Bidenomics: You're Poorer Than Yesterday & You're Welcome.
When Biden and Harris were on the campaign trail, er, basement, in 2020 stating they wanted to 'grow the middle class', we should have taken them seriously.
President Biden famously stated he wanted to “grow the economy from the middle out and bottom up.” To me, those words were scary and not talked about enough. That is not building wealth and increasing incomes. That is wealth redistribution from the middle down and capping growth.
Sadly, he has been successful.
President Biden and his Democrat surrogates have been making the rounds recently to promote the ‘wonders’ of Bidenomics. They are taking a play from Nazi Minister of Propaganda Joesph Goebbels, if you repeat a lie enough, and with the force of the State, it eventually becomes the truth.
Fortunately, Americans aren’t buying this load of malarkey. Recent polls show most Americans—even most Democrats—do not approve of Biden’s handling of the economy and inflation. They even believe they were—wait for it—better off financially under the Bad Orange Man.
Unfortunately for Biden and Co., Census Bureau data from yesterday confirms what all of us feel in our pocketbooks: we don’t think we are poorer, we are, a lot.
Households making $74,580, inflation-adjusted, have lost $3,670 in real purchasing power compared to 2019. Households making $94,000-$153,000 have lost twice that. Real incomes at every decile are lower and income inequality is greater. Earners with college degrees saw the largest decrease of after-tax real income of $9,860.
I’ve run the numbers myself, the inflation data they present to us aren’t correct. And it truly does not take running the data yourself to know the government is lying to you.
When we go to the pump one week and gas is $3.00. Then, a month later, it is $4.50, a 50% increase. The government will tell you gas inflation was only 10%. Thus, I would take the Census data with a grain of salt—were worse off than they want to admit.
The only way things will get better is with some policies mirroring Reaganomics. Hopefully, in 2024, this is the election people vote with their pocket books.