The administration rolled out President Biden, a COVID-19-recovered president in an effort to send a message that “this isn’t a recession”. Many COVID victims report brain fog and it could be because of the virus. He called Americans ignorant because they don’t understand all that the Biden administration did for them, and treated us like ingrates for failing to appreciate the handouts we were given.
It was quite galling to see Biden take credit for keeping teachers in the classroom and schools open. It got worse. Biden responded to one question by saying that he takes consumer confidence in our economy very seriously. He then shifted. He said, “There is reason to be down. But I began thinking about it. Brian and I had just started to talk about it. He said that the first year was when we were able to send them eight grand with our rescue plan. “I mean a check. There was more to it, by the way.
Biden appears to be referring to the American Rescue Plan. This legislation was passed in March 2021. It helped to boost America’s inflationary situation. The bill provided Economic Implication Payments up to $1,400 for individuals eligible, or $2,800 for married couples who file jointly. Plus, $1,400 each for qualifying dependents. A married couple would receive $8,400 if they had four children or one parent with five.
Everyone else got less than $8,000. 8.9 million people received less than $8,000. In contrast, more than 50 million families had three or more children under 18. Only a small fraction of American households were eligible for a stimulant check under the American Rescue Plan, which is roughly the same number as Biden gave out.
Biden specifically spoke of the assistance his administration provided, even though there were additional funding rounds under President Trump. He then lectured Americans on not being thankful enough for the help he provided. It’s quite a sum to get $8 million and make $120 million. It saved many people from being evicted and renting housing, and other things,” Biden stated.
But, did it? Most Americans earning $120,000 or less are not eligible for funds due to the income caps. Payouts for single Americans were limited to $80,000 by the legislation. Heads of households were not eligible for payments if their income was less than $120,000. Married couples filing jointly did not qualify for any funds if their gross income was greater than $160,000. Only 25% of households had an income over $120,000 in 2020. Renters were provided with an eviction moratorium by the CDC that would not expire until August 2021.
Still, Biden went on. “But then I thought about it. As someone who was raised middle-class. Even if you don’t have the job now, you’ll still be able to work one year even if you didn’t get a raise. What is the difference between having a job and getting a five percent increase or whatever, three to five to seven or whatever? In the face of inflation. “The price at the pump is down every day, but that’s not the case so far,” Biden may be trying to promote his job market or the national security risk he created opening the valves on our strategic oils reserves.
Despite low unemployment, the number of people who are not working is extremely high. The pandemic shut downs in April 2020 saw the labor force participation rate drop to its lowest level since 1969. It has not reached prepandemic levels under Joe Biden. Before lockdowns, there were 152.5 million workers. In June 2022, there were 151.9 million job openings. The number of jobs that were available to Biden’s administration before April 2020 has not been recovered. Because fewer people participate, the labor market is extremely tight.
Real wage growth occurs when salaries rise above the inflation rate. This last occurred during the Trump administration. The inflation rate was above 9% last month, and the average wage increase for 2022 is 3.9%. Over the years, average increases have been around 3%. The average American worker’s annual salary now is less than it was in 2021. Although employees make more, their salaries have less purchasing power.
