in a recent interview CNNPresident Biden downplayed Americans’ genuine concerns about the economy in general and inflation in particular, declaring, “We’ve already turned things around…The polling data has been wrong all along.”
Biden added that most Americans are “personally in good shape.” “They have money to spend.”
What’s interesting is that Biden received some pushback from CNN’s Erin Burnett. This in itself shows that even Mr. Biden’s mainstream media owners realize how ridiculously out of touch he has become less than six months before this year’s general election.
The reality is that the majority of Americans are in dire straits and have no money to spend on anything but the bare necessities.
According to a 2023 payroll.org study, 78 percent of Americans live paycheck to paycheck. When asked why they were able to live within their paychecks, the number one answer by far was “My monthly bills are high.”
It goes without saying that it’s very bad news that almost 80% of Americans are living paycheck to paycheck, but it’s much worse than that. Unbelievably, 29 percent According to a Forbes Advisor poll also conducted in 2023, a percentage of Americans say their income does not cover even standard expenses.
because Prices of everyday goods and services are rising More Americans are using credit cards to make ends meet at a much faster rate than their wages under the Biden administration. At the beginning of 2021, the American citizen was worth less than $800 billion. credit card debt. Just three years later, that amount had soared to his $1.1 trillion, the highest in history.
moreover, credit card delinquency Every month since the Biden administration, 20 percent of Americans have “maxed out” their card in the past three years.Americans are also struggling to pay their bills. car loan and more 20 million households Unable to pay utility bills on time.
In short, President Biden is clearly ignorant about the current economic situation of the majority of Americans.
I’d like to give you a snapshot of what Americans actually think about their personal finances, according to some recent polls conducted by Gallup. Here are some of the headings:
It’s ironic that Biden is so out of touch with the struggles of everyday Americans, given that he has always portrayed himself as someone particularly attuned to blue-collar America. That’s true. In the aforementioned CNN interview, Biden said he approaches the economy from a “Scranton perspective,” while his 2024 election opponent, former President Donald Trump, said he approached the economy from a “Mar-a-Lago perspective.” He said that he was coming from a “political perspective.” This couldn’t be further from the truth.
Biden has said it repeatedly during his decades-long career as a U.S. senator. I made a bid Major banks, credit card companies, etc. Moreover, his administration’s policy is benefiting the super wealthy, a politically connected elite, yet wreaking havoc on the rest of the country. This is especially true regarding Biden’s energy policy. Including huge subsidies for expensive electric cars And hundreds of billions of taxpayer dollars were redirected to “green energy” projects that overwhelmingly benefited Biden’s donor base, at the detriment of hard-working Americans.
As my colleague Sterling Barnett I wrote recently“Less than two full years into office, Biden’s climate and energy policies have increased energy costs for the average household by more than $2,300.”
At this point, it is no secret that Bidennomics is not achieving its goals. Biden administration goals This means rebuilding the U.S. economy from a middle-out and bottom-up approach rather than a top-down approach. In fact, based on empirical data, exactly the opposite is happening.as bloomberg According to reports, income inequality in the United States has risen to an all-time high under the Biden administration.
And the opposite scenario occurred under the Trump administration.as Reuters “U.S. income inequality narrowed in the first three years of the Trump administration as rising wages and low unemployment helped lower-income and less-educated households, according to Federal Reserve data. ”.
More than three years into Biden’s presidency, it is already clear that a majority of Americans recognize Bidennomics as a disaster for the country.
Will Biden finally come to the same conclusion? Or will he remain blissfully unaware of the harm his economic policies have caused to the American people?
good question.
chris talgo I am the editorial director of the Heartland Institute.
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