Joe Biden ran for office on the promise of reviving the economy with his “Bidenomics” policies.
But, since he took office, everyday Americans are seeing their paychecks shrink and their cost of living skyrocket.
Fitch Ratings has even downgraded our nation’s credit rating from AAA to AA+. Here is a look at how Joe Biden has made Americans poorer – and why it matters.
When Joe Biden came into office in January 2021, the cost of living was already rising steadily due to inflation.
However, under this administration, that number has risen by 16%.
This means that everyday Americans have lost 16% of their spending power since Biden took over – a dramatic decrease in their overall earnings.
It gets worse when you break it down by category: food prices are up 19%, electricity prices 23%, used car prices 30%, and car repairs 23% more than two years ago.
Rent is up 16%, and mortgage interest rates have soared from 3% to 7%.
Gasoline costs continue to rise too – they stand at about $3.78 per gallon right now – an increase of 25 cents from just one month ago.
Economists across the political spectrum agree that Joe Biden’s economic policies are having a devastating impact on American pocketbooks.
Former Reagan economist Larry Kudlow noted that after Trump delivered a 1.4% inflation rate, “under Bidenomics, it soared to a 9 percent inflation rate, which destroyed family affordability and worker income.”
Kevin O’Leary said that when you downgrade the US economy like this, “you are losing a little faith in the US dollar and US Treasury bill” – something he called “very bad”.
EJ Antoni from The Heritage Foundation agreed with Kudlow’s assessment claiming, “This has been a direct result of the Biden administration spending, borrowing and printing too much money”.
Peter Earle from American Institute for Economic Research pointed out this is the second such credit downgrade in US history – first being during Obama presidency back in 2011.
Joe Biden may think he can celebrate his re-election campaign with success , but everyday citizens don’t see any benefit coming out of ‘Bidenomics’.
