Americans Are Fed Up With President Biden Gaslighting Their Economic Struggles

Biden Tried To Boast About How ‘Costs Went Down,’ When Actually Everything He Pointed To Has Gone Up In Price Since He Took Office

PRESIDENT JOE BIDEN: “You know, from turkey, to air travel, to a tank of gas, costs went down.  They went down…. In fact, as a share of earnings, this Thanksgiving dinner was the fourth-cheapest ever on record.  And I want you all to know that.” (Pres. Biden, Remarks, 11/27/2023)

Not A Single Item That Joe Biden Mentioned Has Become Cheaper For Americans To Purchase On His Watch

Since President Biden took office, inflation has increased 17.6%. (Bureau of Labor Statistics, Accessed 11/14/2023)

• Grocery (food at home) prices have increased 21%. (Bureau of Labor Statistics, Accessed 11/14/2023)

• Prices for meats, poultry, fish, and eggs have increased 21%. (Bureau of Labor Statistics, Accessed 11/14/2023)

• Gasoline (all types) prices have increased 55%. (Bureau of Labor Statistics, Accessed 11/14/2023)

• Airline fares have increased 27.2%. (Bureau of Labor Statistics, Accessed 11/14/2023)

Not Even Former Obama White House Economist Jason Furman Buys Biden’s Insulting Spin

JASON FURMAN, Former Obama White House Council of Economic Advisors Chairman: “Cost of a Thanksgiving dinner in 2023:

1-yr change: -4.5%
2-yr change: +14.7%
3-yr change: +30.4%
4-yr change: +25.1%

3 and 4-yr broke pre-pandemic records (data back to 1986).

Economists/optimists focused on the 1-yr change. What period did normal people focus on?” (Jason Furman, @jasonfurman, Twitter, 11/28/2023)

The Price Of 'Bidenomics': ‘The Typical American Household Must Spend An Additional $11,434 Annually Just To Maintain The Same Standard Of Living They Enjoyed In January Of 2021’

“After years of inflation, US consumers are shouldering a burden unlike anything seen in decades ...” (“Just How Bad Is The US Cost-of-Living Squeeze? We Did the Math,” Bloomberg News, 11/27/2023)

“The typical American household must spend an additional $11,434 annually just to maintain the same standard of living they enjoyed in January of 2021, right before inflation soared to 40-year highs, according to a recent analysis of government data. Such figures underscore the financial  squeeze many families continue to face … Consumers are still paying more, albeit at a slower pace, on top of the higher prices that were locked in when price hikes surged in 2022 and earlier this year.” (“Americans Need An Extra $11,400 Today Just To Afford The Basics,” CBS News, 11/29/2023)

• “The main categories requiring heavier spending for consumers simply to tread water: food, transportation, housing and energy, which together account for almost 80 cents of every $1 in additional spending, according to the analysis from Republican members of the U.S. Senate Joint Economic Committee.” (“Americans Need An Extra $11,400 Today Just To Afford The Basics,” CBS News, 11/29/2023)

“Inflation outpaced the gains in worker pay in 2022 for the second year in a row, and mortgage rates are at their highest level in more than two decades.” (“Voters See American Dream Slipping Out of Reach, WSJ/NORC Poll Shows,” The Wall Street Journal, 11/28/2023)

“Borrowing costs, too, have become more expensive. For years, credit has been relatively easy to come by in the US, helping Americans buy big-ticket items like cars and homes while also keeping a lid on monthly interest payments. Now, the share of Americans’ wages that they’re putting toward interest payments for things like cars and credit cards is at levels not seen since 2007 — and not too far from all-time highs. Delinquency rates are climbing rapidly as a result.” (“Just How Bad Is The US Cost-of-Living Squeeze? We Did the Math,” Bloomberg News, 11/27/2023)

• “Leslie Shuffleton, a personal trainer in Palm Desert, California, had no other debt besides a mortgage payment heading into the pandemic. Since then, the combination of investing in her business while shouldering a sharp Covid-driven slowdown, plus rising prices and property taxes, has driven her family to accumulate some $75,000 in debt. She’s been shuffling that money on new credit cards since, trying to avoid the surge in borrowing costs, while she waits for her stock holdings to increase in value. ‘I absolutely want to make sure that when that promotional rate is over, that I have the ability to shuffle it over to another card for a promotional rate again,’ Shuffleton, 54, said. ‘It’s just a real circus, and it’s a real dance that I would like to not have to do.’” (“Just How Bad Is The US Cost-of-Living Squeeze? We Did the Math,” Bloomberg News, 11/27/2023)

Indeed, Americans Feeling The Effects Of Bidenomics See The American Dream Slipping Out Of Reach

“The American dream—the proposition that anyone who works hard can get ahead, regardless of their background—has slipped out of reach in the minds of many Americans. Only 36% of voters in a new Wall Street Journal/NORC survey said the American dream still holds true, substantially fewer than the 53% who said so in 2012 and 48% in 2016 in similar surveys of adults by another pollster. When a Wall Street Journal poll last year asked whether people who work hard were likely to get ahead in this country, some 68% said yes—nearly twice the share as in the new poll.” (“Voters See American Dream Slipping Out of Reach, WSJ/NORC Poll Shows,” The Wall Street Journal, 11/28/2023)

• “The survey offers the latest evidence that Americans across the political spectrum are feeling economically fragile and uncertain that the ladder to higher living standards remains sturdy, even amid many signs of economic and social progress.” (“Voters See American Dream Slipping Out of Reach, WSJ/NORC Poll Shows,” The Wall Street Journal, 11/28/2023)

• “People in both political parties reported a sense of precariousness and disaffection.” (“Voters See American Dream Slipping Out of Reach, WSJ/NORC Poll Shows,” The Wall Street Journal, 11/28/2023)

“The new survey adds to signs of pessimism found in other recent polls. An NBC News survey released this month found that 19% felt confident that life for their children’s generation would be better than for the current one—a record low in the group’s surveys dating to 1990.” (“Voters See American Dream Slipping Out of Reach, WSJ/NORC Poll Shows,” The Wall Street Journal, 11/28/2023)

Purchasing A Home Has Become Vastly More Expensive And More Difficult In Recent Years

“For most Americans, the cost of housing is by far the largest expense in any given month. As a result, the run-up in rental prices — which looks even more acute when using data from private companies like Zillow Group Inc. — has made it harder for many to save or have enough left over for other spending.” (“Just How Bad Is The US Cost-of-Living Squeeze? We Did the Math,” Bloomberg News, 11/27/2023)

• “It’s also a difficult moment for renters to make the leap to homeownership. Mortgage rates are around a 23-year high, and home values have jumped nearly 42% since the start of 2020.” (“Just How Bad Is The US Cost-of-Living Squeeze? We Did the Math,” Bloomberg News, 11/27/2023)

“Mackenzie Kiser, 20, and Lawson Millwood, 21, students at the University of North Georgia, managed to buy a house this year. Mr. Millwood’s income as an information-technology systems administrator at the university was enough to qualify, and they worried that affordability would only worsen if they waited because of rising interest rates and prices. Still, the experience left a bitter taste.” (“Even Most Biden Voters Don’t See A Thriving Economy,” The New York Times, 11/28/2023)

• “‘The housing market is absolutely insane,’ said Ms. Kiser, who wasn’t old enough to vote in 2020 but leans progressive. ‘We paid the same for our one-story, one-bedroom cinder-block 1950s house as my mom paid for her three-story, four-bedroom house less than a decade ago.’” (“Even Most Biden Voters Don’t See A Thriving Economy,” The New York Times, 11/28/2023)

Americans Have A Message About The High Prices They’re Saddled With: ‘It’s A Huge Slap In The Face And I’m Surprised That Some People Are Saying Inflation’s Coming Down’

“‘It’s a huge slap in the face and I’m surprised that some people are saying inflation’s coming down,’ said Ryan Essenburg, 50, who lives in California’s Bay Area. ‘It’s hard. You go get your bill and it’s like, ‘What’s happening here?’” (“Just How Bad Is The US Cost-of-Living Squeeze? We Did the Math,” Bloomberg News, 11/27/2023)

Even Biden’s Voters ‘Say They’re Not Impressed With The Economy’

THE NEW YORK TIMES: “…[E]ven Democrats who supported Mr. Biden in 2020 say they’re not impressed with the economy.” (“Even Most Biden Voters Don’t See A Thriving Economy,” The New York Times, 11/28/2023)

“In a recent New York Times/Siena College poll of voters in six battleground states, 62 percent of those voters think the economy is only ‘fair’ or ‘poor’ (compared with 97 percent for those who voted for Donald J. Trump).” (“Even Most Biden Voters Don’t See A Thriving Economy,” The New York Times, 11/28/2023)

“The demographics of Mr. Biden’s 2020 supporters may explain part of his challenge now: They were on balance younger, had lower incomes and were more racially diverse than Mr. Trump’s. Those groups tend to be hit hardest by inflation, which has yet to return to 2020 levels, and high interest rates, which have frustrated first-time home buyers and drained the finances of those dependent on credit.” (“Even Most Biden Voters Don’t See A Thriving Economy,” The New York Times, 11/28/2023)

“Take Oscar Nuñez, 27, a server at a restaurant in Las Vegas. Foot traffic has been much slower than usual for this time of year, eating into his tips. He’d like to start his own business, but with the rising cost of living, he and his wife — who works at home answering questions from independent contractors for her employer — haven’t managed to save much money. It’s also a tough jump to make when the economy feels shaky.” (“Even Most Biden Voters Don’t See A Thriving Economy,” The New York Times, 11/28/2023)

• “Mr. Nuñez expected better from Mr. Biden when he voted blue in 2020…” (“Even Most Biden Voters Don’t See A Thriving Economy,” The New York Times, 11/28/2023)

Some Consumers Say They’ll Pare Back Spending On Holiday Gifts This Year Because Of The High Cost Of Living

“Christina Beck is approaching this holiday season cautiously. Ms. Beck, a 58-year-old administrative director at a school, makes lists of gifts she plans to buy for her family and friends and sticks with it. But her spending this year will be kept in check by the high cost of food in grocery stores and restaurants, and the mortgage for a home in Minneapolis she bought last year with her best friend.” (“Retailers Worry About Shoppers’ Mood This Holiday Season,” The New York Times, 11/23/2023)

“In past years, Tara Cavanaugh, a 37-year-old marketing manager, spent as much as $1,500 on gifts for her family, friends and various office parties, she said. This year, after a move with her partner to Boulder, Colo., and the resumption of her $400-a-month student-loan payments — her partner also has student-loan debt — she said she was paring down her gift list and expected to spend closer to $200. ‘We both make decent incomes and live simply, sharing an old car and our furniture is still from Ikea, but it still feels like we’re struggling,’ Ms. Cavanaugh said of her and her partner. ‘I know a lot of us are feeling the pinch, so I’m not going to freak out about giving gifts to people who are older than me, are doing fine and don’t need anything.’” (“Retailers Worry About Shoppers’ Mood This Holiday Season,” The New York Times, 11/23/2023)

Unsurprisingly, Biden Continues To Get A Failing Grade From The Public

GALLUP: “President Joe Biden’s job approval rating remains at 37%, tying his personal low, with disapproval at 59%.” (“Poor Marks for Biden: Middle East, Economy, Foreign Affairs,” Gallup, 11/28/2023)

“[F]ewer, 32% each, approve of his handling of the economy…” (“Poor Marks for Biden: Middle East, Economy, Foreign Affairs,” Gallup, 11/28/2023)

• “Biden’s current rating on the economy is just one percentage point higher than his lowest in 2022…” (“Poor Marks for Biden: Middle East, Economy, Foreign Affairs,” Gallup, 11/28/2023)

“With less than a year to go until the presidential election, Biden continues to receive tepid ratings from the American public.” (“Poor Marks for Biden: Middle East, Economy, Foreign Affairs,” Gallup, 11/28/2023)

Everyone Except The White House Seems To Understand That Bidenomics Is ‘Not Working’

“No one seems to like ‘Bidenomics,’ the eponymous shorthand for Joe Biden’s economic policies — not voters, not Democratic officials, not even, at times, the president himself.” (“‘Jumbled Mess’: The Bidenomics Brand Leaves Nearly Everyone — Including Biden — Baffled,” NBC News, 11/05/2023)

NBC’s KIRSTEN WEKLER: “And I’m hearing, based on my conversations, a lot of Democrats are saying his messaging needs to shift away from Bidenomics to really understanding Americans who say, ‘We’re not feeling this yet.’”
THE WASHINGTON POST’S LEIGH ANN CALDWELL: “Yeah, Bidenomics has really been kind of a negative – become a negative word, especially among Democrats, cause it’s not working.” (NBC’s “Meet The Press,” 11/26/2023)

POLITICO’S JONATHAN MARTIN: “Perhaps the most overwhelming economic messaging advice I picked up from Democrats was for him to heave ‘Bidenomics’ into the dumpster. Attempting to make voters believe something they don’t is folly. Attaching your name to that strategy borders on masochistic.” (Jonathan Martin, “Here’s How Biden Can Turn It Around,” Politico Magazine, 11/13/2023)

“‘Whoever came up with the slogan Bidenomics should be fired,’ said one Democratic strategist, who requested anonymity to speak more freely. ‘It’s probably the worst messaging you could ever imagine.’” (“‘Jumbled Mess’: The Bidenomics Brand Leaves Nearly Everyone — Including Biden — Baffled,” NBC News, 11/05/2023)