The White House and Biden campaign are desperate to convince Americans that Joe Biden has done an excellent job handling the economy and that it is doing well under his watch. But so-called ‘Bidenomics’ has been an unmitigated disaster for most Americans.
Here are some of the top things people are concerned about in the real world:
1. With Biden in the White House, we’ve had a three-year inflation rate of 20 percent.
When inflation goes up, the value of the dollar goes down. That means people have less money to buy things, and the things they buy become more expensive.
2. Speaking of inflation, producer prices have risen 17.9 percent since Biden took office, according to the Bureau of Labor Statistics.
This is the most significant increase since 12-month data were first calculated in November 2010. Producers are forced to increase the cost of the goods they make to keep up with rising inflation and stay profitable.
3. Rising inflation has real-world consequences. Sixty percent of Americans currently struggle to afford groceries.
This fact may be shocking, but it shouldn’t be surprising. Between January 2022 and January 2023, food prices rose over 10 percent, and the prices of staple foods like eggs and milk have increased dramatically since Biden took office.
4. Overall, food costs are up 21 percent since Biden took office.
But food isn’t the only thing that has become more expensive under Biden’s watch. According to the Bureau of Labor Statistics, rent costs are up 19 percent, and power costs are up 29 percent. Last year, it was reported that a record number of Americans are struggling to pay rent; these numbers help explain why.
5. Not only has Biden’s blatant economic mismanagement made it more expensive to eat, more costly to pay rent, and more expensive to power one’s home — it’s also made it more costly to drive.
Under the Biden regime, the average price of a gallon of gas exceeded $3 for 974 days in a row or nearly three years.
6. Another thing that’s become significantly more expensive under Biden’s watch is financing a home.
After three years of Bidenomics, the 30-year mortgage rate hit a 22-year high — a whopping 7.31 percent. Analysts say some homeowners could spend over 60 percent of their paychecks on their mortgages.
7. To put those mortgage rates into perspective, when Donald Trump was President, a $2000 mortgage paid for a house worth over $460,000.
Under the Biden regime, a $2000 mortgage is only enough for a house worth less than $295,000.
8. Given the eye-wateringly high mortgage rates, it’s no wonder that home ownership has been deemed “unaffordable” in 99 percent of the country.
America was once a place where most working- and middle-class families could own their own homes. Thanks to Bidenomics, that core part of the American Dream is a distant memory.
9. Given that practically everything needed to live and exist in modern society has become more expensive under Joe Biden’s watch, it’s hardly surprising that most Americans are struggling financially.
Sixty-two percent of Americans — nearly two-thirds of the population — report living paycheck to paycheck.
With all this in mind, it’s hardly surprising that a new poll shows Trump with an 11-point lead over Biden in terms of who would best handle the economy.
The numbers don’t lie. Bidenomics broke the American economy, and average Americans are suffering for it.
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