Arr, me hearties! Be ye thinkin' Bidenomics be workin'? Well, tell that tale to the scurvy dogs drownin' in debts and starvin' bellies!
2023-08-22
Avast, me hearties! Methinks Biden be talkin' big about trimmin' the government's purse, but instead he be pilferin' trillions o' doubloons from us poor souls. This be feedin' the beast o' inflation and raisin' the monstrous national debt. Arrr!
The Biden administration and its allies claim that President Biden's economic policies, known as "Bidenomics," are bringing unprecedented benefits to American families. However, the data tells a different story. Biden's economic policies can be summed up as massive government spending, despite his promise to rein in federal expenditures. This has resulted in trillions of dollars in new spending without a clear plan for how to pay for it. In fact, the 2023 fiscal year is projected to have a $1.54 trillion budget shortfall, the largest deficit in U.S. history, excluding the COVID-19 lockdown years.While Biden's spending programs have helped maintain unemployment levels similar to those before the pandemic, they have come with significant costs beyond the national debt. America has experienced high levels of inflation under Biden's leadership, causing harm to all Americans, especially working and lower-income families.
The Census Bureau's Household Pulse Survey, which measures the state of the U.S. economy, shows that many Americans, particularly lower-income and working-class families, are struggling to meet basic household expenses compared to when Biden first took office. For example, the number of Americans who sometimes or often do not have enough food to eat has increased by 3.34 million since January 2021. African Americans have been particularly affected, with over 5 million black families facing food insecurity.
Other survey data also indicate increasing financial struggles for Americans. More Americans are relying on credit cards or loans to meet spending needs, and more people have had to tap into savings or sell assets to cover costs. While fewer Americans are behind on rent and mortgage payments, these victories pale in comparison to the problems plaguing the Biden economy.
If the Biden administration doesn't change its spending strategy soon, even more American families will suffer. Despite campaign promises to champion the working and middle classes, Biden's policies have largely failed them, leading to inflation and potential long-term economic ruin.