President Joe Biden is confident in the success of his “Bidenomics” economic strategy and the benefits it would offer middle-class Americans, yet the majority of voters are still unfamiliar with or skeptical of his economic vision.
While unemployment hovers around historically low levels, there has been a significant drop in inflation compared to last year, a point frequently underscored by President Biden.
Annual inflation slowed to 3.2 percent in July from a peak of 9.1 percent a year ago.
“Today’s numbers show our economy remains strong. Annual inflation has fallen by around two-thirds since last summer, and real wages are up for working folks this year,” the president wrote on Aug. 10 on social media following the release of July inflation data.
“We’ve done this while maintaining near-record low unemployment and strong economic growth. That’s Bidenomics.”
However, Americans don’t feel much better when they go grocery shopping or to the gas station to fill up their tanks. That’s because of the cumulative price increases they’ve experienced since President Biden took office.
Overall, prices have surged by almost 17 percent—about 20 percent for food, more than 53 percent for gasoline, and 16 percent for housing—during President Biden’s 2 1/2 years in the White House.
Yet the president, who is seeking reelection in 2024, avoids taking responsibility for high inflation. He has consistently communicated to the American people that the primary reasons for the elevated prices are Russia’s invasion of Ukraine and the pandemic, which has disrupted supply chains.
As rising prices continue to strain household budgets, credit card debt has hit $1 trillion for the first time, according to the Federal Reserve Bank of New York. Total household debt reached $17.06 trillion in the second quarter of 2023, rising by $2.5 trillion since President Biden took office.
Bankruptcies Rise
Businesses are also experiencing financial strain. The president accuses them of price gouging and profiteering, yet many businesses, large and small, are grappling with rising operational and borrowing costs. Furthermore, there has been a noticeable uptick in the number of bankruptcies this year.
By Emel Akan
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