The Commander-in-Chief, Joe Biden, insisted in a recent discussion that his economic approach has had a positive impact, despite the substantial 25–30% increase in costs for fundamental consumer items since he assumed the presidency. ‘To mince his words, Biden asserted, ‘We need to maintain our resolve, remain unwavering, and persistently churn out these remarkable jobs. Of note is that the remuneration attached to these roles outstrip the rate of inflation. We have this under control, it just requires a bit more patience. Our focus is undeterred,’ claimed Biden.
Biden’s economic strategy as a whole has been dubbed ‘Bidenomics.’ However, according to various surveys, a significant number of Americans rate their personal financial situation as a top worry as we approach the 2024 election season. ‘In April, we did see a slight easing off of inflation, but the still significant price rises unveiled this week continue to add to a total that could be Biden’s most intractable economic hurdle in the 2024 campaign. According to figures from the adjusted Consumer Price Index (CPI), prices have now escalated by over 19.4% in the past three years or so during Biden’s tenure,’ was a revelation made by Yahoo! Finance on Wednesday.
Just to give some perspective, during President Trump’s four-year term, the rise in prices was barely below 7.8%. The editorial board of the New York Post also offered their thoughts, opining that Biden is leading the nation astray regarding the economic situation: On a positive note: The latest CPI figures show a minor moderation in inflation. But the caveat: all the other metrics indicate we could be facing more, not less, difficulty in the future.
CPI figures for April came in 3.4% higher than the previous year, a slight decrease from March’s 3.5% surge. However, we still find ourselves well above the desired figures of Federal Reserve Chair Jerome Powell. In addition to this, the Producer Price Index (PPI) for April witnessed a 0.5% increase, outpacing the 0.3% projection by economists – the PPI generally gives an indication of where the CPI is headed, as manufacturers inevitably pass on elevated costs to their consumers.
Furthermore, it was pointed out that consumer confidence is currently the lowest it has been since July 2022, a time when the inflation rate was at 8.5 percent. Additionally, rates for mortgages and other loans are at their highest in 23 years, with the Federal Reserve chief not offering any guarantees that these rates will decrease in the foreseeable future. The economic situation as it stands disproportionately affects the middle class and those working within it, racking up increasing amounts of debt.
Americans have already drained their emergency funds generated during the pandemic while their credit card debts skyrocket. Simultaneously, the pace of job creation has slowed, with most of the new positions appearing in the fields of government and health care (a sector heavily influenced by the government). This suggests a stalling of private-sector employment. The looming menace of stagflation was emphasized by the board.
As quoted by the board, ‘In every measurable way, Bidenomics has failed the American people in a harrowing manner; prices have now increased by an average of 20% since Inauguration Day 2021.’ The response of the president? To falsify the truth, claim that people have sufficient resources to deal with their mounting grocery bills, and hope that enough people will believe him, enabling a possible re-election in the upcoming November round. Sure, fuel costs might have increased, but Biden’s attempts to manipulate reality continue to depreciate,’ the board concluded.
While Biden and his administration rally to convince Americans that they are better off under his economic stewardship, the reality for an increasing majority reflects the opposite, suggesting life was much improved under former President Donald Trump. On top of this, a compelling new statistic is likely to raise further questions about Biden’s chances of reelection.
According to a report released last Friday by the Washington Examiner, citing a recent poll, ‘Many individuals, inclusive of all races, particularly the younger demographic, are disregarding President Biden’s assertion that ‘they have the wealth to expend,’ with some divulging that they had experienced a day without food in the past month.’
An unconventional survey that delves into the hardship many endure as a result of inflation revealed that minorities, youthful voters, and those with merely a high school education are experiencing ‘food insecurity’, as reported by Zogby Analytics, the survey’s conductors.
At minimum, 14% of respondents confessed that they had at least one day in April where they went without food. It was highlighted that blacks, a consistently Democratic-voting demographic that is gradually shifting allegiance to Trump, an audience that Biden is striving to retain, have felt the crushing blow of his Bidenomics policies, leading to record-breaking and sustained elevations in food prices.
