Americans are struggling while Biden tweets happy talk about the economy

(AP Photo/Mark Lennihan)

In Biden’s America, ordinary Americans are struggling to pay their monthly bills and fill their grocery carts with items on their list, as well as fill their cars with gas. But, have no fear, people. Joe Biden is on it.

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Never mind that Biden’s policies and obscene federal spending bills totaling trillions of dollar we don’t have created the mess we are in. He took an economy that was recovering from pandemic shutdowns and workers locked down in their homes and plunged us into an historic level of inflation that hurts everyone, especially working class and lower class Americans. More than half, or 58%, of all Americans are now living paycheck to paycheck, according to the CNBC Your Money Financial Confidence Survey.

Roughly 70% of Americans said they feel stressed about their finances, mostly due to inflation, economic uncertainty and rising interest rates. No matter their level of wealth, Americans are feeling squeezed by Joe Biden’s economy.

Adults who are struggling to afford their day-to-day lifestyle feel even more under pressure, according to the CNBC survey conducted in March. They are three times more likely to say a lack of savings or credit card debt is a problem and twice as likely to fear being laid off. They also are more likely to worry about health-care costs and student loan debt.

With stress mounting, the overall financial health of U.S. employees has plummeted overall to only 55% — down from 64% a year ago, according to MetLife’s annual Employee Benefits Trends study.

“People are in survival mode,” said Lindsay Bryan-Podvin, a certified financial therapist and partner of Upwise, MetLife’s Financial Wellness App.

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The staffers who tweet for Biden are completely tone deaf. They live and work in Washington where Democrats are desperate for Biden to be re-elected and they remain in power.

Census Bureau data, released Wednesday, shows 38.5 percent of adults – or 89.1million people – found it difficult to pay their bills between April 26 and May 8. It is up from a year ago, when 34.4 percent of adults reported budget crunches.

Americans are less well-off now than immediately after the pandemic. The Census Bureau’s Household Pulse Survey found 25.1M American households dependent on credit cards from April-May 2023, up from 22.4M from April-May 2022.

Yet, Biden’s staff tweets out happy talk about what a great job the administration is doing with the economy. Please.

A new survey was used to determine these numbers. The Household Pulse Survey was developed during the pandemic to determine how Americans were faring socially and economically.

‘The Household Pulse Survey is a 20-minute online survey studying how the coronavirus pandemic and other emergent issues are impacting households across the country from a social and economic perspective,’ Bureau officials wrote.

‘[It] continues asking about core demographic household characteristics (including sexual orientation and gender identity), as well as asking questions about… childcare arrangements and cost… food sufficiency… [and] household spending.’

Those questions began at the survey’s inception in August of 2020, when 31.9 percent of Americans revealed they were struggling to meet at least one of their families’ basic needs, including housing, groceries and paying utility bills.

Over the next six months, that number would swell to more than 37 percent, followed by a pronounced drop back to levels that presumably would have been reported prior to the pandemic.

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So, while the pandemic has passed and despite unemployment rates being back to pre-pandemic lows, the economy is still in a bad way, even after 10 consecutive rate hikes from the Fed. The survey shows that virtually the same number of Americans, more than the amount in the first year of the pandemic, can barely cover day-to-day expenses which include budget items like health insurance, transportation, and even access to infant formula. Over the past two years, the rising price of groceries and rent increases contribute to everyday hardships. Don’t forget that in Biden’s America, there was a baby formula shortage like we’re a third world country unable to feed our babies. Some areas still struggle to keep the formula in stock. Desperate parents spend extra time and money driving from store to store to find what their baby needs.

Inflation rate are still too high, in case no one has bothered to tell the president. The Fed continues to raise interest rates. It is the most aggressive series of increases since the 1980s. It has raised its key rate by 5 percentage points in the past 14 months. Mortgage rates have more than doubled over the past year. Car loans, credit card interest rates, and business loan rates have all risen. Home sales have plunged. But, Biden wants you to feel good.

Gallup finds that Americans are discouraged about their personal finances. Gallup found that consumer perspectives on their personal finances are nearly identical to what Gallup found a year ago but that is a contrast to how they felt in 2021. In 2021, Americans were generally upbeat about financial circumstances and momentum.

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Americans remain guarded about their personal finances, with the majority (55%) saying their financial situation is “only fair” or “poor” rather than “excellent” or “good” (45%). More also report that their financial situation is worsening (50%) than improving (37%).

Inflation tops the list at 35%, the highest percentage naming inflation as their biggest financial problem since Gallup first asked the question two decades ago. Although inflation has eased over the past year, it remains higher than Americans were accustomed to before the pandemic, and prices for goods like food and gasoline remain elevated.

The survey was conducted April 3-25, before the Bureau of Labor Statistics announced that inflation was 4.9% in April — the first time it has been below 5% in two years.

Lunch Bucket Joe, or Amtrak Joe, or Middle Class Joe, whatever he is going by these days, is tone deaf and so is his staff. They may try to blow smoke about how good things are going with the economy but every week, as bills come due and groceries and gas have to be purchased, Americans are smacked with reality. There isn’t enough happy talk that can come from the White House to hide that.

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Ed Morrissey 10:00 PM | November 22, 2024
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