Bidenomics in Action: US Household Incomes Tumble for the Third Straight Year
President Joe Biden and his administration are spending a lot of time touting the supposed “success” of Joe’s “Bidenomics” economy ahead of the 2024 campaign season, meanwhile, the actual economic numbers seem to show that the exact opposite is true. Bidenomics is putting a serious hurt on Americans.
The latest blow to Biden’s claim that his economic policies are helping Americans get ahead comes from the U.S. Census Bureau which finds that American household income has fallen for the third straight year and the cost of living has soared with the highest inflation rate in forty years.
Census Bureau data reported on Tuesday shows that the U.S. real median household income fell by 2.3 percent to $74,580 in 2022, down from $76,330 in 2021. Inflation also rose 7.8 percent, the highest annual rise since 1981, Fox News reported.
“Despite the drop in income, the official poverty rate was not statistically different in 2022 than the year before, at 11.5%, with 37.9 million Americans living in poverty, according to the report. However, the Supplemental Poverty Measure (SPM) rate, which accounts for participation in government programs, doubled from 5.2% in 2021 to 12.4% in 2022,” Fox added.
The data reveals that in the era of Bidenomics, more Americans took on full-time work last year, up 3.4 percent over 2021. The Bureau also found that more women are working full-time than ever. In 2022, 65 percent of women were working a full-time job, the highest rate ever recorded, which shows that more women than ever are being taken out of the home.
This would tend to show that Biden’s economy is so bad, more women are being forced into full-time work for families to make ends meet.
Wage growth also did not come anywhere near keeping up with inflation. Wages grew at a rate of 6.4 percent last year, but with inflation topping out at 9.1 percent, that means workers actually lost money even if they did get a raise.
On top of that, wage growth hit a wall in the early part of 2023. According to economists, Fox said, we will be lucky if wage growth amounts to four percent this year.
None of this sounds anything like “Bidenomics is working,” as Joe and the cohorts in his regime are claiming.
Even Vice President Kamal Harris briefly admitted that Bidenomics is not improving the lives of Americans when she noted in July that many Americans can’t afford a $400 emergency expense.
In June, former Reagan advisor Larry Kudlow destroyed Biden’s claim that Bidenomics is working for Americans.
In a speech in Chicago, Biden said, “I knew we couldn’t go back to the same failed policies when I ran, so I came into office determined to change the economic direction of this country, to move from trickle-down economics to what everyone on Wall Street Journal and Financial Times began to call ‘Bidenomics.'”
“And guess what? Bidenomics is working,” he exclaimed. “When I took office, the pandemic was raging and our economy was reeling, supply chains were broken, millions of people unemployed, hundreds of thousands of small businesses on the verge of closing after so many had already closed — literally, hundreds of thousands on the verge of closing.
“Today, the U.S. has the highest economic growth rate, leading the world economies since the pandemic. The highest in the world,” Biden insisted.
But the real numbers are not so rosy, Kudlow said. “After Joe Biden’s $2 trillion American Rescue Plan, which was his landmark policy, a 6.5 percent economy delivered by Donald Trump sputtered to a 1 percent growth rate in Biden’s first full year, 2022 and early 2023,” Kudlow retorted on his show at the time.
“And after Trump hand-delivered a 1.4 percent inflation rate, under Bidenomics, it soared to a 9 percent inflation rate, which destroyed family affordability and worker income,” the Fox Business Network host added.
“Reagan healed the sick and Biden has infected the healthy,” Kudlow concluded.
Kudlow and Biden’s critics are right. Biden’s disastrous Inflation Reduction Act and his so-called “Bidenomics” plans have made all of us poorer, is driving up expenses for the lower and middle classes, and has stymied economic growth.
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