The economy has still not recovered from Bidenomics
The holidays are around the corner and in this economy, that means Americans will either stretch budgets as best they can, go into debt or go without.
Bidenomics, the name President Joe Biden embraced for his plan to “restore the American Dream,” has proven to do anything but that.
Reports on how the economy is doing on a macro level vary. Some wonder if we are currently in a recession, others say it’s coming, and still others posit we just missed one.
Inflation is lower than it was two years ago, but it’s still higher than it was even in 2020, when it was just at 1.2%. It rose to 3.7 then fell back to 3.2% in October. Mortgage interest rates are still high and credit card debt is too.The average balance is now $6,000, higher than it’s been in a decade suggesting people are still struggling to make ends meet.
Even if prices are going up slower than before or inflation has decreased over all, people are still experiencing increases on top of increases. The compound effect of this has people reeling.
In October, liberal economist Paul Krugman tweeted joyously that inflation was over based on a chart which excluded essential items people need like food, energy, shelter, and used cars. The backlash online was swift and fierce.
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While some numbers show steady economic growth and low unemployment, the cost of necessities is still high, making everyday Americans doubt Biden’s speeches celebrating Bidenomics. Grocery prices especially, an obvious essential to well-being, have increased 11% from 2021 to 2022.
Supply chain issues have an impact, too. While growth and low unemployment are typically how we define a good overall economy, Biden can’t convince people that it’s good because their own bank account balance reveals an entirely different situation.
All this raises the question: If this is Biden’s economic plan to help people achieve the American Dream — where a 6.25 pound package of chicken breasts is $18 at Walmart — what would constitute a nightmare?
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To many people, it feels like the price has doubled. That is especially the case when you are eating out. When you factor in the increase in the price of fuel since Biden took office it adds up. Even though the price of fuel has dropped from its high under Biden it still is running about a dollar more a gallon. That impacts the cost of food production and getting it to market, not to mention the cost of going to the store. For those who are buying a house in this market, the cost of the house and the interest rate on the loan is significantly higher than it was under Trump.
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