27 July 2023
Biden’s Press Secretary, Karine Jean-Pierre, recently asserted that “The American people are beginning to feel Bidenomics.” However, the reality seems to be hitting harder than she may have anticipated.
Under the Biden administration, prices have surged 16.6%, whereas real wages have dropped 3%. Consumers are indeed feeling the weight of Bidenomics, particularly in their grocery bills and gas expenses, with food prices increasing 56% and regular gas prices inflating by 52%.
Moreover, home buyers are facing the brunt too, as the 30-year mortgage rate has jumped a massive 153%. Wage growth, often seen as a cushion against price increases, isn’t offering much relief either, with real weekly wage growth plunging 90% since Biden took office. Consequently, while the administration might consider these trends as “feeling Bidenomics,” for many, they translate to an undeniable financial pinch.