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.
Related Stories
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.
" Conservative News Daily does not always share or support the views and opinions expressed here; they are just those of the writer."
*As an Amazon Associate I earn from qualifying purchases
Now loading...