The Fiscal Grinch is Here: Bidenomics Forcing Americans to Forgo Holiday Traditions
While the holiday season is supposed to bring joy and togetherness among American friends and families, Bidenomics is squashing the laughter and the cheers under the weight of its glum reality. A new report from Fox News describes how Bidenomics has resulted in Americans skipping out on buying Christmas gifts and partaking in holiday traditions this year.
Word on the Street Via Fox News:
· “Some Americans are feeling the effects of inflation heading into the holiday season, according to a 2023 survey from WalletHub. The online survey, which collected answers from nearly 250 respondents nationally, found more than 1 in 3 Americans are foregoing gifts this year due to inflation.”
· “Thirty-four percent of respondents said their family was foregoing gifts due to inflation, while 66% said their family was not.”
· “28% of people will spend less on holiday shopping compared to last year and nearly 1 in 4 still have holiday debt from the previous year.”
· “Forty-seven percent said their charitable giving is affected by inflation while 53% said it was not.”
The Big Picture:
The cost of Bidenomics is a tremendous burden on American families.
President Biden's term has ushered in a notable shift in economic dynamics, with prices up 17.1 percent higher than when he first took office. These higher prices under Bidenflation have translated to the average family of four in America to pay $15,133 per year, or $1,261 per month, more than they had to in January 2021 to purchase the same goods and services.
Spending more on daily essentials means that families will also have less disposable income to purchase gifts and donate to charitable causes this holiday season, as mentioned by Fox News.
Besides inflation driving prices up, real wages for hard-working Americans have been driven lower. Wages for Americans are an average of 4.9 percent lower than when Biden took office. This means that workers are bringing home around $60 less per week. Overall, workers have lost an average of $6,000 in real wages in nearly 3 years.
The Bottom Line:
Bidenomics is America’s fiscal Grinch – set out to put a damper on people’s ability to spend, save, invest, and prosper. Amid the Christmas season, Americans are facing a daunting economic landscape marked by the challenges of inflation under this Administration’s failed policies.
Purchasing gifts for loved ones, a cherished tradition during this time, has become a more formidable task as the cost of living rises and as wages decline, impacting the ability of families to spread holiday cheer through thoughtful presents.
The spirit of generosity is also grappling with the harsh reality of inflation. As Americans strive to be charitable during the holiday season, the economic challenges presented by rising prices make it harder to extend a helping hand to those in need.
But just as the Grinch himself finds joy at the end of the day, we too can pull ourselves out of these holiday blues. It will take the political will and uncommon courage to get America’s economy back on track, but with the right leadership, it can be done.
