Bidenomics created disasters, including credit card defaults, inflation, and a plethora of part-time jobs. Not to mention that the majority of “new jobs” went to people born in foreign countries, both legal and illegal aliens. I have to wonder if Joe Biden really believes that his economic policies are great or whether he believes all voters are as easily fooled as Democratic voters. The truth is he is just as worthless as a milk bucket under a bull.
Biden never mentions this, but in all three of his years during his reign of error, inflation outstripped the growth in GDP, which is a strong indicator of a failing economy. Here are the gas prices under the last four presidents:
Democrats try to blame Trump for today’s high prices. But, in the last two years of the Trump presidency gas prices dropped from $2.81 to $2.69 to $2.26. In Biden’s first three years the price of gas under Biden are $3.10, $4.06, and $3.47. So, how is that Trump’s fault. And remember, Biden drained our Strategic Petroleum Reserve making the price of gas artificially lower than they would have been, not to mention that in case of war Biden is leading us into, we will not have a sufficient fuel supply for our military vehicles.
The reality is, both the average American and business owner perceive the economy as dismal and lack confidence in the future. Inflation is starting to heat up again. Under normal circumstances we would be in a recession. But Biden has moved the goalposts from where they have always been when the country experiences two consecutive quarters of negative growth. The new bar is when Republicans control the White House for two consecutive days.
VISIT OUR YOUTUBE CHANNELRegarding stagflation, it’s defined by rising prices and growing unemployment. In the strictest sense, the White House is correct that we haven’t reached that point yet. More jobs are being created each month. However, if you’re looking for a job, the difficulty in finding one is obvious. This is largely due to the fact that 70% of the new jobs being created are part-time, while about 20% are government jobs. Depending on one’s definition of “jobs,” an argument could be made that significant numbers of new full-time private sector jobs are not being created.
The truth is, the economy has been on shaky ground throughout Biden’s entire administration. The only thing preventing a complete collapse is government stimulus and government job expansion, both of which add to the deficit and debt, merely postponing the inevitable. And that inevitable end is fast approaching.
Several US municipalities have implemented excessively high minimum wages, reaching up to $20 an hour. As a result, retailers, fast food chains, and ride-hailing apps like Lyft and Uber are exiting these markets. Grocery stores are transitioning to self-checkout systems, while fast-food establishments are introducing order kiosks. Moreover, many CVS and Walgreens drugstores have significantly reduced their floor staff, in some instances to just one employee.
Under Bidenomics, we’ve witnessed a 46% increase in gas prices, with mortgage rates inching closer to 7%. Meanwhile, the demand for new mortgages is dwindling.
Real wages, adjusted for inflation, have dropped by an average of $371. The White House’s deception on this matter lies in presenting a chart of inflation that peaked in June 2022 and has since been declining, while wages have been on the rise. At first glance, it may seem that the worst of inflation is behind us and wages now surpass inflation. However, it’s crucial to remember that prices have not decreased.
The rate at which wages are increasing, at 5%, now exceeds the rate of price increases, at 3.2%. However, over the past four years, we’ve seen cumulative inflation of nearly 20%. So, whereas you once earned a dollar, you now earn $1.05, while goods that previously cost $1.00 now cost $1.20. As a result, your real wages, adjusted for inflation, have decreased.
Due to a decline in inflation-adjusted income, US savings rates have dropped to 3.6% from the pre-pandemic level of 6%. Credit card delinquencies and car loan defaults have reached record highs. Many Americans report borrowing money each month just to cover their cost of living.
Bidenomics is a disaster, and the White House is still considering cutting interest rates, which would cause inflation to skyrocket.
