Joe Biden needs to have a talk with his vice president, Kamala Harris, about her unwitting admission about Bidenomics.
The administration wants Americans to think things are rosy when it comes to the economy. Vice President Kamala Harris, however, admits that is not the case.
Kamala Harris Made a Mistake
“For far too long, our economy has not been working for working people. Trickle-down economics benefitted big corporations and the wealthiest Americans but not workers,” Harris said on Tuesday at a speech in Philadelphia. “And you remember, years ago, how they would debate and talk about, ‘Oh, trickle-down economics, that’ll work for working people, because you see the benevolence of the — of the wealthy will trickle down on the rest of us.’ That’s where that trickle-down economics theory came from, right? That was what that was about. Well, there was no trickling. It didn’t happen.”
There is just one problem with all of that: all of the people Kamala Harris calls out for getting big tax breaks due to trickle-down economics are the same people Biden and Harris are pandering to get big and fat campaign contributions.
He held two fundraisers in late June with Wall Street titans behind closed doors while bashing them in public.
In April, Wall Street Joe asked his corporate titan friends to fill his campaign war chest to the tune of $1 billion.
Democrats Hype Unemployment Numbers
“Of course, you might think that just means Biden is benefiting from a post-pandemic bounce back, but then you’d be wrong. We actually got all the pandemic jobs back by the summer of 2022 and in the 12 months since, we’ve added almost 4 million new jobs on top of that. We have gone way beyond pandemic recovery here,” MSNBC analyst Mehdi Hassan writes. “Since taking office, Biden has added more than 13 million jobs to the economy, and he has created more jobs in two years than any other president has done in a full four-year term. In fact, so far he has created more jobs than the last three Republican presidents combined.”
Democrats get excited that unemployment is at 3.6% and earnings are up. However, any new earnings have been eaten up by increased costs of basic goods and services. Wages have not kept pace. And many Americans are underemployed or working multiple part-time jobs or can’t move as they can’t get out of their lower interest rate mortgage and swap it out for a higher mortgage – now over 7 percent for even the best credit scores.
Bidenomics Failing Ordinary Americans
While overall inflation has fallen since peaking around 9% last year, Americans remain uncertain about the economy.
“Americans are doing more work for less pay when you factor in the inflation. If you look at the savings accounts for the average American, the average savings is up, but if you look at the median savings, we’re at the lowest point in three years,” Republican strategist Joe Pinion told Fox Business.
They have taken out over $1 trillion in credit card debt for the first time ever.
Costs remain volatile in areas that Americans count on. Rent is up. Gas and oil prices are up. The costs for car repairs are up. Auto insurance prices are up 17.8% over last year. Groceries are up again after a string of smaller declines by 3.6%. The cost of restaurant dining is up by 7.1%.
“The average hourly wage rose a solid 4.4% in June vs. a year earlier. But the latest IBD/TIPP Poll found that just 16% of adults say their wages have kept pace with inflation, the lowest since at least February 2022. Some 58% say they haven’t kept up. That’s vs. 20%-55% in July,” Investor’s Business Daily columnist Ed Carson writes. “Some of that increased sense of falling behind likely reflects rebounding gasoline prices. Prices at the pump are still down vs. a year earlier, but up significantly in the past several weeks.
He continues: “Gasoline prices rose 0.2% vs. June, according to the CPI report, but plunged 19.9% vs. a year earlier.”
Biden wants credit for a strong economy; however, a new Reuters/Ipsos poll finds that 60% of Americans do not think he is doing enough to tame inflation in parts of the economy they experience on a daily basis.
John Rossomando is a defense and counterterrorism analyst and served as Senior Analyst for Counterterrorism at The Investigative Project on Terrorism for eight years. His work has been featured in numerous publications such as The American Thinker, The National Interest, National Review Online, Daily Wire, Red Alert Politics, CNSNews.com, The Daily Caller, Human Events, Newsmax, The American Spectator, TownHall.com, and Crisis Magazine. He also served as senior managing editor of The Bulletin, a 100,000-circulation daily newspaper in Philadelphia, and received the Pennsylvania Associated Press Managing Editors first-place award for his reporting.
From 19FortyFive
