing with rapidly rising prices that are lowering their real wages and living standards for two and a half years.”
Indeed, as explained recently by David Winston, the president of The Winston Group and a GOP adviser, just about everything is more expensive than it was on the day Biden took office.
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Biden’s solution, Winston correctly points out, has been “trying to dress up central planning as America First.”
The current president even tried to sell his economic agenda as “BABA” — Building a Better America. As previously discussed, BABA sounds similar to former President Donald Trump’s MAGA — Make America Great Again, but like most phony imitations, it has proven to be a crappy product that falls apart under the slightest bit of pressure.
BABA didn’t really click with the American people, so now he’s trying to sell his vision for the country as Bidenomics.
It’s been a great success for America, just ask him.
Whatever he calls it, the results are the same: The American people are worse off today than they were four years ago. The proof is in the pudding — that now costs more money, evidently.
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.
How are low-income individuals and families disproportionately affected by the increase in prices for everyday goods and services, and what are the potential consequences for poverty levels and economic mobility in the country
Business owners. Higher prices for everyday goods and services mean less money in people’s pockets and less capital for small businesses to invest and grow. This undermines economic opportunity and stifles job creation.”
Despite these alarming factors, the Biden administration continues to push forward with its ambitious spending plans, such as the infrastructure bill and the Build Back Better agenda. They argue that these policies will lead to long-term economic growth and benefit the American people.
However, the reality seems to contradict their claims. The increase in the poverty rate is indicative of the struggles faced by many Americans, especially in the midst of rising inflation. It raises questions about the effectiveness of the administration’s economic policies.
Additionally, the decrease in real median household income further compounds the issue. As the cost of living continues to rise, people are finding it harder to make ends meet. This puts a strain on families and individuals, particularly those who were already struggling financially.
While the Biden administration may argue that their spending plans will create jobs and stimulate the economy, the evidence so far suggests otherwise. The rising inflation and declining household income paint a bleaker picture for the average American.
Furthermore, the increase in prices for everyday goods and services has a disproportionate impact on low-income individuals and families. Basic necessities become increasingly unaffordable, exacerbating the challenges of poverty and making it even harder for people to escape its grasp.
It is essential for policymakers to address these concerns and reassess their economic strategies. Ignoring these warning signs and pushing forward with policies that seem to exacerbate the very issues they aim to solve will only lead to further economic hardships for hardworking Americans.
The American people deserve policies that prioritize their well-being and economic stability. It is time for a critical evaluation of Bidenomics and a reexamination of the strategies being implemented.
Ultimately, the points do matter, and the consequences of the administration’s economic policies are being felt by millions of Americans. It is crucial to hold our leaders accountable and demand better solutions for our economy and the well-being of our citizens.
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