‘Bidenomics’ Is So Bad It’s A Punchline, But Americans Aren’t Laughing

Biden and his allies are comically oblivious to the deeply personal pain ‘Bidenomics’ has inflicted on Americans.

Now that the 2024 election approaches, Biden and his allies are panicky. They say you are wrong and economic times are great. You should stop complaining and thank them for what they’ve done for (to) you.

Blaming the victim will not save Biden. Here is why:
Your Money Is Worth Less and Less. Under Biden, cumulative annual average inflation is nearly 20 percent. For every dollar you had in 2020, you now have only about 80 cents. Between 2021 and 2022 (after the pandemic ended), median household income dropped under Biden by 2.3 percent, and median household income after taxes dropped by 8.8 percent.

Your Savings Are Beyond Saving. Not only are your dollars worth less, but you also have less of them. Before Covid, personal savings in the U.S. reached $1.447 trillion. By year-end 2022, that figure dropped to $686 billion. You say, of course, savings were depleted; the economy was closed during Covid. In actuality, savings in the U.S. increased to $2.99 trillion during Covid. That’s what makes the depletion of savings under Biden so staggering — savings dropped from $2.99 trillion to $686 billion during Biden’s so-called “recovery.”

Americans Are Deep In Debt and Poverty. Under “Bidenomics,” credit card debt has soared. Not only do you have more debt, but you pay higher interest rates on that debt. According to WalletHub, the average credit card interest rate when Biden took office was about 14.7 percent. By November 2023, that rate rose to 21.47 percent.

When Biden took office, the average interest rate for an auto loan was 4.56 percent, and the average home loan was just over 3 percent. By the end of August 2023, the auto rate rose to 7.4 percent, and the home loan rate had more than doubled. If you could afford a $500,000 house under Trump, you can only afford a $325,000 house under Biden.

The Economy Is Not Growing. Biden points to “low” unemployment and GDP “growth” as evidence of success. But those characterizations are misleading. Biden’s “job creation” claims likewise are deceptive. Biden faces similar problems with his economic “growth” argument. During Covid, Democrats (primarily) closed down large portions of the economy. Of course, GDP was going to grow once the economy reopened. There would have been GDP growth had we put The Three Stooges in charge. But by going from substantially closed to completely open, the economy should have grown robustly. In fact, average GDP growth during Biden’s term will be less than the historical U.S. average since 1950. Moreover, much of this “growth” has been sustained by the depletion of savings and retirement assets, increased consumer borrowing, and outlandish government deficit spending.

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