The Biden administration has been trying to paint a rosy economic picture, but most Americans aren’t buying it.
While the White House is touting recent gains that have been made in the stock market, plus positive news that came out of the most recent jobs report, “the vast majority of Americans say the economic conditions right now are poor,” Erica Hill of CNN said recently.
President Joe Biden and many of his top supporters keep pushing the fact that the economy added 200,000 jobs in November and the unemployment rate dropped all the way to 3.7%.
But, Harry Enten, an economic analyst for CNN, said last week that many Americans don’t use the stock market’s performance as an indicator of whether the economy is healthy.
Instead, the best economic indicator to use when judging the viewpoints of a majority of Americans is disposable income, he said. He pointed out that there’s been “negative growth” in disposable income from the moment that Biden took office in 2021.
To date, disposal income has dropped 2.7% under Biden, according to Enten, while the average for every president since John F. Kennedy has been an increase of 4.5%.
What’s more, job growth has increased in only three major economic sectors — leisure and hospitality, health services and private education, and government. Much of this growth, too, was boosted by federal government spending.
“There are essentially two economies right now — the private sector economy and the government economy,” said Michael Faulkender, who serves as American Prosperity’s chief economist and senior adviser.
While inflation has seemingly cooled in recent months, prices are still elevated. Prices for everything from food to transportation services to rent and more have increased this year, even as inflation increased only 0.1% in November.
Data from the Federal Reserve Bank of St. Louis shows that since Biden entered the White House, total prices have risen 17.2%. In that same timeframe, real wages dropped 2.1%.
So, while the Biden administration continues to push the success of “Bidenomics,” the majority of Americans are experiencing something completely different. Ultimately, that is what could end up doing in Biden’s re-election campaign.
FOX BUSINESS: "Since the day President Biden came into office, everything is up about 17%."
That's Bidenomics! pic.twitter.com/TPJ52XZlHE
— RNC Research (@RNCResearch) December 14, 2023