Biden economic doldrums
Joe Biden has ushered in the worst economy since he was Barack Obama’s vice president.
The last time Americans saw a drop in income this bad was during the Obama years.
Per Breitbart News:
The Census Bureau on Tuesday released its calculations for the change in real median household income for last year. By its calculations, the median income of U.S. households fell in 2022 by 2.3 percent, the worst decline since 2010.
The last time the economy was this bad, it was 2010.
That’s before taxes. Once you calculate in changes to the taxes paid and subsidies handed out, household income fell 8.8 percent. A lot of the post-tax decline had to do with the lapsing of the Biden administration’s pandemic “rescue” policies—like child tax credits and the super-sized earned income tax credit—that pumped up incomes and contributed to the worst inflation in decades.
The real median earnings of all workers—which includes part-time and full-time workers—declined 2.2 percent. Median earnings of those who worked full-time, year-round fell 1.3 percent.
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When you factor in the inflation caused by Biden's reckless spending the hit on buying power was significant.
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