Bidenomics Looks Like a Disaster for Joe Biden – Whatever the Biden administration and its defenders have to say about new jobs gained under its watch or the 4.9% GDP growth in the Third Quarter of 2023, the number is undermined by the persistent high prices that consumers face.
Since Joe Biden became president, Americans have experienced a cumulative inflation rate of $13.6.
“Why are voters unhappy with Biden’s economic policies?” asks Hill opinion contributor Liz Peek.
“I suspect it’s because people’s actual experience doesn’t mimic the happy talk about inflation, and because there’s a sinking feeling that the economy is growing for all the wrong reasons. And, of course, many Americans rightly blame Joe Biden and his Democrat colleagues for spending too much money and tipping off inflation in the first place.”
She notes that 62% of Americans said in a recent poll they are concerned about inflation.
“That survey was taken a week before Americans headed to the grocery store, only to find that the price of Halloween candy had shot up 13 percent, on top of a 20 percent hike the year before,” Peek wrote.
Bidenomics: The One Word That Could Mean Biden Losses in 2024
Car loan delinquencies are higher than they have been in decades, and getting a new car now costs 40% more than what they paid before the pandemic.
Housing shortages have increased, and interest rates on new homes have shot up to 8%, the worst in years.
Peek argues that prices are up everywhere despite what the official 3.7% annual inflation number says.
“We all see it. In New York, the local Chinese-owned laundry jacked up the price of washing and ironing a man’s dress shirt from $3 to $5 last year, the nearby hair salon is charging $50 for a blow-dry that used to cost $35, and a fancy breakfast spot a block from me is now charging $7 for a latte that last year fetched $5.50,” Peek writes. “New York City cab fares are more than 20 percent higher than they were a year ago; thanks to various extra fees and taxes, the meter reads $9.50 before you have gone a block. OK, it’s New York, but still…”
Biden Job Numbers Hollow
Much of that can be attributed to inflation caused by the Biden administration’s dumping trillions of dollars into the U.S. economy.
“But these numbers need perspective. Because we lost millions of jobs during the pandemic, employment growth was inevitable. Many of the jobs lost were going to come back as the economy reopened,” Mercatus Center economic Veronique De Rugy wrote in a September column.
“Unemployment is low, but only because the economy is drunk on spending that is simultaneously closing many people out of the labor force. What’s more, inflation-adjusted median household income has declined — from $76,330 in 2021 to $74,580 in 2022. Labor tensions and strikes are also intensifying.”
De Rugy continued, “Nor will Bidenomics’ manufacturing subsidies help workers with college degrees. These handouts are benefiting companies, often big and rich ones, for projects they would have likely taken on anyway. Take the Inflation Reduction Act, for example.”
Joe Biden’s claim of a great economy risks sounding like George H.W. Bush’s denial in 1991 that the U.S. was in a recession. Bush came across as out of touch, and Biden could repeat his mistake if he does not change course with his Bidenomics message soon.
Voters could ask Donald Trump to return to the White House because they will have a rosier memory of life under his presidency despite the mean tweets if things do not change.
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.
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