Preface
As more of the nation is struggling just to purchase food for their tables Joe Biden gave a speech Tuesday June 28 stating that the U.S. economy is thriving under ‘Bidenomics’. There is a clear disconnect between Washington D.C. and the American people.
A Closer Look
Tuesday was the official kick off campaign for Joe Biden. In this speech he tried to sell an economic message that his plan was working and the nation was feeling better about their personal finances.
With Biden’s current poll numbers hitting an all time low at 32 percent, no one was buying his speech and in a RealClearPolitics poll only 24 percent of voters think the country is heading in the right direction. The poll also stated that 55 percent of the American public believed that inflation is getting worse.
The facts are clear. The nation is at 40 year high inflation, has a drop in labor productivity, growing credit card debt and far too much government spending. Grocery prices have increased 20 percent; dining out has increased 17.5 percent; energy prices have increased 36 percent; natural gas prices have increased 22 percent; rental prices for a primary residence have increase 15 percent and that is just the tip of the problem.
The inflation rate in January 2021 was a little over one percent, which increased to nine percent by June 2022. Biden’s American Rescue Plan passed by congress in 2021 may cost up to $3.5 trillion and his Inflation Reduction Act, passed in 2022 has an estimated cost of $740 billion.
Biden’s inflation rate has increased 16.3 percent since he was inaugurated. In his 29 months in office the inflation has been running out of control reaching a 9.1 percent last June. In contrast Trump, Obama, George W and Clinton never had a four percent or higher inflation rate in any month.
Federal Reserve Chairman Jerome Powell told the House Financial Services Committee that interest rate hikes are not over. Many Democrats are less than enthusiastic about Biden’s’ economic record with 72 percent of his own party disapproving of his overall handling of the economy.
Summary
In summary, Bidenomics is bad math, it sounds like your child saying something is $2.00 but it is actually $20.00. CNBC stated “… amid inflation, more middle class Americans struggle to make ends meet …”. The American people simply don’t believe Biden’s claims regarding inflation and it is eroding financial security.
Author’s Note
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: Associated Press (AP); Japan Today Newsletter; www.republicanleader.senate.gov
