Democrats Don't Want You To See This: Five Charts on 'Bidenomics' - America Insider
By: Claire O'Hare (America Insider)
S E E D E D C O N T E N T
By
Claire O'Hare
Published
5 hours ago
While mainstream media outlets are touting the alleged "success" of Bidenomics, the real data paints a starkly different picture, regardless of whether we're looking at what Americans are paying, earning, or saving.
The non-profit group Media Research Center has compiled five charts that sum up the economic impact of Joe Biden. It includes:
• Gas prices are up 63%.
• Real wages have gone down for Americans.
• Prices are skyrocketing 3 times faster under Biden.
• Mortgage rates are changing for the worse under Biden.
• Saving rates of Americans have collapsed under Biden.
Here are the charts:
Chart via MRC
Gas prices, for instance, remained relatively stable during Donald Trump's presidency, even decreasing by four cents a gallon.
In the first 31 months of Joe Biden's term, gas prices have surged by a staggering 63%. The average price per gallon of gas has risen from $2.42 to $3.95, as reported by the U.S. Energy Information Administration.
Chart via MRC
When adjusted for inflation, real wages earned by Americans have seen a decline under President Biden. In the first quarter of 2021, the median weekly real earnings averaged $373. By the second quarter of this year, this figure had fallen to $365.
Under President Trump, real wages increased from $352 on January 1, 2017, to $373 on January 1, 2021.
Chart via MRC
Consumer prices also tell a telling tale. During the 48 months of the Trump Administration, consumer prices increased by 7.6%, as indicated by the Consumer Price Index (CPI). In contrast, in just 31 months under President Biden, prices have risen by a whopping 16.6%.
The CPI has climbed from 262.650 in January 2021 to 306.269 in August 2023, putting it on track to increase more than three times as much as it did during Trump's entire four-year term.
The cost of financing a home purchase has significantly risen during the Biden Administration.
Chart via MRC
Mortgage rates today are more than double the average rates home buyers paid when Trump left office. Under Biden's predecessor, the average 30-year fixed mortgage rate dropped by a third, going from 4.09% to 2.77%. However, by September 7, 2023, mortgage rates had more than doubled, surging by over four percentage points to reach 7.12%.
With Americans earning less and facing higher costs, their average savings rate has dwindled under Biden.
Chart via MRC
From February 1, 2017, to February 1, 2021, the average personal savings rate shot up by 86%, from 7.2% to 13.4%. Yet, by July 1 of the current year, it had plummeted to a mere 3.5%, a quarter of its pre-Biden level, based on calculations incorporating data from the Federal Reserve Bank of St. Louis (FRED) and the Bureau of Labor Statistics.
Under the Biden administration we've seen rising gas prices, declining real wages, soaring consumer prices, increased mortgage rates, and a drop in the average savings rate.
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So many Americans are feeling the effects of inflation. Will they be outvoted again?
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The economy grew at a 2.4 percent annual rate in the second quarter of the year, handily beating economists’ expectations, the Commerce Department reported last week. Price growth slowed in June even as consumer spending picked up. The Federal Reserve’s preferred measure of year-over-year inflation, the Personal Consumption Expenditures Index, has now fallen to 3 percent this year from about 7 percent last June — easing the pressure on Mr. Biden from the economic problem that has bedeviled his presidency thus far.
What's hilarious is when Trump was producing a great economy 3 years into his term, leftists claimed loudly that Obama's policies did not go fully in effect until several years after he left office, therefore, the great economy is the cause of Obama.
Using this logic, the 2.4 GDP increase should be credited to Trump.
After all, these are leftist rules.
The federal budget deficit increased by almost 50%, to nearly $1 trillion (~$1.05 trillion in 2021) in 2019. Under Trump, the U.S. national debt increased by 39%, reaching $27.75 trillion by the end of his term; the U.S. debt-to-GDP ratio also hit a post-World War II high.
The 2023 deficient is expected to be $3T.
Well, I never mentioned deficit....so....
Your post makes no sense, which makes it mute.
Exactly, even though polling indicates a majority of Americans are pessimistic about the economy, it just reflects their ignorance compared to the Washington elites.
No doubt those with the inside scoop know what's best for us....