J.D. Vance The audience was thrilled Wednesday night at the Republican Convention. The “Hillbilly Elegy” author has come under fire from liberals since former President Trump selected the Ohio senator as his running mate. Christian nationalists,Opposition Right to AbortionWith the support of Racists and Fascists Supporting presidential candidates expeditiously He once criticized.
But that was Vance’s Pledge to stand up for working men and women Something that really infuriates the left in our country. After all, that’s supposed to be Joe Biden’s selling point.
“Scranton Joe” talks at length about rebuilding the economy. “Bottom up, middle out” But he failed to do so. Biden’s Democratic Party has pandered to the party’s elites, who Identity Politicsexpensive and infeasible Climate Agendaand immigration policy Profiting the drug cartelsNot working class Americans.
As a result, the wealthy It’s going pretty well. And the unbelievable thing is, we are still running, and the poor are suffering. Exorbitant budget deficits. Someone must ask: “Why doesn’t all that spending help more people?”
Here’s the truth: If Americans were prosperous, Joe Biden’s age wouldn’t matter. Democrats would play up their own record instead of running against Donald Trump. Trump has no chance of winning the November election.
Americans are not rich. Of course, there are some people who are doing just fine, such as high-income earners who own stocks and homes and watch their net worth grow, but our middle class and lower-income earners are being left behind.
These people are disgusted by Joe Biden. Recent Economist-YouGov PollTrump leads Biden among both voters making less than $50,000 a year (4 percentage points) and those making between $50,000 and $100,000 a year (3 percentage points). The only demographic that supports Biden is those making more than $100,000 a year.
How do we know that things are tough for many Americans?
First, consumer sentiment Downward trend The July figure was nearly 8 percent lower than a year ago. 16 percent Year-over-year comparison. Notice that consumer sentiment under Joe Biden is well below the levels reported during President Trump’s presidency, where it hovered around the 90s, but actually topped 100 in February 2020. Incredibly, this July’s level of 66 is lower than the 72 recorded in July 2020, in the midst of COVID-19 uncertainty and shutdowns.
Second, there has been a significant increase in vehicle repossessions. Cox Automotive reports: “Repo” increased by 23% That’s up 14 percent from last year and 14 percent from 2019. Some are linking the increase to higher interest rates that car buyers with poor credit are paying. About 20 percent With more than half of our income going towards car loans, falling behind on car payments is a clear sign of stress, and people are reluctant to give up their cars if they can help it.
Third, consumer bankruptcy filings 15 percent increase Bankruptcies in the first six months of this year increased by 100 compared to the same period last year. Small business failures are also on the rise, with Subchapter S filings surging 61 percent.
Fourth, the Fed’s latest Beige Book The economic update reflects an economic slowdown that is primarily affecting lower-income consumers. As summarized by ISI Evercore economists, “In particular, price-sensitive consumers in nearly all quarters are buying only essentials, cutting back on quality and quantity, and shopping around for the best deals,” reinforcing the view of a two-speed economy in which spending is expected to slow for a significant proportion of households as policies remain restrictive.”
It’s not just low-income Americans who are feeling the hit of inflation. New Research According to a survey by the National Cost of Living Coalition, 65% of middle-class Americans (defined as those earning more than twice the federal poverty level) say they are struggling financially. Additionally, the majority of Americans earning less than 300% of the federal poverty level (less than $93,600 for a family of four) are struggling to manage their debt. Nearly half of Americans have no savings at all for major expenses.
This is not how Biden’s policies are supposed to work. Given the unprecedented surge in government spending in recent years, at levels typically reserved for national emergencies, it is understandable that average Americans would be stressed. The reason is inflation caused by the spending surge, which is driving up costs and leaving hourly workers behind.
To combat rising costs, Joe Biden I want to impose rent control. Targeting grocery stores “Price gouging.” Federal Reserve Bank of San Francisco survey expose The idea that corporations have made profits at the expense of consumers. And just about everyone with common sense believes that rent control will only make the housing shortage worse.
In the coming months, the Trump team will try to convince voters that their plan to improve working lives makes sense: They will push for low-cost regulation, lower taxes and an aggressive domestic energy development plan — all pillars of Trump’s term.
Real annual incomes rose under Trump but fell under Biden, and that says it all.
Liz Peake is a former partner at Wertheim & Company, a major Wall Street bracket investment firm.
