Will 'Bidenomics' End Biden?
Source: YouTube|WhiteHouse
Few have been able to articulate the enormity of Joseph R. Biden’s lie that ‘Bidenomics’ is working better than the Heritage Foundation’s Dr. E.J. Antoni. He established to Fox Business "That’s an utterly appalling claim for an American president to make right now, given the state of the housing market. The American Dream is owning your own home, and the policies of this administration have made that all but impossible for nearly an entire generation of Americans."
While Biden claims that Americans "aren't just finding more jobs," but are finding “higher-paying jobs” Antoni reminded Fox Business, that the average mortgage on a mid-sized home was $979 at the end of the Trump Administration. Today it’s $2,075, an eye-watering 112% jump in less than three years. No manner of “higher paying job” for most Americans can withstand that sort of increase.
"An American family is now paying over $13,000 a year more for the same house," he explained.
"The situation is no better for renters, who face record prices for their housing, too, with high rents making it difficult to save for a down payment. The Biden administration has turned the American Dream into a nightmare."
Always a pleasure joining @EveningEdit w/ @LizMacDonaldFOX on @FoxBusiness, this time discussing the latest economic numbers and how inflation has effectively doubled what the average American pays in federal income taxes: pic.twitter.com/tVMLFkbr8t
— EJ Antoni (@RealEJAntoni) August 31, 2023
Antoni has been able to bring the receipts literally and figuratively citing the figures that seem to have utterly escaped most of the Beltway crowd and nobody on K Street cares about. His Op-Ed for Tribune News Service reads like the epitaph of the Biden administration and the left’s economic policies overall:
"There’s no denying that many Americans’ wages have risen at a brisk pace the last two years, but prices have risen even faster, an astonishing 16%. Forty-year-high inflation has eaten away the real value of incomes and savings—a direct result of the government spending, borrowing and creating too much money out of thin air.
This robbing of purchasing power tends to fall heaviest on low-income earners because their wages and salaries usually adjust to inflation slower than those of high-income earners. Sure enough, since Biden took office, real (meaning inflation-adjusted) incomes for the lowest income quartile and second-lowest income quartiles have fallen 2.5% and 3.0%, respectively."
"This totally disproves Biden’s claim that real earnings have risen for the bottom half of Americans. Conversely, those in the highest income decile have seen their real incomes rise about one-third of a percent under Biden, meaning the wages and salaries of the top 10% have slightly outpaced inflation."
"And not only are incomes rising slower for working-class folks. Their prices are rising faster too," Antoni concluded. "The Bidenomics agenda caused inflation, which means prices everywhere rose, and that caused many middle-class households to change their purchasing habits to stretch the family budget."
The American people feel this, it resonates anywhere you say it. Most of all at the grocery store. And universally the American people are responding in one clear voice to Biden’s constant refrain that ‘Bidenomics is working.’
It’s a bit like a man yelling over and over again “I’m the king,” except when you’re really the King you don’t have to say it, and when your economy is actually working everybody already knows it. When the American people hear Joe and Kamala talk about ‘Bidenomics’ and how it’s ‘working’ the answer is usually either: “maybe for you and your rich friends” or just plain “bulls**t.”