Opinion: Biden has become detached from economic reality
By: Chris Talgo, Opinion Contributor
Out of touch..............still
S E E D E D C O N T E N T
I n a recent interview with CNN , President Biden downplayed Americans’ genuine concerns about the economy in general and inflation in particular, declaring, “We’ve already turned it around … the polling data has been wrong all along.”
Most Americans are “personally in good shape,” Biden added. “They have the money to spend.”
Interestingly, Biden did receive some pushback from CNN’s Erin Burnett. That in itself goes to show that even Biden’s mainstream media lapdogs understand how ridiculously out of touch he has become, less than six months before this year’s general election.
In reality, the vast majority of Americans are in terrible shape and do not have money to spend on anything but the bare necessities.
According to a 2023 payroll.org survey, 78 percent of Americans are living paycheck to paycheck. When asked why they were living paycheck to paycheck, the number one response, by far, was: “High monthly bills.”
It goes without saying that nearly 80 percent of Americans living paycheck to paycheck is very bad news, however, it’s much worse than that. Incredibly, 29 percent of Americans “reported that their income doesn’t even cover their standard expenses,” according to a Forbes Advisor poll also conducted in 2023.
Because prices for everyday goods and services are rising much faster than wages under Biden, more and more Americans are resorting to using credit cards to make ends meet. In early 2021, Americans had less than $800 billion in credit card debt . Just three years later, that has skyrocketed to an all-time record of $1.1 trillion.
Moreover, credit card delinquencies have risen every month of the Biden administration, as more than 20 percent of Americans have “maxed out” their cards over the past three years. Americans are also struggling to pay their auto loans and more than 20 million households are unable to pay their utility bills on time.
In short, President Biden is apparently clueless when it comes to the current economic circumstances of most Americans.
Let me just offer a snapshot of what Americans people actually think about their personal financial situations according to several recent polls conducted by Gallup. Here are a few of the headlines:
- “ Americans Continue to Name Inflation as Top Financial Problem ”
- “ Confidence in Biden Economic Stewardship Historically Low ”
- “ Americans Expect Home Prices to Rise, See Market as Poor ”
- “ Americans Remain Discouraged About Personal Finances ”
- “ U.S. Mood Remains Glum; 18 percen t Satisfied With State of Nation ”
- “ More in U.S. Say Inflation Is Causing Financial Hardship ”
It is ironic that Biden is so wildly out of touch with the struggles of everyday Americans, considering that he constantly portrays himself as someone especially attuned to blue collar America. In the aforementioned CNN interview, Biden mentioned that he approaches the economy from “a Scranton perspective” while his 2024 election opponent, former President Donald Trump, comes from “a Mar-a-Lago perspective.” This could not be further from the truth.
During his decades-long career in the U.S. Senate, Biden repeatedly did the bidding of big banks and credit card companies. What’s more, his administration’s policies have been a boon to the ultra-wealthy , politically connected elite, while wreaking havoc on the rest of the nation. This is particularly evident in terms of Biden’s energy policies, which include huge subsidies for pricey electric vehicles and hundreds of billions of taxpayer dollars diverted to “green energy” projects that overwhelmingly benefits Biden’s donor class to the detriment of hardworking Americans.
At this point, it is no secret that Bidenomics has not achieved the Biden administration’s goal of rebuilding the U.S. “economy from the middle out and the bottom up, not the top down.” In fact, based on empirical data, the exact opposite has occurred. As Bloomberg reports, under Biden, U.S. income inequality has risen to an all-time high.
And the opposite scenario took place during the Trump administration. As Reuters put it, “Income inequality in the United States narrowed in the first three years of the Trump administration as rising wages and a low unemployment rate fueled gains for lower-income and less educated families, according to U.S. Federal Reserve data.”
More than three years into the Biden presidency, it is already evident that the vast majority of Americans recognize Bidenomics as a disaster for the nation.
Will Biden at last come to the same conclusion? Or will he remain blissfully unaware of the damage his economic policies have unleashed upon the American people?
Good question.
Trolling, taunting, spamming, and off topic comments may be removed at the discretion of group mods. NT members that vote up their own comments, repeat comments, or continue to disrupt the conversation risk having all of their comments deleted. Please remember to quote the person(s) to whom you are replying to preserve continuity of this seed.
No Fascism References, Memes, Source Dissing.
Tags
Who is online
441 visitors
Yet his handlers let him spread bullshit on a daily basis
Joe Biden has now twice said that inflation was 9% when he took office, when in fact it was 1.4%
Yesterday a Fox News anchor pulled a Stephanopoulos: She asked a Biden campaign manager what the rate of inflation was when Biden took office.
He said his earpiece wasn't working.
His handlers spread bullshit daily, so what's the difference?
Sure, or maybe they just had some room still on their credit cards as consumer debt has hit another high at $17.69 Trillion.
Stocks rose again yesterday on the news of slowing inflation and increasing wages. That said prices are still up and that credit card debt you mention won't go away. The housing market seems unsustainably high right now too, but people are buying. 2 homes across the street from me sold in less than 10 days.
Stocks are rising because investors are expecting the FED to help Biden by cutting interest rates before the election.
Good.
A slight bump up in stock prices doesn't help the average American family pay their bills because of ongoing inflation caused mostly by Biden's policies
What policies are you talking about? Please be specific to the law or EO and how it's causing inflation.
For one, I can think of the government regulations on business that the Biden Administration has passed that raises costs on business which is really just passed along to the consumer. I'm not going to get into any specific regulations and if I believe they are good or bad, but I remember hearing that each regulation added something like $1 billion in costs to business.
Tracking regulatory changes in the Biden era | Brookings
Maybe... Without getting into the nuts and bolts it's impossible to know how any single one of them may contribute to inflation. Thus I'll reiterate as I have many times - Admins have little effect on US markets. They have some, but our economy is bigger than our government. Those praising, or faulting, a single admin are usually partisan. Inflation was brought on by spending during the pandemic. Having it come down slowly avoided a recession - which itself has issues - like personal debt. All-in-all the economy is still robust even with higher prices. Not that anyone likes higher prices...
In other news I see the Dow just went above 40,000 this morning.
Biden gets no credit from me, nor does he get blame...
Can you explain the logic and reasoning behind that comment? Please define "robust"
Low unemployment, rising wages and strong spending. It's keeping us out of recession.
Are you going to answer the question I originally put to you?
Didn't stop your boy from bragging about it, did it? Nope.
When Biden says "most Americans" he is referring to people he knows. All of them are doing very well.
Play that on a loop come election season. Nothing people who struggling like to hear more than that they actually have the money and are doing fine.
"The stock market is up!" is really helpful to someone struggling to make a rent payment that jumps ten percent every year.
"I gladly pay you Tuesday for a hamburger today." Bet Joe Biden remembers J. Wellington Wimpy.
Eat your spinach, Joe. You're gonna need it. et tu, Bluto?