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White House Continues Touting ‘Bidenomics’ As More Americans Fall Farther Behind
Conservative Brief ^ | 5/21/2024 | Jon Dougherty
Posted on 5/21/2024, 5:46:30 PM by Signalman
The White House is continuing to praise “Bidenomics” — the culmination of President Joe Biden’s economic policies — as a success despite reams of data and other evidence showing average Americans falling further behind in their personal finances amid high inflation, lending rates, and housing costs.
Administration officials have highlighted various indicators, such as major stock indices, jobs reports, and inflation rates, to demonstrate an improving economic situation. However, this message does not seem to have strongly resonated with the American public, Just the News reports.
According to a recent Harvard Center for American Political Studies (CAPS)/Harris survey, far from feeling optimistic about the nation’s economic future or perceiving an economic upturn, a majority of Americans believe they were better off four years ago under the previous administration.
The outlet reported that the Dow Jones Industrial Average topped 40,000 for the first time in history, giving the administration a win, while inflation ticked downward to a still-high 3.4 percent (when Biden entered office in January 2021, the rate was 1.4 percent). However, unemployment rose slightly to 3.9 percent while the Consumer Price Index, a leading inflationary indicator, also inched higher.
The outlet reported further:
Voter perception of the economy, meanwhile, deteriorated marginally from the Harvard/Harris survey’s April iteration. In the latest data, 42% of respondents perceived the economy to be “strong,” compared with 58% who deemed it “weak.” In April, those figures stood at 43% “strong” and 57% “weak.”
Optimism on the economy, moreover, appears to have faded, albeit slightly. In the May survey, 34% of respondents said the economy was on the “right track” while 60% said it was on the “wrong track” and 6% were “unsure.”
By party, 59% of Democrats said the economy was on the “right track” while only 28% of independents and 13% of Republicans said the same, reflecting a considerable partisan split in perception of the economy.
The negative perception of economic trends aligns with findings from the recent Freedom Economy Index survey. Released last week, the survey revealed that 22% of small businesses stated they “definitely” would not survive another term under President Biden, while an additional 26.2% said they “probably” would not.
The economic disparities being felt by most Americans are very real, despite the macroeconomic figures like the rising stock market indices touted by the Biden administration.
A pair of graphs are going viral on social media showing vast disparities in household wealth during former President Donald Trump’s term and that of President Joe Biden when inflation is factored in.
Last week, The Wall Street Journal released illustrations in a report that analyzed household net worth—calculated as stocks, bonds, cash, and property minus debts—during the first three years of Trump’s administration compared to the first three years of Biden’s tenure.
Drawing on data from the Federal Reserve, including seasonally adjusted figures for the Biden years, the newspaper reported that total household net worth increased by 23% during the first three years of Trump’s presidency and 19% during the first three years of Biden’s term.
When adjusted for inflation, The Wall Street Journal reported that net worth rose 16% during Trump’s first three years in office and just 0.7% during Biden’s first three years.
Graphs illustrating data on household wealth, which adjusted for inflation to show the Trump years line higher than the Biden years line, were posted on X (formerly Twitter) on Sunday by the Republican National Committee and other accounts.
“This is the difference between the Trump and Biden presidencies — inflation has destroyed everything, we all have less than we did before Biden entered office,” said OutKick founder Clay Travis, who shared and commented on the Journal’s graph and findings over the weekend.
Scott Jennings, a CNN political commentator, added, “As Biden camp gropes for answers, this is all you need to know … about the president’s struggles with every demographic.” Meanwhile, Journalist and podcast host Saagar Enjeti simply declared, “My goodness.”
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