{"id":2251753,"date":"2024-05-23T23:09:01","date_gmt":"2024-05-24T03:09:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/people-are-right-to-blame-biden-for-their-economic-woes\/"},"modified":"2024-05-23T23:15:53","modified_gmt":"2024-05-24T03:15:53","slug":"people-are-right-to-blame-biden-for-their-economic-woes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/people-are-right-to-blame-biden-for-their-economic-woes\/","title":{"rendered":"People rightly hold Biden accountable for their financial struggles"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><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%2Fpeople-are-right-to-blame-biden-for-their-economic-woes%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=2251753&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--><p>Summary:<\/p>\n<p>President Joe \u2064Biden transitions away from &#8220;Bidenomics&#8221; amidst \u2064declining\u2063 popularity. The \u200cWhite House \u2063endeavors to reshape negative economic\u200d perceptions, focusing on combating \u200cinflation by addressing corporate price practices. Despite blaming \u2064his predecessor and external factors, voters \u2064attribute economic woes to Biden. Comparisons reveal stagnant <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/record-number-of-americans-are-quitting-jobs\/\" title=\"Record number of Americans are quitting jobs\">real average weekly earnings<\/a> under Biden&#8217;s tenure, \u200breflecting\u200d concerns over economic management and inflation impacts\u200d on everyday expenses.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/joe-biden\/\" target=\"_blank\" rel=\"noopener\" title>Joe Biden<\/a> retired his \u201c<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/bidenomics\" target=\"_blank\" rel=\"noopener\" title>Bidenomics<\/a>\u201d brand as his popularity plummets, but the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/white-house\/\" target=\"_blank\" rel=\"noopener\" title>White House<\/a> continues its breathless attempts to reshape voters\u2019 abysmal perceptions of the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/economy\/\" target=\"_blank\" rel=\"noopener\" title>economy<\/a>.<\/p>\n<p>In a few sentences in a memo to the press, <a href=\"https:\/\/www.washingtonexaminer.com\/section\/news\/white-house\/\" target=\"_blank\" rel=\"noopener\" title>White House<\/a> senior deputy press secretary Andrew Bates said that the president is fighting <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/inflation\/\" target=\"_blank\" rel=\"noopener\" title>inflation<\/a> by \u201cstanding up to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-raises-cost-of-domestic-oil-production-with-new-order-on-federal-leases\/\" title=\"Biden Raises Cost Of Domestic Oil Production With New Order On Federal Leases\">corporate price gouging<\/a>,\u201d that inflation is still persisting <em>because<\/em> these major corporations \u201covercharge the American people,\u201d and that inflation is actually <em>not<\/em> still persisting and instead is \u201cfalling.\u201d<\/p>\n<p>And the White House\u2019s second favorite scapegoat? Former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\/\" target=\"_blank\" rel=\"noopener\" title>Donald Trump<\/a>, of course, whom Biden again blamed when he oddly repeated the lie twice that he inherited a 9% inflation rate upon taking office in January 2021, when the inflation rate was actually well below the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/federal-reserve\/\" target=\"_blank\" rel=\"noopener\" title>Federal Reserve<\/a>\u2018s maximum target of 2%.<\/p>\n<p>But despite the blame game, voters still hold Biden responsible. While the 56% of Americans polled by the<em> Guardian<\/em> who believe our economy is undergoing a <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/recession\/\" target=\"_blank\" rel=\"noopener\" title>recession <\/a>are wrong, the 58% who blame Biden\u2019s mismanagement for our worsening economy are correct. Even if one accounts for the aberration of the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/coronavirus\/\" target=\"_blank\" rel=\"noopener\" title>2020 pandemic<\/a>, by nearly every objective metric one can conjure, the personal financial situations of average people have worsened or stagnated under Biden, especially when compared to the prosperity generated by his predecessor.<\/p>\n<p>Earlier this month, Greg Ip at the <em>Wall Street Journal<\/em> went viral for <a href=\"https:\/\/www.wsj.com\/economy\/stock-market-performance-biden-trump-charts-1a83371b\" target=\"_blank\" rel=\"noopener\" title>demonstrating<\/a> that whereas real household net worth rose by close to 20% in nominal terms during the first three years of Biden\u2019s and Trump\u2019s presidencies, the picture changes once adjusted for inflation. Real net worth rose 15% by the end of Trump\u2019s third year in office, while it grew not at all under Biden. We all know inflation is the universal tax that incinerates gains in growth, but worse for Biden\u2019s <a href=\"https:\/\/www.washingtonexaminer.com\/news\/3010840\/liberals-sound-alarm-biden-losing\/\" target=\"_blank\" rel=\"noopener\" title>flailing reelection odds<\/a> is how regressive the effect is on a per capita basis.<\/p>\n<p>Rather than considering aggregate household net worths, let us compare individual paychecks. Over four years of Trump\u2019s presidency, real average weekly earnings, a useful measure because it encompasses time worked and the rate of pay, increased by 8.9%. In under 3 1\/2 years of Biden\u2019s presidency, real average weekly earnings have fallen by 4.7%.<\/p>\n<p>These numbers are more damning than the real household net worth comparison, but they are also more meaningful. Whereas household net worth reflects our still-robust equity markets that bolster the investment portfolios and retirement accounts of the roughly three-fifths of the country with money to spare in the stock market, it doesn\u2019t reflect the share of the country that still lives paycheck to paycheck. And while the stock market has outpaced Biden\u2019s debasement of the currency, average wages clearly haven\u2019t.<\/p>\n<p>Inflation is also regressive in terms of the goods most affected. For example, per the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/manchin-every-senator-thinks-minimum-wage-should-be-increased\/\" title=\"Manchin: Every Senator Thinks Minimum Wage Should Be Increased\">consumer price index<\/a> for all goods and services, overall prices have risen by 19% since Biden took office. But food prices have risen 21% and energy prices another 38%. The price of rent of primary residence, what renters report paying to the Bureau of Labor Statistics, has also risen 21%. Considering that housing, shelter, and energy comprise a much larger share of the budgets of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thatll-do-it-treasury-sec-yellen-asks-irs-to-please-not-increase-audits-on-the-middle-class\/\" title=\"That'll Do It: Treasury Sec Yellen Asks IRS to Please Not Increase Audits on the Middle Class\">lower-income earners<\/a> than the wealthy, the effective inflation rate experienced is likely higher as you move down the income gradation.<\/p>\n<p>The latest analysis from the nonpartisan Congressional Budget Office <a href=\"https:\/\/www.cbo.gov\/publication\/60267\" target=\"_blank\" rel=\"noopener\" title>confirms<\/a> as much, comparing the price of the same bundle of goods across the CPI from 2020 through 2023. While the bundles are the same over time, the CBO varies them at the start to reflect the average spending habits of five different income quintiles. Energy and food comprise a larger share for the lower-earning quintiles than those earning more. Whereas the bundle for the highest quintile of earners rose by 4.4%, the bundle for the lowest-earning rose by 4.7%. The middle quintile\u2019s bundle rose by 4.5%, resulting in an average annual $3,000 loss of purchasing power.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>The federal government\u2019s COVID-era spending spree is no longer softening the blow of such high prices, either. Biden inherited a 20% personal savings rate as a percentage of disposable income when he took office, but that figure has dwindled to 3.6% as savings and paychecks prove less capable of covering rising prices. Compare that to the personal savings rate as a percentage of disposable income that nearly doubled from the time Trump took office to 9.1%. (The government\u2019s decision to line our coffers with numerous needless stimulus checks obviously shot this figure to the double digits that Biden inherited, but Trump ought not to be rewarded for his fiscal irresponsibility in 2020 when his pre-pandemic economy was good on its own.)<\/p>\n<p>Maybe the average household with savings to spare in the stock market isn\u2019t poorer as a result of Biden\u2019s presidency, but nearly four years in, it isn\u2019t any wealthier. For the least privileged earners reliant on paychecks and fixed incomes, Bidenomics has indeed made them poorer. That\u2019s why they\u2019re rightly hammering him in the polls.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As President Joe Biden phases out &#8220;Bidenomics&#8221; amid declining popularity, the White House relentlessly strives to alter voters&#8217; grim economic views. Senior Deputy Press Secretary Andrew Bates emphasized in a memo that the president is combating inflation by taking a firm stance<\/p>\n","protected":false},"author":2693,"featured_media":2251754,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/05\/AP24144642759969.jpg.optimal.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2251753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/05\/AP24144642759969.jpg.optimal.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2251753","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\/2693"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2251753"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2251753\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2251754"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2251753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2251753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2251753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}