{"id":2162659,"date":"2024-01-30T03:46:02","date_gmt":"2024-01-30T08:46:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-is-so-bad-its-a-punchline-but-americans-arent-laughing\/"},"modified":"2024-01-30T03:53:50","modified_gmt":"2024-01-30T08:53:50","slug":"bidenomics-is-so-bad-its-a-punchline-but-americans-arent-laughing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-is-so-bad-its-a-punchline-but-americans-arent-laughing\/","title":{"rendered":"Bidenomics&#8217; is a laughable punchline, but Americans aren&#8217;t amused"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidenomics-is-so-bad-its-a-punchline-but-americans-arent-laughing%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2162659&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"article-content\">\n<blockquote>\n<p>Last week, in \u200ca\u2063 campaign stop \u200dat \u200ca\u200b Pennsylvania coffee shop, President \u2064Biden seemed shocked at \u2063the $6.00 price \u2063of \u2064his smoothie. When asked if the president was out of \u2064touch with the economic issues \u2064facing Americans, White House \u200bPress Secretary Karine Jean-Pierre tried to \u2063dodge the\u2063 question. Finally, she\u2064 answered by explaining that President Biden was just \u201cjoking around.\u201d<\/p>\n<p>That made it official. \u201cBidenomics\u201d\u2064 had gone from \u200bfailure to \u200bpunchline.<\/p>\n<\/blockquote>\n<p>Now that the 2024 election approaches, Biden and his allies \u200dare \u2062panicky. They say <em>you<\/em> are wrong\u200b and economic times\u200d are \u2063great.\u200c You\u2064 should stop \u2064complaining and thank them for what they\u2019ve done for (to) you.<\/p>\n<p>Blaming the\u200c victim will not save Biden. Here is why.<\/p>\n<h2>Your Money Is Worth Less and Less<\/h2>\n<p>In 2019, before Democrats (primarily) \u200dclosed\u2064 the schools and \u2062economy, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/poll-shows-growing-democratic-opposition-to-cheap-labor-migration\/\" title=\"Poll Shows Growing Democratic Opposition to Cheap Labor Migration\">median household income<\/a> in the United States \u2063was $78,250. Under Biden, real median\u200c household\u2062 income dropped to $74,580. And\u2063 you can\u2019t blame \u200bCovid. \u2063Between 2021 and 2022 (after the pandemic \u2064ended), <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/falling-household-income-numbers-show-how-bidenflation-has-hit-americans-wallets\/\" title=\"Declining household income reveals the impact of 'Bidenflation' on Americans' finances.\">median household income dropped<\/a> under Biden by\u200d 2.3 percent, \u2063and median household income after taxes dropped by 8.8 \u200cpercent. <em>People know when\u2064 they\u2064 bring home less \u200bmoney<\/em>.<\/p>\n<p>Under\u2064 Biden, cumulative annual average inflation is nearly 20 percent. For every dollar you had in 2020, you now \u2064have only about \u200d80 cents. During Trump\u2019s presidency, cumulative inflation totaled a\u200b near-perfect 7.9 percent. I say \u201cnear perfect\u201d \u200cbecause the Fed\u2019s target \u200brate over \u2062that period would be about 8.2 percent (2 \u2063percent each year), since some inflation is better than the risk of deflation.<\/p>\n<p>And this comparison is not\u2063 fair to\u2062 Trump because his figure includes four years of inflation whereas Biden\u2019s includes only three. Incredibly,\u2062 Biden demands <em>praise<\/em> \u200d for \u201creducing\u201d inflation to its current\u2063 3.4 percent rate. Yet Biden\u2019s best \u2063year is 48 percent worse than Trump\u2019s worst year \u200band 70 percent worse than \u200bthe Fed\u2019s target. \u2064When your best \u200cis bad, that\u2019s not good.<em> People know when they \u2064pay much more\u2064 for much less<\/em>.<\/p>\n<h2>Your Savings \u200dAre Beyond Saving<\/h2>\n<p>Not only are your dollars worth less, but you also \u200chave less of them. Before Covid, personal savings in the U.S. reached $1.447 trillion. By \u200cyear-end\u200d 2022, \u200dthat figure dropped\u2064 to $686\u200c billion. You\u200c say, of course, savings were depleted; the\u2063 economy was closed during Covid. In actuality, savings in the U.S. increased\u2062 to $2.99 trillion during Covid.\u200b That\u2019s what makes the depletion \u2064of savings under Biden so \u200cstaggering\u2064 \u2014 savings dropped from $2.99 trillion to $686 billion during Biden\u2019s so-called \u201crecovery.\u201d\u200b <em>People\u2062 know when they exhaust their\u200c savings accounts<\/em>.<\/p>\n<p>Before Covid, retirement assets for \u2062Americans totaled nearly $41 trillion. Retirement assets dropped\u2063 to $37.8 trillion in \u20632022 and\u200b to \u2062$35.7\u200d trillion by third quarter 2023. Again\u200b you\u200d ask, Covid? Not \u2062so. American retirement assets actually peaked at $44 trillion during Covid. \u2063It was\u200c the Bidenomics \u201crecovery\u201d that caused retirement \u2063assets to drop substantially. <em>People know when they \u200bdeplete their retirement accounts<\/em>.<\/p>\n<h2>Americans Are Deep\u200b In Debt \u2064and Poverty<\/h2>\n<p>Under \u200d\u201cBidenomics,\u201d \u200dcredit card debt has soared. \u2062In the third quarter of 2023,\u2064 American credit card\u2063 debt increased an astonishing 16.6 percent year-over-year. Again, you\u200c can\u2019t blame Covid because this increase occurred after Covid \u2064under the Bidenomics\u200b \u201crecovery.\u201d Not\u2062 only do you have more debt, but you pay \u200bhigher interest rates on that debt. According to WalletHub, \u200dthe average\u200c credit card interest rate\u200d when Biden took office was about 14.7 \u2063percent. By November 2023, \u2064that rate rose to 21.47 percent.<\/p>\n<p>When Biden \u2064took office, the average interest rate for\u200c an\u200b auto \u200bloan was 4.56 percent, and the average\u2063 home loan was just over 3 \u2064percent. By the end of August 2023, the\u200b auto rate rose to 7.4 percent, and the home loan\u2064 rate had more \u2063than\u2063 doubled. If you could afford a $500,000 \u200dhouse under Trump, you \u2062can only afford a\u200c $325,000 \u2064house under Biden. <em>People know\u200d when they cannot afford a home and \u200bwhen they pay high interest rates for \u2064credit<\/em>.<\/p>\n<p>\u201cBidenomics\u201d\u2062 increased \u200cthe \u200bfederal debt to $34 trillion. Paying interest on\u200c the \u2062debt in 2023 cost the\u2064 American people $659\u2063 billion. This \u200brepresents close to 25 percent of all 2023 federal income tax receipts.\u2062 One \u200dout of every four of <em>your<\/em> 2023\u2064 income \u200dtax dollars paid\u200c for \u2026\u200c nothing. If the federal\u2063 government confiscated all personal savings from every American, it might cover \u200dnext year\u2019s interest\u200c payment on\u2064 the debt. Then again, it might not. This\u200b interest figure \u2062has nearly doubled since\u2062 Biden took\u2064 office. Under Biden, paying \u2064interest \u200cis the\u2064 government\u2019s fourth largest spending \u201cprogram.\u201d<\/p>\n<p>Not only has Bidenomics \u2064created \u2062more\u2064 federal \u200cdebt, \u200bbut it has also raised the interest rates that taxpayers must pay to service \u200cthat debt. Bidenomics has caused interest rates \u200dto increase for everything, \u2062including\u2063 government\u2063 debt.\u2063 The interest paid now is weighted in favor of pre-Bidenomics, low-interest government debt.\u200c In future years, interest \u200bpayments will be weighted more heavily in favor of high-interest\u200d Bidenomics \u200ddebt. <em>People \u2064know they, their\u200d children, and their\u2062 grandchildren will have to\u200c pay these outrageous bills.<\/em><\/p>\n<p>Add to this list that in 2022, the supplemental poverty and supplemental\u2064 child poverty rates increased by \u206459 percent and 138 percent, respectively, and\u2063 that \u2064under Biden the number of homeless Americans has reached\u2064 its highest level since HUD started keeping the\u2062 figure.<\/p>\n<h2>The Economy Is Not Growing<\/h2>\n<p>Biden points to \u200b\u201clow\u201d unemployment \u200cand GDP \u201cgrowth\u201d as evidence of success. But those characterizations are misleading. Before Covid, the unemployment \u200crate was 3.5 percent. Now it is 3.7 percent \u200c\u2014 which is not \u201clow\u201d compared\u200d to the pre-pandemic rate. Furthermore, \u2062the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ny-post-editorial-board-why-america-seems-destined-for-stagflation\/\" title=\"NY Post Editorial Board: Why America Seems Destined for Stagflation\">labor-force participation rate<\/a> under Biden was a\u200b paltry 62.5 percent\u2063 as of December 2023, nearly a full\u2063 point below pre-Covid labor participation. This means a smaller percentage of Americans are working under Biden \u200bthan pre-Covid,\u2062 regardless of the unemployment rate.<\/p>\n<p>Biden\u2019s \u201cjob creation\u201d\u200b claims likewise\u2062 are \u200ddeceptive. In \u200cJuly 2023, 161.26 million Americans were employed. By December 2023, that number \u2062dropped \u2062to 161.18 million. Yet during \u2063this \u200dsame period, the Labor Department reported that \u200bthe \u200deconomy added \u200dmore\u2063 than 1 million jobs.\u2064 You ask, how can \u200cthis be? It\u2019s\u200c simple, these two statistics measure different things.<\/p>\n<p>The\u2063 first measures \u2064the number of people employed. The second measures the number of \u2062jobs \u2062people are working. The two numbers reconcile in \u2064the following way: More people are having to work\u200c more than one job. Under Biden, the number of people working multiple jobs has been on the increase since the spring of\u200c 2020.\u2063 For many Americans,\u2063 \u201cBidenomics\u201d is\u2064 a \u200dsentence to hard labor. \u2062 <em>People know when they have to work harder to feed their families<\/em>.<\/p>\n<p>Biden faces similar problems with\u200b his\u2062 economic \u201cgrowth\u201d argument. During Covid,\u2063 Democrats (primarily) closed down large portions of\u200d the\u200c economy. Of course, GDP\u200c was \u200cgoing to\u200c grow once \u200dthe \u2064economy reopened. There would have\u2064 been GDP growth had\u200b we put The Three Stooges\u200b in charge. But by going from substantially closed to completely open, the economy should have\u200b grown robustly. In fact, average GDP growth during\u200c Biden\u2019s term will \u200cbe less\u200d than \u2064the historical U.S. average since 1950. Moreover, much of \u200bthis \u201cgrowth\u201d has been sustained by\u2062 the depletion of savings and \u2062retirement assets, increased consumer borrowing, and outlandish government deficit spending. Decreased savings and increased\u2064 borrowing\u2064 suggest \u200bhigh \u200bnear-term consumption \u200d <em>at the \u200cexpense\u200c of steady, long-term consumption<\/em>.\u2064 It\u2064 is \u200ba form of GDP \u201cchannel stuffing.\u201d<\/p>\n<p>Yet the bigger \u200cproblem for Biden and his allies is \u200dtheir comical obliviousness to the\u200c deeply personal\u2064 pain Bidenomics\u2064 has inflicted on Americans to \u201cachieve\u201d Biden\u2019s so-called \u201cresults.\u201d That \u200dpain includes earnings losses, massive inflation, depletion of savings and\u200c retirement assets, excessive debt, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hawley-gets-pushback-from-banking-groups-for-bill-to-cap-credit-card-rates-at-18\/\" title=\"Banking groups oppose Hawley's bill to limit credit card rates at 18%.\">exorbitant interest rates<\/a>, harder\u2062 work, increased poverty, and out-of<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republicans-ask-for-spending-cuts-as-congress-prepares-for-debt-ceiling-battle\/\" title=\"Republicans Ask For Spending Cuts As Congress Prepares For Debt Ceiling Battle\">-control government spending<\/a>. <em>People \u200dknow when their lives\u200b are worse\u200b and \u200ctheir futures look bleak, \u200cno matter how many times Biden claims otherwise<\/em>.<\/p>\n<p>\u201cBidenomics\u201d has attained\u200d punchline status. Unfortunately for most Americans, it is gallows \u200chumor.<\/p>\n<\/div>\n<hr class=\"wp-block-separator\"> <\/p>\n<h2> What is\u2064 the impact of the Biden administration on\u200b employment rates?<\/h2>\n<p><span>  People \u200bwho \u2062are employed, while the second measures the total number of\u2064 jobs created.\u2063 So, while the economy may have added jobs, the number of employed individuals \u2063actually\u200c decreased. This is indicative of a shrinking workforce and stagnant job growth under Biden.<\/p>\n<p>As for GDP growth, Biden likes to\u2062 boast about the high numbers. But again, this is misleading. The GDP \u2063growth experienced under Biden is\u200c largely\u200b a result of inflation \u2063and government spending, rather than actual economic productivity. In fact, the economy \u2063has not fully recovered from the effects of the\u200c pandemic, and many \u200dindustries are still struggling to bounce \u200bback.<\/p>\n<p>In conclusion, Bidenomics \u2063has failed to deliver on its promises of economic\u2064 prosperity. Instead, it has resulted \u200cin decreased household income, depleted savings, increased debt, and a stagnant economy. The American people are feeling the impact \u2063of Biden&#8217;s\u200d policies in \u2062their wallets and bank accounts. They \u2064know when they have less money, when their savings are diminishing, and when they\u200c are drowning in debt. They know that the economy is not growing, despite\u200d the misleading\u2064 employment and GDP numbers touted by the administration.<\/p>\n<p>As we\u2062 approach the 2024 election, it is important for voters to consider these facts and evaluate whether Biden has truly \u2063improved their economic well-being. It is clear that the answer \u200cis no. Bidenomics has been a failure, and it is\u2064 time\u200b for a\u2063 change in\u2063 economic policy \u200dthat prioritizes the needs and interests of the\u2063 American people.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Biden appeared surprised by the $6.00 cost of his smoothie during a recent campaign visit to a Pennsylvania coffee shop. When questioned about his disconnect from economic concerns, White House Press Secretary Karine Jean-Pierre initially evaded the query. Eventually, she responded by clarifying that the president&#8217;s reaction was due to his genuine surprise<\/p>\n","protected":false},"author":2785,"featured_media":2162660,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[546],"tags":[],"class_list":["post-2162659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2162659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2785"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2162659"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2162659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2162660"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2162659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2162659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2162659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}