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A bad week for Bidenomics

  

Category:  News & Politics

Via:  gregtx  •  8 months ago  •  3 comments

A bad week for Bidenomics
Economically, things were supposedly turning around for President Joe Biden. Unemployment had fallen to 3.8%, GDP was growing, and wages briefly grew faster than inflation for the first time in his presidency.

S E E D E D   C O N T E N T


Economically, things were supposedly turning around for President Joe Biden. Unemployment had fallen to 3.8%, GDP was growing, and wages briefly grew faster than inflation for the first time in his presidency.

But then the U.S. Census Bureau and Labor Department combined for a one-two punch that reminded everyone why the public tells pollsters again and again that the Biden economy is terrible. Earlier data from the Congressional Budget Office and Federal Reserve show how awful Bidenomics really is.

The Census Bureau reported that median real household income fell from $76,330 in 2021 to $74,580 in 2022, a decline of 2.3%. This was the biggest drop since 2010, when it fell 2.6%. Even at the height of the pandemic, when government lockdowns put millions out of work, real income only fell 2.2%.

The cause of falling incomes is no mystery: Bidenflation is to blame. Thanks to trillions of dollars in economic stimulus passed by Democrats on a purely partisan basis without even one Republican vote, inflation jumped 7.8% between 2021 and 2022, the largest increase since 1981.

But the new Census Bureau report was looking at data comparing 2021 to 2022. Just the past July, the Labor Department reported that inflation was finally falling to 3.2% a year. Maybe things were about to get better.

No such luck. The Labor Department reported this month that inflation climbed to 3.6% in August, thanks mostly to rising gas and food prices. Maybe Biden now regrets canceling the production of 11 billion barrels of oil in Alaska's National Wildlife Refuge.

Considering that it is low-income households that are hit hardest by inflation, especially when it is driven by household basics such as gas and grocery prices, it isn't a surprise that the Census Bureau also found inequality rising under Bidenomics. So much for the Democratic Party standing up for the little guy.

Struggling families with debt are hit especially hard by Bidenomics. The average interest rate on credit cards has risen from 14.75% when Biden first came to office to 20.68% today. That means people with debt are punched in the mouth twice by Bidenflation: once when they pay higher prices for goods and again when they pay higher interest rates on what they borrowed to make past purchases.

Consumers aren't the only ones suffering from higher interest rates. Taxpayers are getting hosed, too. The federal government will run a $1.7 trillion deficit this fiscal year, including more than $644 billion in interest payments, which, thanks to higher interest rates, is 30% higher than what the government had to pay in interest last year, according to the CBO.

The only reason deficits didn't top $2 trillion this year is because the Supreme Court invalidated Biden's illegal student debt amnesty plan, which would have added hundreds of billions of dollars in deficits for decades to come.

Falling real wages, rising income inequality, higher interest rates, higher government deficits — that's Bidenomics. Those are the facts. No wonder the public continues to tell pollsters the Biden economy is bad.


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GregTx
PhD Guide
1  seeder  GregTx    8 months ago
The Census Bureau reported that median real household income fell from $76,330 in 2021 to $74,580 in 2022, a decline of 2.3%. This was the biggest drop since 2010, when it fell 2.6%. Even at the height of the pandemic, when government lockdowns put millions out of work, real income only fell 2.2%.
 
 
 
Texan1211
Professor Principal
2  Texan1211    8 months ago

Finally some truth about the economy.

Someone here keeps insisting all is rosy under Bidenomics.

The numbers tell the TRUTH.

And some foolishly insist we "are heading in the right direction".

I wonder what the hell direction they consider to be "right".

 
 
 
GregTx
PhD Guide
3  seeder  GregTx    8 months ago
This past week was another series of disasters for President Biden. He managed to push his deal with Iran through while he made disastrous appearances at the G20 summit and a Vietnam presser, his administration has lost track of almost 200,000 illegal aliens, and #Bidenflation has robbed American families of their incomes.

Biden chose 9-11 to announce the deal with Iran, which pays $6 billion in ransom for five Americans the Iranians hold. This will only encourage more Iranian hostage-taking.

#Bidenflation has caused U.S. incomes to fall for the third straight year.

Biden’s DHS is about to order that illegal aliens remain in Texas, and other border states, supposedly to keep them closer to the border to make deportation easier. The real reason is that Texas Gov. Greg Abbott has been busing illegals to New York and other “sanctuary cities,” and the burden has become too much for them to bear. More than 10,000 have been bused to New York City alone. Because Biden has no power to stop him, Abbott will continue to bus illegals out of his state.

Biden didn’t observe the anniversary of the 9/11 attacks at one of the three memorial sites presidents normally visit. Instead, Vice President Kamala Harris went to New York City where, to the cringing of observers, she smiled and chuckled her way through the ceremony.

Biden said, “Ground Zero in New York — I remember standing there the next day and looking at the building. I felt like I was looking through the gates of hell.” But his own book said that he was in D.C. in a Senate session.

Meanwhile, federal investigators have revealed that Biden’s DHS has lost track of about 20% of the illegal migrants Biden has allowed across his open borders.

Biden lost another important court battle this week. The Fifth Circuit U.S. Court of Appeals ruled that Biden’s FBI and other agencies went too far in censoring free speech in violation of the First Amendment. That case will go to the Supreme Court, which will likely affirm the Fifth Circuit.

After going to the G20 summit in India, Biden — stumbling and fumbling — went to Vietnam. His mental incapacity was on display for the world when he confused the movie, Good Morning Vietnam, with a song. He called those who find a lack of proof that man is changing the climate “lying dog face pony soldiers,” wrongly credited the line to John Wayne.

In that press conference, the 80-year-old Biden, trying to prove his stamina through his extensive travel, joked about not knowing whether it was day or night and concluded by saying, “I’m gonna go to bed.” As he clearly needed to do.

If that weren’t enough, as it clearly is, one of Biden’s efforts to force wokeness on the military caused the Pentagon to change the award citation for retiring Joint Chiefs Chairman Gen. Mark Milley. Instead of “himself,” the citation will read “themself,” which isn’t even good grammar.

 
 

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