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Opinion

Joe’s ‘Bidenomics’ Gets Bad News

Joe Biden | Joe Biden For President via YouTube

Joe Biden’s presidency has been plagued by his own incompetency and his radical left-wing political agenda.

Americans are now seeing the economic results of “Bidenomics” and it’s very bad.

On August 16, 2022, Biden proudly ushered in “Bidenomics” and signed the Inflation Reduction Act into law. (Trending: Democrat Hoax Unmasked In Brilliant Takedown)

Turns out, the bill had nothing to do with reducing inflation. Democrats continued to overspend and pump trillions into the economy.

Not only did Joe Biden fail to reduce prices, “Bidenomics” has made inflation worse. Here’s what Americans are currently facing:

• Gas prices are up 63%.

• Real wages have gone down for Americans.

• Prices are skyrocketing 3 times faster under Biden.

• Mortgage rates are changing for the worse under Biden.

• Saving rates of Americans have collapsed under Biden.

Eventually, Biden admitted, “I wish I hadn’t called it that,” referring to the Inflation Reduction Act.

“Because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth,” the president claimed. (Trending: Illegal Alien Arrested For Disturbing Crime After Biden Release)

The U.S. stands $33 trillion in debt and Americans face runaway inflation. A poll from the Wall Street Journal shows that roughly 3 out of 5 voters disapprove of Biden’s handling of the economy.

63% say they do not approve of Biden’s handling of runaway inflation.

In another survey, the Federal Reserve Bank of New York found that consumers are increasingly pessimistic about their finances under Biden.

A significant number of Americans believe their financial situation is “much worse” under Biden.

The non-profit group Media Research Center has compiled five charts that sum up the economic impact of Joe Biden. It includes:

Chart via MRC

Gas prices, for instance, remained relatively stable during Donald Trump’s presidency, even decreasing by four cents a gallon.

In the first 31 months of Joe Biden’s term, gas prices have surged by a staggering 63%. The average price per gallon of gas has risen from $2.42 to $3.95, as reported by the U.S. Energy Information Administration. (Trending: Democrat Abruptly Leaves Party, Joins GOP)

Chart via MRC

When adjusted for inflation, real wages earned by Americans have seen a decline under President Biden. In the first quarter of 2021, the median weekly real earnings averaged $373. By the second quarter of this year, this figure had fallen to $365.

Under President Trump, real wages increased from $352 on January 1, 2017, to $373 on January 1, 2021.

Chart via MRC

Consumer prices also tell a telling tale. During the 48 months of the Trump Administration, consumer prices increased by 7.6%, as indicated by the Consumer Price Index (CPI). In contrast, in just 31 months under President Biden, prices have risen by a whopping 16.6%.

The CPI has climbed from 262.650 in January 2021 to 306.269 in August 2023, putting it on track to increase more than three times as much as it did during Trump’s entire four-year term.

The cost of financing a home purchase has significantly risen during the Biden Administration.

Chart via MRC

Mortgage rates today are more than double the average rates home buyers paid when Trump left office. Under Biden’s predecessor, the average 30-year fixed mortgage rate dropped by a third, going from 4.09% to 2.77%. However, by September 7, 2023, mortgage rates had more than doubled, surging by over four percentage points to reach 7.12%. (Trending: Biden Family Is Officially In Panic Mode)

With Americans earning less and facing higher costs, their average savings rate has dwindled under Biden.

Chart via MRC

From February 1, 2017, to February 1, 2021, the average personal savings rate shot up by 86%, from 7.2% to 13.4%. Yet, by July 1 of the current year, it had plummeted to a mere 3.5%, a quarter of its pre-Biden level, based on calculations incorporating data from the Federal Reserve Bank of St. Louis (FRED) and the Bureau of Labor Statistics.

Under the Biden administration we’ve seen rising gas prices, declining real wages, soaring consumer prices, increased mortgage rates, and a drop in the average savings rate.

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