Millions of Americans are struggling to afford the necessities of life: food, rent, insurance, car payments, etc. But if you’re one of them, you won’t get any understanding from the White House or your media vassals, who will tell you that your financial woes are all in your head.
As the MSNBC host said:Americans need “economic explainers” because “the public” is “confused” about their economic situation. In fact, she hilariously argues, they are “doing pretty well.”
That’s half of Americans struggling to pay their rent or mortgage, especially One-fifth of renters People who skip meals to maintain their current condition, 65 percent The percentage of Americans who say inflation has hurt their finances in the past year.
Similarly, when President Joe Biden was told in an interview that food prices had risen 30% in four years, he blithely denied it. “American families areMore money to spend. “ (RELATED: EJ Antoni: Biden’s favors to donors are like rubbing salt in the wound)
But that’s simply not true, and the Biden administration’s own data proves it: Under Biden’s administration, the average American worker’s weekly wages have risen by about 14%, which is lower than the general inflation rate of 20% and even lower than the 30% food inflation rate that Biden was asked about.
But that’s not the only lie. The president and his Chief Economic AdvisorJared Bernstein Falsely asserted plural interview Inflation was at 9% when Biden took office. Again, the administration’s own data refutes this claim.
When Biden took office, inflation was just 1.4%. When pressed on this fact, Bernstein came back with another lie: Inflation excluding food and energy prices was 9% in the second quarter of 2021.
Again, the Biden administration’s own data contradicts this. The “core” inflation referred to by Burstein is 3.7 percent Moreover, Biden took office in early Q1 2021, not Q2. Even the core inflation figures released by Bernstein at that time were 1.4 percent were referred to– the same as the overall inflation rate.
Bernstein doesn’t succumb to the facts and completely exonerates inflation, claiming that people are getting richer because their incomes are increasing. Faster ascent They’re rising faster than prices. Bernstein appears completely unaware of the statistics his colleagues compiled: Prices rose faster than average weekly wages in April, the most recent month for which data is available.
What a weekly paycheck can actually buy has fallen 4.4 percent since Biden took office, costing the typical American family thousands of dollars a year in lost purchasing power. Add in the added borrowing costs of today’s high interest rates and the financial pain adds up to thousands more. (RELATED: EJ ANTONI: Inflation will continue as long as people spend big money)
Their combined impact is equivalent to reducing the typical American family’s annual income by $8,100.
But when it comes to inflation and how Americans are suffering today, no number or statistic seems to be able to change the political elites’ minds. Never mind that the prices of common food items like eggs, bread, and peanut butter have gone up 35 percent under Biden, the suffering is all in your head.
The Biden administration and its media sycophants’ dismissal of the economic plight of the American people adds salt to the wound. Nothing is more elitist than telling working-class people that their problems are imaginary.
American families are unhappy with Biden economics not because of rhetoric, but because of reality: The wasteful policies of the current administration and its congressional allies have created a cost-of-living crisis, which is why millions of Americans are calling for a change of direction.
Like average weekly wages, the presidential poll numbers might be adjusted downwards for inflation.
EJ Antoni is a public finance economist, Richard F. Astor Fellow at the Heritage Foundation, and a senior fellow at the Commission to Unlock Prosperity.
The views and opinions expressed in this commentary are those of the author and do not necessarily reflect the official position of the Daily Caller News Foundation.
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