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May 19, 2024, 7:37 pm
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Why so many Americans are unhappy about the economy
Published:
Comments
https://slaynews.com/news/bidenomics-poverty-rate-increase-first-time-13-years/
catered under 45 towards the end of Trump's
short reign. It was so bad that it's been said to
have been the WORST
since the Great Depression. This economy is a
God-sent compared to that hot mess.
* By the way, no one who " graduated " from
Trump University ever became the CEO of a
fortune 500 company. That tells you something-
well everything, like Trump knows zero about
keeping a business afloat. Take the US economy
under his watch & oh yeah, his Casinos.
Naturally, President Biden ignores the reality of his economic policies. Thanks to Bidenomics, American families' credit card debt has reached a record $1 trillion as people struggle to pay their bills and feed their families under the weight of inflation. The dream of home ownership has slipped out of reach for countless Americans as mortgage rates approach 8 percent and banks tighten their lending requirements. Sixty-one percent of Americans are living paycheck to paycheck, gas prices are once again spiking nationwide due to the Biden administration's anti-American energy policies, and American households have lost, on average, $33,000 in real wealth this year alone. No wonder almost two-thirds of Americans disapprove of the president's economic initiatives.
To make matters worse, the federal deficit—which was originally projected to return to pre-COVID levels—is now expected to double this year to $2 trillion, accelerating the catastrophic consequences of our $33 trillion national debt on our economic vitality and national security. This is one of many reasons why Fitch Ratings—one of the largest credit rating agencies in the country—recently downgraded our creditworthiness, pointing to our deteriorating fiscal stability and ballooning national debt.
President Biden's attempts, through the Federal Housing Finance Agency, to increase mortgage payments for homeowners with higher credit scores and redistribute those funds to individuals with low credit scores at a time when home mortgages are increasingly unaffordable. It is estimated that this policy could swell mortgage payments for responsible taxpayers from anywhere between $400 to $1,200 per year.
President Biden administration's $400 billion student loan bailout is another fiasco. People who did not attend college and pursued other opportunities, or who saved their money and paid their own way through school, should not be forced to subsidize and eliminate student loans. As hardworking taxpayers know, debt cannot be erased, and student loans are no different. A loan is the exclusive responsibility of the individual who signed the papers—nobody else. We are grateful that the Supreme Court recognized this obvious fact when it rightly ruled President Biden's student-loan giveaway unconstitutional.
Source: Newsweek; Tom Emmer and Randy Feenstra
To make matters worse, the Federal Reserve has hiked interest rates at a historic pace to offset the devastating inflation, which has contributed to three bank closures. Those required the government to intervene to avoid a financial catastrophe, and nothing screams “Build Back Better” like using taxpayer money to subsidize banks. So while inflation is going down, it’s still higher than what it was when Trump left. Of course, no one could’ve predicted inflation decreasing two years ago because they probably didn’t expect its meteoric rise either. So any increase in your wage likely isn’t being felt.
Then there’s the claim that Biden has overseen unprecedented job growth.
But most of the jobs “created” were just jobs that returned after the government put an artificial clampdown on the economy during the pandemic. In fact, the jobs that returned were actually created by Trump. Approximately 72% of all job gains since 2021 were jobs recovered from the pandemic, meaning that if you compare pre-pandemic job levels to current levels, employment is up by less than 4 million, according to the House Budget Committee. Job growth has also not reached pre-pandemic pace.
But job growth doesn’t paint the entire (bleak) picture either.
Labor force participation is a key indicator as to how strong the economy is. Under Biden, the labor force participation rate is 62.8%, 0.03 points lower than August of 2019, months before the pandemic hit. That means that more Americans have left the workforce entirely.
And if you thought it couldn’t get worse – you’re wrong.
The U.S Census data that was just released shows incomes have fallen every single year since Biden took office, with the median income falling to $74,580 in 2022. That level of decline has not been seen since 2008, according to the House Budget Committee.
Meanwhile the poverty rate rose to 12.4% in 2022, up from the 7.8% in 2021. The increase in the poverty rate is the first since 2010, which is when Biden was also conveniently in office as vice president.
But the truth always falls on deaf ears.
Source: The Daily Caller: Brianna Lyman
I'm doing great!!
can’t think for themselves but want others
to do the heavy lifting because their brains
are not functioning as it should- l know we
dealing with lightweights who are
attempting to punch above their class
weight.
*This is a typical A hole LB. The fool keeps
saying he was in law enforcement- yeah,
maybe when Nixon was President cause at
present, his thinking is oatmeal.
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