After 40 years of “trickle-down economics,” President Joe Biden says, “Bidenomics is just another way of restoring the American Dream.”
Really?
It’s not often that a politician openly pledges to bring the country back to a time of crippling inflation, high energy prices, and stifling interest rates. But this president is doing his best to keep that promise.
We have been experiencing the most painful inflation crisis since the Jimmy Carter era, more than 60 percent of Americans are living paycheck to paycheck, the U.S. actually lost 585,000 full-time jobs last month, consumers now owe more than a trillion dollars on their credit cards, the housing bubble has started to burst, and the most dramatic commercial real estate crisis in U.S. history has begun. And Biden still pontificates like everything is under control. Hilarious.
Needless to say, the American people are fed up. According to a brand new Reuters/Ipsos survey that was just released, a whopping 73 percent of all Americans believe that the economy is in worse condition than it was five years ago…Overall, nearly half, 49 percent, of Americans view inflation as the most important issue facing the country. A majority, 64 percent, also believe the economy is worse off than it was in 2020, when the coronavirus took a grip, forcing businesses to close.
Those are horrible numbers Joe.
So do you actually have a plan to turn things around if you win a second term, or should we just expect more of the same?
The latest inflation numbers just came out, and we are being told that the annual rate of inflation has gone up to 3.2 percent….But if the rate of inflation was still calculated the way that it was back in 1980, the annual rate of inflation would be well into double digits right now.
U.S. households are being squeezed financially like never before, and most of them are just barely scraping by from month to month…And right now, only 46 percent of Americans say they could cover an unexpected $400 bill without taking on debt….
Sadly, our problems appear to be accelerating. The housing bubble is bursting thanks to the Federal Reserve’s relentless rate hikes. The average interest rate on 30-year fixed-rate mortgages with conforming balances jumped to 7.09%, from 6.93% in the prior reporting week, the third highest since January 2002 according to data from the Mortgage Bankers Association today.
So what are you going to do Joe?
Do you have a way to pull us out of this mess?
Of course if you actually had a plan to save the economy you would have implemented it already.
It would be wonderful if you would take responsibility for your part in creating this giant mess, but I am sure that you will continue to insist that all of our problems are somebody else’s fault and that you need to be reelected.
It is a fact that Biden was given more economic headroom than any president in history—and blew it. That’s the real legacy of “Bidenomics.”