President Biden recently told cable news media that he had already turned the economy around and that the polling data was incorrect, downplaying America’s worries about inflation and the economy.
Biden claimed that the majority of Americans were doing well and that they had cash to burn.
Erin Burnet, a CNN host, voiced her disagreement with Biden, saying most Americans claim they cannot afford to buy anything beyond the basic essentials.
One study found that 78% of Americans are barely making ends meet. The most common reason given for living paycheck to paycheck was the high monthly costs.
Although it should come as no surprise that over 80% of Americans are living paycheck to paycheck, the situation is far more dire. Stunningly, a Forbes Advisor study from 2023 found that 29% of Americans said their salary isn’t even enough to meet their basic living needs.
It would seem that President Biden has no idea what the majority of Americans are going through economically.
A growing number of Americans are turning to credit cards as a means of payment. Because of Bidenomics, prices for basic necessities have increased at a much greater rate than salaries. The U.S. population’s credit card debt was under $800 billion at the beginning of 2021. In just three short years, it has soared to a new record high of $1.1 trillion.
More than 20% of Americans have used their credit cards to their limit in the last three years, and the number of people falling behind on their payments has increased monthly under Biden’s presidency. Many more are having trouble making their utility payments on time.
Reports indicate that Biden frequently complied with requests from large financial institutions and credit card corporations during his lengthy tenure in the US Senate.
Furthermore, the policies of his administration have benefited the very rich and politically connected few at the expense of the majority of the country.
An example of this is shown in Biden’s energy policies.
These energy policies include massive subsidies for expensive electric automobiles and the redirection of hundreds of billions of dollars to green energy projects. By his second year as president, Biden raised energy bills for the typical American family by almost $2,300 due to his climate and energy initiatives.
According to the US Federal Reserve, income inequality shrank in the first three years of Trump’s presidency as lower-income and less-educated households reaped the benefits of higher earnings and a low unemployment rate.
