Bidenomics Doesn’t Discriminate: Americans From All Walks of Life Suffering in Biden’s America
Poll after poll has shown just how unpopular Bidenomics is with the American people as they continue to suffer a cost-of-living crisis due to the failed economic policies of the Biden Administration.
A recent Wall Street Journal editorial lays out how these failed policies are disproportionately hurting minority communities – mainly Black and Hispanic communities – and diminishing their paths to reaching the American Dream.
Word on the Street:
· “Voters in swing states disapprove of Bidenomics by a two-to-one margin, according to a poll last week. And Democrats keep wondering why more black and Hispanic voters are showing interest in the GOP. A possible explanation arrived last week in a new Federal Reserve report showing how minorities in particular have struggled in the Biden years.”
· “After adjusting for inflation, the typical white family’s income rose 1.3%, the report says. But it shows declines for black and Hispanic families of 1.6% and 1.1%, respectively. Wages for minorities didn’t keep up with inflation, and those for whites barely did.”
· “Black and Hispanic households “benefited more from government support, including extraordinary pandemic-era programs,” such as sweetened food stamps, stimulus checks, rental assistance, enhanced unemployment benefits, and larger child-care tax credits. But Covid relief is now in the rearview mirror, and Congress’s spending binge on those benefits fueled the high inflation that has hurt consumers whose real earnings have stagnated.”
· “’Real average liquid wealth, which includes assets such as cash, checking, and savings accounts, did not grow much for Hispanic families and fell for Black families.” The fact a family’s home might be worth 20% to 30% more than before is no consolation in the grocery checkout line.”
Big Picture:
The cost of Bidenomics is staggering. From the gas pump to the grocery store, inflated prices are breaking the bank for folks from all walks of life.
The current rate of inflation remains over double what it was before President Biden took office and core inflation remains triple its pre-Biden level. Worse yet, the cumulative level of inflation has reached 17.1 percent under President Biden. This reflects the many price increases that have become “baked in” for consumers and caused a decline in the purchasing power of the U.S. dollar.
Due to Bidenflation, the average family of four in America is paying an additional $15,133 per year, or $1,261 per month, to purchase the same goods and services compared to when President Biden took office. As the Wall Street Journal reported, American families across the nation and especially those in marginalized communities are in dire straits.
Inflation is not only pushing prices up but also driving down real wages. Across the board, real wages remain 4.9 percent below the level when President Biden took office, or about $60 lower per week. In total, workers have lost an average of $6,000 in real wages under this Administration. This is especially salient in minority communities, who are now missing out on wage growth and the pandemic-era government aid many grew to rely on.
The Bottom Line:
American families – especially those in minority communities – continue to fall behind in Biden’s America. They are now rejecting Bidenomics, and for good reason. Congress must step in and bring President’ Biden’s wasteful government spending back to earth. As the Journal put it, “Mr. Biden’s poor marks on the economy are driven by reality. The enduring mystery is why Mr. Biden won’t change. His climate and energy policies are raising costs for consumers and employers, and a regulatory avalanche is creating business uncertainty.”
It’s time for a new approach.
We must rein-in the woke and wasteful spending, restore economic freedom, and unleash prosperity in America once again. Our budget offers a blueprint for balancing our nation’s budget and restoring fiscal responsibility by reining-in spending and unleashing economic growth.
