By John Ubaldi, “Ubaldi Reports”
President Biden consistently remarks how he is growing the economy from the middle out and bottom up instead of top down, unfortunately the American people are feeling the heavy handed approach of “Bidenomics” and are giving him a resounding failure on the economy.
No matter what Biden and the Democratic Party state about the U.S. economy, “Bidenomics” is clearly not working!
When Biden does leave his sanctuary of the White House he often touts how wages and salaries are rising for American workers, but the real truth is that he has presided over falling wages, which have fallen 20 of the last 22 months.
Since his inauguration in January 2021, wages and salaries are up around 12%, but inflation is up around 15%, with the core essentials every family in America face in food, energy, mortgage payments, rent and utilities are up closer to 25% since he took office.
And the typical household is spending $709 more per month than it did two years ago, according to the chief economist at Moody’s Analytics.
Just this month the U.S. Census Bureau released its annual reports on income, poverty and health insurance coverage, it should be noted that the US inflation-adjusted household income fell in 2022 by the most in over a decade, highlighting the toll of a higher cost of living and the expiration of pandemic-era programs.
Poverty also went up during this period as well.
The report showed the median income last year was $74,580 compared with $76,330 in 2021. Even a recent Inflation report reported by U.S. Bureau of Labor Statistics “The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.6 percent in August on a seasonally adjusted basis, after increasing 0.2 percent in July.” This is hardly the rosy picture Biden speaks about as “Over the last 12 months, the all items index increased 3.7 percent before seasonal adjustment.”
This rising inflation makes everything more costly for American families; making everything they purchase more expensive and which eats into take home pay.
The other false statement Biden and Democrats keep making is that Biden has created more jobs than any other modern president in history. First of all this is blatantly false!
Currently we do have low unemployment, but this job creation that Biden speaks of is mainly returning jobs that where lost to a once in a century pandemic, not anything the president did.
Biden and Democrats claim that America is now currently producing record amounts of oil and gas, with the U.S. on the path to record domestic oil production. This fails again as a recent study by University of Chicago economist Casey Mulligan finds that the United States would be producing roughly 2 million more barrels of oil a day if we had stuck with the previous administrations pro-American energy production. Currently oil is selling at $80 a barrel, and the Strategic Petroleum Reserve has now dwindled to its lowest level since 1983.
The other false statement often repeated by Biden is that he reduced the federal budget deficit by $1.7 trillion; unfortunately this again is flat wrong! The Washington Post and The Committee on a Responsive Federal Budget reported that when the fiscal year ends on September 30th the deficit will be exceeding $2 trillion, doubling from the previous year.
With America facing higher interest rates because the Federal Reserve is aggressively tackling inflation has pushed rates higher has led interest rate payments on the U.S. federal debt to around $500 billion a year and will reach $800 billion by 2025. This will equal and surpass what the nation spends on national defense.
One of the biggest contributors to higher inflation, beyond the prolific spending by the federal government is the rising price at the pump. Biden has touted how gas prices have come down form the $5-a-gallon average last summer, but with his anti-energy policy and push of the electrifying of the country, gas prices are higher now than when he took office.
His failed polices with regard to energy security have made American people poorer and more dependent on authoritative countries for America’s energy security.
Every time Biden speaks about the benefits of “Bidenomics” he is actually insulting the American people who are feeling the full wrath of his failed economic policies.