Chart Shows Change in Household Net Worth Under Biden Is on Par with Trump Years - But Adjusting for Inflation Undoes It All
If you feel more financially pinched under Joe Biden’s disastrous presidency than when former President Donald Trump was in office, you’re not alone.
When adjusted for inflation, American households’ net worth rose a mere 0.7 percent during Biden‘s first three years in office — a stark contrast to the 16 percent increase they enjoyed during Trump’s first three years, The Wall Street Journal reported last week.
The picture for Biden is far rosier — but grossly misleading — when inflation isn’t taken into account.
Unadjusted household net worth rose 19 percent during the president’s first three years, compared with the 23 percent spike seen in Trump’s first three years.
While the White House routinely insists American families and the economy are thriving under Biden, the reality is dismal.
Wow. This is brutal…
“Adjusted for inflation, household net worth was up just 0.7% through Biden’s first three years. It was up 16% through Trump’s first three years.” – @WSJ pic.twitter.com/dJiDttVSGz
— Geiger Capital (@Geiger_Capital) May 19, 2024
Today’s WSJ. This is the first time I’ve seen that bottom graph. pic.twitter.com/nRSel8FOAE
— Todd Zywicki (@ToddZywicki) May 19, 2024
Many Americans are struggling to pay their bills amid the inflation that has become emblematic of this presidency.
Two weeks ago, Biden lied when he falsely claimed inflation was 9 percent when his term began.
In reality, inflation was a mere 1.4 percent when Trump left office.
Biden repeats lie that inflation ‘was at 9% when I came in’ as president https://t.co/0HEFZqEOJo pic.twitter.com/PLSLKON58e
— New York Post (@nypost) May 15, 2024
By June 2022, inflation had surged to a 40-year high of 9.1 percent on Biden’s watch.
Essentially, Americans are struggling financially, and no amount of statistical massaging can change that.
This is bad news for Biden, as polls indicate that inflation is Americans’ No. 1 concern.
Indeed, two-thirds of Americans say the rising cost of living has hurt their financial situation, NPR reported Saturday, citing a study released by the Federal Reserve.
The reality is so grim that even Biden’s treasury secretary, Janet Yellen, concedes many Americans are struggling.
“The cost of living is a problem to a lot of people,” Yellen told the Financial Times on Thursday. “So I think this is a concern that people legitimately have.”
“They see it when they shop for food,” she said. “They see it in terms of rentals. With higher mortgage rates, it’s tough for young people who would like to buy a house to enter the market.”
Retirees can’t afford to stay retired in Crooked Joe Biden’s economy:
“The economy is not great — and the inflation costs are just unbelievable!”
“My pension through law enforcement is a very good pension … it’s just not enough under today’s current economy.” pic.twitter.com/0gYX8Sybun
— RNC Research (@RNCResearch) May 22, 2024
This is a telling admission from the nation’s top economic official, whose job is to ensure financial stability and promote American prosperity.
“Although wages have gone up significantly — and, at least on average, more than prices have gone up — there are substantial increases in prices that are important to people,” Yellen said.
“And it’s substantial increases in a relatively short period of time that are very noticeable to people,” she said.
Americans are buckling under severe economic pressures right now, which makes you wonder why Biden incentivizes mass illegal immigration and sends tens of billions of U.S. tax dollars to Ukraine and other nations.
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