The federalist

Bidenomics’ is a laughable punchline, but Americans aren’t amused

Last week, in ‌a⁣ campaign stop ‍at ‌a​ Pennsylvania coffee shop, President ⁤Biden seemed shocked at ⁣the $6.00 price ⁣of ⁤his smoothie. When asked if the president was out of ⁤touch with the economic issues ⁤facing Americans, White House ​Press Secretary Karine Jean-Pierre tried to ⁣dodge the⁣ question. Finally, she⁤ answered by explaining that President Biden was just “joking around.”

That made it official. “Bidenomics”⁤ had gone from ​failure to ​punchline.

Now that the 2024 election approaches, Biden and his allies ‍are ⁢panicky. They say you are wrong​ and economic times‍ are ⁣great.‌ You⁤ should stop ⁤complaining and thank them for what they’ve done for (to) you.

Blaming the‌ victim will not save Biden. Here is why.

Your Money Is Worth Less and Less

In 2019, before Democrats (primarily) ‍closed⁤ the schools and ⁢economy, the median household income in the United States ⁣was $78,250. Under Biden, real median‌ household⁢ income dropped to $74,580. And⁣ you can’t blame ​Covid. ⁣Between 2021 and 2022 (after the pandemic ⁤ended), median household income dropped under Biden by‍ 2.3 percent, ⁣and median household income after taxes dropped by 8.8 ‌percent. People know when⁤ they⁤ bring home less ​money.

Under⁤ Biden, cumulative annual average inflation is nearly 20 percent. For every dollar you had in 2020, you now ⁤have only about ‍80 cents. During Trump’s presidency, cumulative inflation totaled a​ near-perfect 7.9 percent. I say “near perfect” ‌because the Fed’s target ​rate over ⁢that period would be about 8.2 percent (2 ⁣percent each year), since some inflation is better than the risk of deflation.

And this comparison is not⁣ fair to⁢ Trump because his figure includes four years of inflation whereas Biden’s includes only three. Incredibly,⁢ Biden demands praise ‍ for “reducing” inflation to its current⁣ 3.4 percent rate. Yet Biden’s best ⁣year is 48 percent worse than Trump’s worst year ​and 70 percent worse than ​the Fed’s target. ⁤When your best ‌is bad, that’s not good. People know when they ⁤pay much more⁤ for much less.

Your Savings ‍Are Beyond Saving

Not only are your dollars worth less, but you also ‌have less of them. Before Covid, personal savings in the U.S. reached $1.447 trillion. By ‌year-end‍ 2022, ‍that figure dropped⁤ to $686‌ billion. You‌ say, of course, savings were depleted; the⁣ economy was closed during Covid. In actuality, savings in the U.S. increased⁢ to $2.99 trillion during Covid.​ That’s what makes the depletion ⁤of savings under Biden so ‌staggering⁤ — savings dropped from $2.99 trillion to $686 billion during Biden’s so-called “recovery.”​ People⁢ know when they exhaust their‌ savings accounts.

Before Covid, retirement assets for ⁢Americans totaled nearly $41 trillion. Retirement assets dropped⁣ to $37.8 trillion in ⁣2022 and​ to ⁢$35.7‍ trillion by third quarter 2023. Again​ you‍ ask, Covid? Not ⁢so. American retirement assets actually peaked at $44 trillion during Covid. ⁣It was‌ the Bidenomics “recovery” that caused retirement ⁣assets to drop substantially. People know when they ​deplete their retirement accounts.

Americans Are Deep​ In Debt ⁤and Poverty

Under ‍“Bidenomics,” ‍credit card debt has soared. ⁢In the third quarter of 2023,⁤ American credit card⁣ debt increased an astonishing 16.6 percent year-over-year. Again, you‌ can’t blame Covid because this increase occurred after Covid ⁤under the Bidenomics​ “recovery.” Not⁢ only do you have more debt, but you pay ​higher interest rates on that debt. According to WalletHub, ‍the average‌ credit card interest rate‍ when Biden took office was about 14.7 ⁣percent. By November 2023, ⁤that rate rose to 21.47 percent.

When Biden ⁤took office, the average interest rate for‌ an​ auto ​loan was 4.56 percent, and the average⁣ home loan was just over 3 ⁤percent. By the end of August 2023, the​ auto rate rose to 7.4 percent, and the home loan⁤ rate had more ⁣than⁣ doubled. If you could afford a $500,000 ‍house under Trump, you ⁢can only afford a‌ $325,000 ⁤house under Biden. People know‍ when they cannot afford a home and ​when they pay high interest rates for ⁤credit.

“Bidenomics”⁢ increased ‌the ​federal debt to $34 trillion. Paying interest on‌ the ⁢debt in 2023 cost the⁤ American people $659⁣ billion. This ​represents close to 25 percent of all 2023 federal income tax receipts.⁢ One ‍out of every four of your 2023⁤ income ‍tax dollars paid‌ for …‌ nothing. If the federal⁣ government confiscated all personal savings from every American, it might cover ‍next year’s interest‌ payment on⁤ the debt. Then again, it might not. This​ interest figure ⁢has nearly doubled since⁢ Biden took⁤ office. Under Biden, paying ⁤interest ‌is the⁤ government’s fourth largest spending “program.”

Not only has Bidenomics ⁤created ⁢more⁤ federal ‌debt, ​but it has also raised the interest rates that taxpayers must pay to service ‌that debt. Bidenomics has caused interest rates ‍to increase for everything, ⁢including⁣ government⁣ debt.⁣ The interest paid now is weighted in favor of pre-Bidenomics, low-interest government debt.‌ In future years, interest ​payments will be weighted more heavily in favor of high-interest‍ Bidenomics ‍debt. People ⁤know they, their‍ children, and their⁢ grandchildren will have to‌ pay these outrageous bills.

Add to this list that in 2022, the supplemental poverty and supplemental⁤ child poverty rates increased by ⁤59 percent and 138 percent, respectively, and⁣ that ⁤under Biden the number of homeless Americans has reached⁤ its highest level since HUD started keeping the⁢ figure.

The Economy Is Not Growing

Biden points to ​“low” unemployment ‌and GDP “growth” as evidence of success. But those characterizations are misleading. Before Covid, the unemployment ‌rate was 3.5 percent. Now it is 3.7 percent ‌— which is not “low” compared‍ to the pre-pandemic rate. Furthermore, ⁢the labor-force participation rate under Biden was a​ paltry 62.5 percent⁣ as of December 2023, nearly a full⁣ point below pre-Covid labor participation. This means a smaller percentage of Americans are working under Biden ​than pre-Covid,⁢ regardless of the unemployment rate.

Biden’s “job creation”​ claims likewise⁢ are ‍deceptive. In ‌July 2023, 161.26 million Americans were employed. By December 2023, that number ⁢dropped ⁢to 161.18 million. Yet during ⁣this ‍same period, the Labor Department reported that ​the ‍economy added ‍more⁣ than 1 million jobs.⁤ You ask, how can ‌this be? It’s‌ simple, these two statistics measure different things.

The⁣ first measures ⁤the number of people employed. The second measures the number of ⁢jobs ⁢people are working. The two numbers reconcile in ⁤the following way: More people are having to work‌ more than one job. Under Biden, the number of people working multiple jobs has been on the increase since the spring of‌ 2020.⁣ For many Americans,⁣ “Bidenomics” is⁤ a ‍sentence to hard labor. ⁢ People know when they have to work harder to feed their families.

Biden faces similar problems with​ his⁢ economic “growth” argument. During Covid,⁣ Democrats (primarily) closed down large portions of‍ the‌ economy. Of course, GDP‌ was ‌going to‌ grow once ‍the ⁤economy reopened. There would have⁤ been GDP growth had​ we put The Three Stooges​ in charge. But by going from substantially closed to completely open, the economy should have​ grown robustly. In fact, average GDP growth during‌ Biden’s term will ‌be less‍ than ⁤the historical U.S. average since 1950. Moreover, much of ​this “growth” has been sustained by⁢ the depletion of savings and ⁢retirement assets, increased consumer borrowing, and outlandish government deficit spending. Decreased savings and increased⁤ borrowing⁤ suggest ​high ​near-term consumption ‍ at the ‌expense‌ of steady, long-term consumption.⁤ It⁤ is ​a form of GDP “channel stuffing.”

Yet the bigger ‌problem for Biden and his allies is ‍their comical obliviousness to the‌ deeply personal⁤ pain Bidenomics⁤ has inflicted on Americans to “achieve” Biden’s so-called “results.” That ‍pain includes earnings losses, massive inflation, depletion of savings and‌ retirement assets, excessive debt, exorbitant interest rates, harder⁢ work, increased poverty, and out-of-control government spending. People ‍know when their lives​ are worse​ and ‌their futures look bleak, ‌no matter how many times Biden claims otherwise.

“Bidenomics” has attained‍ punchline status. Unfortunately for most Americans, it is gallows ‌humor.


What is⁤ the impact of the Biden administration on​ employment rates?

People ​who ⁢are employed, while the second measures the total number of⁤ jobs created.⁣ So, while the economy may have added jobs, the number of employed individuals ⁣actually‌ decreased. This is indicative of a shrinking workforce and stagnant job growth under Biden.

As for GDP growth, Biden likes to⁢ boast about the high numbers. But again, this is misleading. The GDP ⁣growth experienced under Biden is‌ largely​ a result of inflation ⁣and government spending, rather than actual economic productivity. In fact, the economy ⁣has not fully recovered from the effects of the‌ pandemic, and many ‍industries are still struggling to bounce ​back.

In conclusion, Bidenomics ⁣has failed to deliver on its promises of economic⁤ prosperity. Instead, it has resulted ‌in decreased household income, depleted savings, increased debt, and a stagnant economy. The American people are feeling the impact ⁣of Biden’s‍ policies in ⁢their wallets and bank accounts. They ⁤know when they have less money, when their savings are diminishing, and when they‌ are drowning in debt. They know that the economy is not growing, despite‍ the misleading⁤ employment and GDP numbers touted by the administration.

As we⁢ approach the 2024 election, it is important for voters to consider these facts and evaluate whether Biden has truly ⁣improved their economic well-being. It is clear that the answer ‌is no. Bidenomics has been a failure, and it is⁤ time​ for a⁣ change in⁣ economic policy ‍that prioritizes the needs and interests of the⁣ American people.



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