The near-constant refrain from President Joe Biden is that the economy is improving – that under his administration, the American people are doing better, earning more, and more jobs are being created. According to the Census Bureau’s latest Household Pulse Survey, those assertions are way off the money. In fact, the study showed that nearly 90 million US citizens are struggling to make ends meet under Bidenomics.
Americans Poorer Under Biden
During the 2023 State of the Union address, the president claimed his administration had created 800,000 new jobs while also cutting the deficit by $1.7 trillion. Good news, right? But as the survey pointed out, between April 26 and May 8, 89.1 million Americans claimed it was “somewhat or very difficult” to pay for regular household expenses. In 2021, 26.7% of adults agreed with the same findings, 34.4% found it to be true last year, and now 38.5% of adults are finding it more challenging to make ends meet.
Inflation, of course, has been a huge contributor to financial woes. Liberty Nation Economics Editor Andrew Moran explained that the administration’s rhetoric is trying to overshadow the truth. He wrote:
“But while President Joe Biden and his supporters will hold onto the sluggish GDP print as proof that Bidenomics is working, financial markets raised their eyebrows by the notable increase in inflation.”
It wasn’t that long ago that a carton of eggs or a gallon of gas cost $7 in some parts of the nation. And consumers are still seeing the price of foods and other goods climbing. Just in time for Memorial Day, a 32-ounce bottle of ketchup increased by more than $1, from $4.08 during the week of May 16, 2022, to $5.22 in the week of May 15, 2023, CNN reported. Over that same year, a 20-ounce bottle of mustard rose about 13% and a 26-ounce container of relish went up by 12%.
The World Population Review’s website says: “The average personal income in the United States is $63,214, with the median income across the country being $44,225. Real wages averaged $67,521 in 2022, and average household incomes averaged to $87,864.” The Ascent reported that the average home price in the US is $436,800.
The ever-increasing cost of living while paychecks remain stagnant – or even shrink – is making it hard on everyone and more Americans are raiding their 401Ks and retirement accounts just to stay afloat. “In the first three months of 2023, Bank of America found that the number of people taking hardship withdrawals jumped 33 percent from the same period a year earlier, with workers taking out an average of $5,100 each,” The New York Times noted. “The cost of living is definitely tipping clients over the edge at this point,” Sarah Honsinger, a credit counselor at Apprisen, a nonprofit debt management organization, told The Times. Some experts warn this trend is only going to continue as the cost of living drains what little savings some people have.
Confidence in the government finding a solution isn’t very strong after the recent bank failures and the prolonged standoff between Biden and House Speaker Kevin McCarthy (R-CA) over the debt limit. Rep. Greg Murphy (R-NC) told Just the News that “You can’t buy a home – not with these prices and with the way inflation is eating at all their income. It’s not good for the present time and probably won’t be for the next five to eight years.”
If Murphy’s prognostications are correct, it will be a long hard road back to financial stability. One might wonder if the American people are willing to make that journey with Joe Biden as their driver.
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