More Americans living paycheck to paycheck despite Biden’s ‘Bidenomics’ success.

President Biden’s “Bidenomics” Policies Face Criticism as Majority of Americans⁢ Struggle Financially

In a Labor Day speech, President Joe Biden ⁤highlighted the job creation and economic successes⁤ of his‌ “Bidenomics” policies. However, recent ‍surveys reveal a different story, with a growing ⁢majority of Americans living paycheck to paycheck and believing that the economy ⁢has deteriorated under the president’s tenure.

Speaking to union workers in‌ Philadelphia, President Biden emphasized the importance of good-paying ⁢jobs that can support families. This comes after the​ news that U.S. employers added 187,000 jobs in August.

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President Biden also took the ⁤opportunity to promote his Bidenomics plan, claiming ⁢it has created ⁣13.5 million new jobs. However, critics argue that this figure is inflated, as a significant portion of those jobs were simply people returning to work after temporary pandemic-related layoffs.

Former President Donald Trump countered President Biden’s⁢ claims, stating that during his ⁣first 30 months in⁤ office, his administration created 4.9 million new jobs compared to Biden’s 2.1 million. The ⁣Trump campaign clarified that the 2.1 million figure excluded workers returning from pandemic ⁣layoffs.

While President Biden defended his economic record, Steven Cheung, ⁣a spokesperson for the Trump‌ presidential campaign, praised President Trump’s economic achievements,⁤ including a booming recovery and record low unemployment⁤ rates ⁢for various demographics.

Biden’s Economy Deteriorating, Most Say

While President Biden⁣ touted his economic policies, a recent ⁤survey from The Wall Street Journal revealed that a majority (58 percent) of U.S. voters believe the economy has worsened‌ over the past two years. Additionally, around 75 percent of Americans expressed concerns about inflation, which aligns with ​government data indicating rising price pressures.

Another survey conducted by personal finance site PYMNTS and LendingClub found⁢ that 61 percent of adults are living paycheck to paycheck as of July. This represents an increase from the previous year. Even higher-earning households are feeling the financial strain, with 44 percent⁢ of those‌ earning over⁣ $100,000 per year reporting living paycheck to paycheck.

Various surveys highlight the impact of high⁣ prices on Americans’ financial well-being. A Bankrate survey⁤ revealed that​ 72 percent of Americans don’t feel financially secure, ​with 63 percent attributing their discomfort to high inflation. Another Bankrate survey⁢ found that 68 percent of Americans are saving less for unexpected situations due to inflation.

Inflation Forces Typical Household to Spend $709 More per Month

According to Moody’s Analytics ⁤chief economist Mark Zandi, the ‍average American household is now spending $709 ‍more per month compared to two years ago, primarily due to high inflation. ⁣Zandi’s calculations ‍were based ⁤on the latest government data on inflation, the‌ Consumer Price Index (CPI).

It is clear‍ that despite President Biden’s claims of ​economic ​success, many Americans are⁣ facing financial challenges ⁢and believe that ⁢the economy has worsened. ⁣The ⁢impact of inflation on households’ budgets further ⁣exacerbates these concerns.