Update! As if the American people need to know how bad Bidenomics suck! The real issue is can America recover from such a downturn in the financial health of our country.
The Biden administration’s economic policies have been a fiasco and must be forgotten by 2024. The majority of Americans are disillusioned with Bidenomics' socialist economic plans.
A recent survey found that only 37% of Americans approve of President Joe Biden's economic stewardship. The results are considerably worse, with only 30% believing he can control inflation.
Democratic Party and liberal media observers are puzzled by public unhappiness with the booming economy. Since peaking in 2022, the economy has stabilized and inflation has dropped.
The American people know President Biden's policies harm them. Some Democrats seem to believe that the American people are blissfully unaware of the administration's outstanding achievements. Conversely, some say President Biden doesn't highlight his successes enough. These claims are unfounded! The truth is that this administration has failed to achieve any meaningful economic milestones, and the American people are aware of Biden's harmful policies.
A study found that 71% of Americans have had to modify their spending patterns owing to the 5.8% food price increase in 2023. Hardworking American families are struggling financially due to this significant increase. Despite the minor drop in the national average for a gallon of gasoline from $5.02 in June 2022, hardworking Americans still pay excessive fuel prices.
After President Donald Trump's tenure ended in January 2021, his administration's actions reduced the average national gasoline price to $2.38 per gallon. In contrast, the national average has risen 61% to $3.83 per gallon since the previous administration. It's no surprise that 48% of CNN respondents had consciously cut back on driving. More than 50% have changed or canceled their vacation plans.
The total inflation rate moderated to 3% in June, although it remained far higher than the 1.4% level seen at the end of the Trump presidency. GDP rose 6.3% in January 2021 in our beautiful nation. The Biden administration touts a 2.4% last-quarter growth rate.
Americans are rightly worried about their finances given the current situation. Hardworking Americans saw their salary growth overshadowed by inflation for 26 months. This terrible event caused real earnings to plummet, leaving many struggling to make ends meet.
Americans relied on credit cards or savings to make ends meet due to economic necessity. According to respected Economics Professor William Ferguson from Grinnell College in Iowa, most consumers worry when pay increases lag behind inflation rates, reducing their purchasing power. This negative outcome threatens financial security.
Bidenomics has harmed Americans' finances. A stunning 44% of survey respondents listed the economy as our nation's biggest concern. No other issue got close to 10%.
Despite Biden's assertions of "constructing the economy from the bottom up and the middle out," his policies are hurting all income groups. On the other hand, 38 million Americans live in poverty and 582,000 are homeless. Illegal immigration will significantly boost these numbers.
The Biden economy has made home owning a misery for young couples. The average 30-year fixed-rate mortgage interest rate dropped to 2.7% during Trump's administration. The national average for the same mortgage has risen 4.7 percentage points to 7.4%.
These harmful rate spikes prevent industrious Americans from becoming homeowners and burden them with high mortgage and credit card payments. Given rising interest rates and inflation, it's hardly surprising that 71% of poll respondents were dissatisfied with the country's performance.
The long-term effects of Bidenomics are expected. The Federal Reserve has carefully raised interest rates to protect the economy against inflation. Despite a small reduction in inflation, it remains below the 2% target, suggesting further interest rate hikes.
Instead of burdening millions of hardworking Americans with rising interest rates, curbing the federal government's unsustainable deficit spending will help combat inflation. Our national debt has skyrocketed to $32.7 trillion due to President Biden's reckless budgetary policies. This is an astounding $5 trillion growth since his reign began. Lack of economic responsibility by the Biden administration is putting future generations in unsustainable debt.
The national debt is growing, with each industrious taxpayer paying $253,000. Alarming unsustainable debt led Fitch Ratings to reduce the US' credit rating from AAA to AA+. The nation lost its AAA grade from Standard & Poor's in 2011.
Despite these evident and frightening warning signs, the Biden administration continues its misguided policies, which emphasize "green energy." This has increased electricity and gasoline prices for hardworking Americans and reestablished our energy dependence on foreign nations.
The administration's misguided and hostile approach to the oil and gas industry and unwavering commitment to "green energy" have raised appliance and gasoline prices, further burdening hardworking Americans in economic hardship.
Bidenomics is a failed strategy that must be abandoned by 2024.
Final Word: If Biden or one of his cronies get elected in the 2024 election then a lot WILL change! But in a bad way and America will continue to decompose and dissolve!
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