Staff Reports
In a rare moment of real talk on CNN, Data Reporter Harry Enten shocked host Erica Hill with some brutal honesty about President Joe Biden’s disastrous economic numbers.Enten didn’t hold back when he admitted that the decline in Americans’ disposable income under Biden is just plain depressing. He pointed out that during Biden’s first year in office, disposable income actually decreased by a staggering 2.7%, a far cry from the average 4.5% increase seen under past presidents since JFK. And if that wasn’t bad enough, the growth in disposable income over the last six months has been a measly 0.2%, well below the historical average of 1.1%.
CNN Goes Off Script, Says Biden’s Economic Numbers Are “Depressing” Live On Airhttps://t.co/SHCq7OTS4U
— Shadygrooove (@shadygrooove) December 16, 2023
Enten didn’t stop there. He went on to drop more truth bombs, revealing that wages have been stagnant for a long time, with the median wage seeing a decline of 1% since pre-pandemic times and another 1% drop since Biden took office. Plus, in the last quarter, there’s been zero percent change in wages. Ouch. The Biden administration’s claims of adding 200,000 jobs and dropping unemployment to 3.7% were also put under the microscope, with Enten pointing out that these gains don’t make up for the abysmal state of disposable income, which he labeled as “the weakest economic measure there is out there.”
But the bad news doesn’t end there. The Federal Reserve Bank of San Francisco chimed in with some grim statistics, revealing that the labor participation rate is at its lowest point since the 1980s. In particular, the fraction of prime-age men not participating in the labor force has more than doubled from 5.8% in 1976 to 11.4% in 2022. It’s a troubling trend that’s contributed to slower growth in the U.S. labor force.
And if all of that wasn’t bleak enough, additional economic indicators paint a picture of hardship for the American people. Food, rent, and transportation prices are still sky-high, up by a whopping 17.2% since Biden took office, according to the Federal Reserve Bank of St. Louis. Meanwhile, wages have taken a 2.1% hit over the same period, making it even harder for Americans to make ends meet.
So, while the Biden administration may be touting job gains and a lower unemployment rate, the reality is that the average American is feeling the squeeze in their wallet. The numbers don’t lie, and they paint a grim picture of what the average American is facing under Biden’s economic policies.
