Joe Biden has stopped using the word “Bidenomics” in his speeches despite the fact that the White House continues to insist that the president’s plan is working.
It was becoming ridiculous. Biden’s and the White House’s use of this word shows the disconnect between reality and what they are experiencing. Americans are in a far worse financial situation than before the pandemic.
Bloomberg has recently conducted a study on the changes in cost of living over the past 2.5 years, and the impact this has had on the average American.
Now, a $100 budget will only buy a family the same products and services they could have bought with $100 prior to the pandemic. Prices have increased about the same amount since early 2020 as they did in the 10 years prior to the pandemic.
There’s no place in a household’s budget where money has been saved: The cost of groceries is up by 25% since January 2020. Electricity is also up. Rents have increased by about 20%, as has the price of used cars.
A study prepared by Republican members of the U.S. Senate Joint Economic Committee puts the disaster in even more stark terms. Even though wages have increased by an average of 13.6% since the outbreak began, families need to earn an extra $11,400 in order to keep up with the rising cost of food and transportation.
Gene Ludwig, Chairman of the Ludwig Institute for Shared Economic Prosperity, said that middle- and low-income Americans were not doing enough. They are living on the edge.
Joe Biden should talk to middle-class Americans to learn why Bidenomics has been so unpopular. He will not hear about greedy corporations or supply chains. After spending $4.5 trillion on the pandemic, he’ll be asked to explain why we are less wealthy today than before.
You may ask him about the geographic differences in how inflation affects consumers.
The JEC analysis showed that Colorado is the state where households must spend $15,000 more per year to maintain the same standard of life as in 2021. Arkansas residents, on the other hand, spend the least per year to maintain their current standard of living. They only have to pay about $8,500.
Local economic differences are responsible for the differences in cost. The analysis showed that Colorado’s typical housing costs increased by $267 per month in January 2021 compared to January 2021. Other states, however, saw much smaller increases.
Jimmy Carter and Ronald Reagan had been neck-and-neck in the 1980 elections until the last few weeks. Next came the debate. Carter spent a lot of money to portray Reagan as a wild man that would destroy the world. The American people were met with an almost apologetic candidate who pointed out Carter’s exaggerations and lies.
The closing remarks of both candidates determined the winner. Carter’s final remarks began with an account of how he had asked his daughter Amy, a young girl, what was the most pressing issue facing the nation. She replied, “Nuclear warfare.”
Then, it was Reagan’s turn.
Next Tuesday, you will all go to the voting booths and make your decision. When you make your decision, I suggest you ask yourself if you are better off now than you were 4 years ago. Is it easier to buy items in stores now than four years ago for you? Is the unemployment rate in this country higher or lower than it was four years ago? Is America still as well respected in the world? Do you think that America is still as strong and as secure as it was four years ago?
Ronald Reagan’s landslide victory and presidency was due to Reagan’s summary of Carter’s four years in office. Reagan’s summary of Carter’s four years as president should be taken to heart by the GOP candidate who debates Biden or whichever Democrat is chosen to run for office.