Last week, in a campaign stop at a Pennsylvania coffee shop, President Biden seemed shocked at the $6.00 price of his smoothie. When asked if the president was out of touch with the economic issues facing Americans, White House Press Secretary Karine Jean-Pierre tried to dodge the question. Finally, she answered by explaining that President Biden was just “joking around.”
That made it official. “Bidenomics” had gone from failure to punchline.
Now that the 2024 election approaches, Biden and his allies are panicky. They say you are wrong and economic times are great. You should stop complaining and thank them for what they’ve done for (to) you.
Blaming the victim will not save Biden. Here is why.
Your Money Is Worth Less and Less
In 2019, before Democrats (primarily) closed the schools and economy, the median household income in the United States was $78,250. Under Biden, real median household income dropped to $74,580. And you can’t blame Covid. Between 2021 and 2022 (after the pandemic ended), median household income dropped under Biden by 2.3 percent, and median household income after taxes dropped by 8.8 percent. People know when they bring home less money.
Under Biden, cumulative annual average inflation is nearly 20 percent. For every dollar you had in 2020, you now have only about 80 cents. During Trump’s presidency, cumulative inflation totaled a near-perfect 7.9 percent. I say “near perfect” because the Fed’s target rate over that period would be about 8.2 percent (2 percent each year), since some
