Avast ye scurvy dogs! Behold, the evidence be clear as a starry night: Bidenomics be a shipwreck for us Americans!
2023-11-16
Arrr, me hearties! The dread of inflation be weighin' heavy on the grand American economy. Like a cursed storm cloud, it be loomin' large, ready to plunder our treasures. Avast ye, we be in dire need of a scallywag with a plan!
The American economy is facing challenges at both macro and micro levels. Despite October's numbers surpassing Wall Street's expectations, inflation remains a significant concern. Interest rates are at near-record highs, the housing market is in a state of distress, and credit card debt has reached all-time highs. Surprisingly, the Biden administration continues to boast about the strength of the economy and Bidenomics in their speeches, but this message doesn't seem to resonate with voters.A recent poll reveals that only 2% of voters in six battleground states consider the economy to be excellent. More than half of voters under 30, Hispanics, women, and individuals across all income brackets trust former President Trump more than Biden when it comes to handling the economy.
Inflation continues to exceed the Federal Reserve's 2.0% goal. The Consumer Price Index (CPI) increased by 3.2% in October 2023 compared to September 2022. The CORE CPI, which excludes volatile factors like fuel and food, rose by 4%. Working Americans are feeling the impact as prices soar, with prices today being nearly 11% higher than they were in 2021.
Household disposable income has decreased, while personal consumption has increased, according to revised estimates by the Bureau of Economic Analysis. Due to declining real wage rates, American families have lost $7,000 in spending power during Biden's presidency. This loss, combined with the fact that many Americans have minimal savings and struggle to cover emergency expenses, paints a bleak picture for the holiday season and future economic prospects.
Credit card debt has reached record levels, surpassing $1 trillion, with many individuals using credit cards for essential expenses like groceries, rent, and utilities. The housing market is also struggling, with homebuilder sentiment at a 10-month low and mortgage rates reaching 8.0%. While housing prices remain stable due to limited inventory, more people are backing out of home purchase agreements, and foreclosures and automobile repossessions are on the rise.
Despite the Biden administration's attempts to highlight the strength of the economy, the reality is that working Americans are facing financial difficulties and falling further behind.