Looks like “Bidenomics” isn’t working out so well after all.
In fact, the disaster of Bidenomics has become so acute that even liberal media outlets are finally reporting some actual facts, rather than quasi-propaganda.
A recent CBS headline depicted a hardly flattering portrayal of the American economy, as evidenced by its title: “Americans need an extra $11,400 today just to afford the basics.”
You don’t say.
“The typical American household must spend an additional $11,434 annually just to maintain the same standard of living they enjoyed in January of 2021, right before inflation soared to 40-year highs, according to a recent analysis of government data,” CBS reported.
So, in other words, the average American saved more than $11,000 per year under the tenure of the Trump administration, at least relative to what they have to expend today.
Of course, with CBS being CBS, the news report attempted to bolster the Biden administration by grasping at straws.
“Although inflation is cooling, many consumers may not be feeling much relief because most prices aren’t declining… Consumers are still paying more, albeit at a slower pace, on top of the higher prices that were locked in when price hikes surged in 2022 and earlier this year,” the report continued.
Official data for inflation may reveal the downward economic trend to be “cooling,” but such cooling is hardly evident to increasingly cash-strapped customers.
Especially when Biden is about to make millions of taxpayers pay for irresponsible woke college students’ debt, as he’s already started to do, just in time for the new year.
The report also claimed that American consumers are apparently helping the economy grow “briskly,” though such growth may obviously be undercut by elevated taxation and inflation.
“Shrugging off higher interest rates, America’s consumers spent enough to help drive the economy to a brisk 5.2% annual pace from July through September, the Bureau of Economic Analysis reported Wednesday in an upgrade from its previous estimate. The government had previously estimated that the economy grew at a 4.9% annual rate last quarter,” the report added.
Needless to say, economic times were a tad better under Trump, and it is doubtful that any real economist would be advocating Bidenomics.
Little wonder that Biden’s speechwriters have shied away from the term “Bidenomics” in the wake of the disastrous policy’s very real effect on American citizens.
Rather hilariously, NBC News recently announced that the term “Bidenomics” was “nowhere to be found” in Biden’s recent speeches.
This absence is even more striking when considering Biden’s frequent boasts about his so-called economic performance earlier in the year.
Then again, with a record number of Americans disapproving of Biden’s economic performance, it comes as no surprise that Biden has backed off from Bidenomics as abruptly as Kamala Harris backed away from the border crisis.
Author: Ofelia Thornton