American households are struggling to maintain their level of worth under Joe Biden‘s government. Data from the Federal Reserve Bank of St. Louis shows that under former President Donald J. Trump, household net worth rose steadily—taking on a slight dip at the beginning of the COVID-19 pandemic but quickly recovering.
Meanwhile, under the 81-year-old Democrat incumbent Joe Biden, the net worth of American households has lagged behind the rate of growth under Trump. Even more concerning, household net worth has declined significantly when controlled for inflation.
Inflation, a weakening job market, and mass illegal immigration have resulted in many Americans having to work several part-time jobs in an economy many see as no longer benefitting them. A series of polls show most Americans are skeptical that they’d be better off under a second Biden term in the White House. The National Pulse reported in mid-June that 84 percent of Americans believe their financial situation would either remain the same or worsen under another four years of Biden.
Another recent poll indicates that over 50 percent of Americans rate the Biden economy as “poor.” The negative reaction to the Biden economy is likely driven by data showing that many of the jobs created have been filled by illegal immigrants. Additionally, studies suggest that the entirety of post-pandemic job growth under Biden has been fueled by illegal and legal immigrants, with labor force participation among native-born workers remaining below pre-pandemic levels.
Please tell me about how great Biden’s economy is again. pic.twitter.com/OaIuZsnDEf
— Bradley Brewer 🇺🇸 (@realBradBrewer) June 26, 2024