13 July 2023
In a grim turn of events, the Biden administration’s touted economic agenda, known as “Bidenomics,” is facing harsh realities. Despite the White House’s claims of prosperity, Americans, particularly the middle class, are being crushed by the inflation storm. Two years of negative real wage growth have forced many to deplete their savings and rely on high-interest credit cards to make ends meet. While the administration takes credit for a slight decline in the inflation rate, it remains above the Federal Reserve’s target.
Adding to the troubling picture, new data from Bloomberg reveals a staggering increase in family homelessness across 20 major cities. The rising cost of goods, limited housing supply, and the reduction of pandemic-era benefits are exerting immense pressure on Americans. The surge in family homelessness contradicts the narrative of a prosperous era unleashed by Bidenomics.
Even The Wall Street Journal Editorial Board exposed the administration’s propaganda, pointing out that real average hourly earnings have plummeted by 3.16% during Biden’s presidency. This dismal reality further underscores the failure of Bidenomics to deliver on its promises.
The alarming rise in family homelessness, with a 37.6% jump in just one year, highlights the dire situation faced by countless Americans. The reported numbers are likely an undercount, omitting cities like San Francisco and Seattle with severe homeless crises.
The explosion of family homelessness serves as yet another testament to the failure of Bidenomics, especially for the middle class. The realities on the ground starkly contrast the administration’s claims of prosperity, painting a bleak picture for middle America.