Staff Reports
President Joe Biden has decided to ditch the term “Bidenomics” as his popularity takes a nosedive, but the White House won’t give up trying to change voters’ grim views of the economy. White House senior deputy press secretary Andrew Bates, in a statement to the press, argued that the president is battling inflation by confronting corporate price hikes, blaming major corporations for overcharging Americans, and claiming that inflation is on the decline, despite evidence to the contrary.
People are right to blame Biden for their economic woes #NewsBreak
You are what your record says you are.
OWN IT!! https://t.co/4WrHRE8Zda— Frances (@Shadowtails54) May 24, 2024
Biden continues to shift blame onto former President Donald Trump, falsely claiming that he inherited a 9% inflation rate when he took office, despite the actual rate being well below the Federal Reserve’s target. However, despite these efforts to deflect responsibility, the majority of Americans still hold Biden accountable. While some believe the economy is in a recession and blame Biden, others argue that inflation is worsening and attribute it to his mismanagement.
Analyses from reputable sources show the economic disparities between Biden and Trump’s presidencies. Real household net worth barely increased under Biden when adjusted for inflation, while it rose significantly during Trump’s term. Average weekly earnings have also seen a decline under Biden, in contrast to the growth experienced during Trump’s presidency. Furthermore, inflation has disproportionately affected essential goods such as food, energy, and housing, which has a more significant impact on lower-income earners.
The federal government’s spending spree during the COVID-19 pandemic has failed to alleviate the financial strain caused by rising prices. The personal savings rate has significantly dropped under Biden, in stark contrast to the considerable increase during Trump’s presidency. This shift has left many Americans feeling financially strained, particularly those reliant on fixed incomes.
Despite certain segments of the population benefiting from stock market gains, the majority of Americans have not seen an improvement in their financial situations under Biden’s leadership. This widespread dissatisfaction with the economic conditions has led to a decline in Biden’s approval ratings and underscores the negative impact of his economic policies.
