OPINION: Bidenomics is a disaster, but president is still trying to run on it
If the economy is so strong, why aren't Americans feeling the love? Tracking polls still show two-thirds of Americans believing the country/economy are headed in"the wrong direction." Something just doesn't feel right. Here are some reasons why:
US President Joe Biden speaks about the economy at the International Union of Operating Engineers Local 77 facility in Accokeek, Maryland, on April 19, 2023. The White House is now pushing ‘Bidenomics.’ First and foremost, it has been the economic reality that for most families, in 22 of the last 25 months,Here's the trick that the Biden number crunchers are playing: The White House is touting the rise of nominal hourly earnings, i.e., wages before inflation, since Biden took office. That part of the story is true.
As in the 1970s with double-digit inflation, nominal wages rose, but families got financially crushed because prices were rising so much faster. Today, prices have risen even faster, so those larger incomes buy less. Average hourly earnings are up by $3 an hour before inflation, but down by a little more than $1 an hour in terms of purchasing power. Biden trumpets the latest reduction in gas prices at the pump — down from almost $5 a gallon this time last year.
That debt burden is expected to rise to $50 trillion in 10 years even though the White House and Congress are pretending that they cut the debt. Over just the last 12 months, federal borrowing exceeded $2 trillion. This isn't progress.
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