Joe Biden’s time in the White House continues to be marked by high inflation and worsening economic conditions. Although there have been gains in some metrics this year, even CNN had to acknowledge this week that declining disposable income for all Americans is a disturbing trend.
CNN Data Reporter Harry Enten pointed out on Friday, “From the first year of a president’s term to now in a term, look at this. We’ve actually had negative growth. We have actually decreased the amount of disposable income we’ve had, 2.7% for the Biden Administration.”
The falling personal income numbers sharply contrast with the average growth seen during the Trump administration.
CNN’s Data Reporter Lays Out Massive Economic Indicator That Spells Bad News For Biden | The Daily Caller https://t.co/txjqEjywvA
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Beyond disposable income, other economic measures, such as the consumer price index and real wages, underscore the difficulties faced by Americans. Data from the Federal Reserve Bank of St. Louis indicates, “Total prices are still up 17.2% since Biden took office in January of 2021.” This rise in prices, coupled with a decrease in real wages, paints a sour picture for the average American household.
The decline in real incomes, particularly among non-Hispanic white households, mirrors the public’s growing disillusionment with the administration’s economic policies. Census data reveals a significant drop: “Real median household income fell by 2.3% to $74,580.” This decline in income is a critical factor contributing to the public’s perception of the economy under Biden.
Inflation continues to be a stubborn issue, significantly impacting real household disposable income and raising concerns about a potential recession. Economic analysts warn, “Unless this turns around rapidly, recession will start to look more likely and inflation will fall more rapidly than the Federal Reserve expects.” This highlights the precarious balance the economy currently maintains.
Surveys and polls consistently show American dissatisfaction with Biden’s handling of the economy. The growing gap between the administration’s narrative and the public’s experience is evident. Media analysis reflects this sentiment: “Survey after survey shows voters voicing their dissatisfaction, but the Biden administration remains defiant.” This disconnect is particularly stark in areas like real earnings and the cost of living.
The data and public sentiment present a challenging picture for the Biden administration. Economic indicators and voter opinions reflect widespread concerns over Bidenomics. A conclusion drawn from voter opinion polls sums up the public sentiment: “Voters aren’t buying the excuses anymore. Bidenomics is clearly a failure.”
While the Biden administration has seen gains in limited areas, the overall economic landscape suggests an urgent need for reassessment and renewed positive action. The focus on disposable income, real wages, and public sentiment forms a triad of challenges that the administration must address if it hopes to present an argument to the American people that Joe Biden should be allowed to continue in office.