Monday, October 9, 2023
President Biden is seeking reelection, so the “good news” push is on.
For example, his top advisors say the president has had many economic successes since he took office. They claim Mr. Biden’s policies, dubbed “Bidenomics,” have created millions of jobs, causing the unemployment rate to fall to the lowest level in nearly 50 years.
But at the same time, the Biden administration has committed trillions of dollars to new government spending while running massive budget deficits. Many Americans are wise to it though – 74% of respondents in a 2023 poll thought the country was headed in the wrong direction.
The president touts adding almost 13.5 million new jobs since he took office. That would be more jobs created than any previous president over four years…if it were true. The real answer is a little more complicated – nearly 72% of those new jobs were businesses shut down during the pandemic reopening and calling back laid-off workers.
Employment is up 3.7 million jobs under President Biden. By comparison, job creation under President Trump yielded 6.7 million jobs.
So, take the economic triumphs paraded by President Biden and his team with a grain of salt. Right now, millions of American families are in serious financial trouble.
A recent survey founded in the third quarter of this year that just 46% of Americans could cover a $400 unexpected expense without going into debt. It also found that 54% of Americans are living paycheck to paycheck, including those making upwards of $100,000 per year.
Clearly this problem extends well beyond lower income families, although the pain is compounded for those with less. As of now, “Bidenomics” doesn’t seem to be providing a cure.