Bidenomics

[DKG]

There is no climate crisis, but there is an inflation/ffordability/energy crisis. Biden and Trudeau care not one iota about the struggling citizens that elected them.

Georgia Gov. Brian Kemp has put another pin in the White House's "Bidenomics" balloon. President Joe Biden is desperately trying to sell the American people on the supposed success of "Bidenomics" as the 2024 campaign season heats up, but the numbers seem to show that his economic policies are a losing proposition. This week, the U.S. Census Bureau released data showing that the median household income has fallen for the third straight year and the cost of living has soared with the highest inflation rate in 40 years. With numbers this dismal, Kemp felt compelled to act to help ease the pain of struggling Peach State citizens. On Tuesday, he issued an executive order suspending the gasoline tax. "Governor Brian P. Kemp today declared a state of emergency due to the 40-year-high inflation and negative economic conditions felt by hardworking Georgians as a result of policies coming out of Washington, D.C.,"

[Thiel]

Biden's economic bills that congress passed will have a deletrious effect on the economy and add to the debt.

[Oerdin]

I hope the Democraps keep trying to gaslight about the economy because it isn't working and will result in them losing.

[Brent]

I hope the Democraps keep trying to gaslight about the economy because it isn't working and will result in them losing.

Biden is counting on good old fashioned American ignorance.

[Oerdin]

Dems usually do.

[Thiel]

Dems usually do.

They usually get what they want.

[DKG]

Why Bidenomics Is Bad News for Joe Biden

Friday's announcement from the Bureau of Labor Statistics that employers created 336,000 jobs in September is seen as a sign that the economy is powering forward.

True, the numbers look good on the surface. Who doesn't love job creation of 336,000 when economists were predicting only 136,000? But a look at the details tells another story—and shows how Biden continues to favor environmentalists over blue-collar workers, splitting the fragile Democratic Blue-Green coalition.

First, of the jobs created, 73,000 were in government and 70,000 were in health care and social assistance, a government-supported sector. About 40% of the jobs created rely on taxpayer dollars in some form.

 
Then, about 100,000 were in leisure and hospitality, a sector that pays lower than average. Some said that this was teenagers working their final jobs of the summer, but summer was over for teens by the end of August, and the teen unemployment rate declined by six-tenths of 1% as many left the labor force and returned to school.

What's especially troubling was the jobs that were not created.

Employers hired only 17,000 workers in manufacturing. Oil prices were more than $90 per barrel in September, but only 200 jobs were created in oil and gas extraction. And America needs minerals for electric vehicles, but the mining sector lost 400 jobs, rather than gained them.
Those jobs numbers provide a rationale for the fracturing of Biden's Blue-Green coalition that has been front and center with the UAW strike. The blue-collar workers want well-paying jobs, and the green environmentalists want to send energy-intensive jobs abroad.

Leisure and hospitality jobs—low-paying jobs in coffee shops, restaurants, hotels, and theme parks—can't go abroad. Those represented one-third of the jobs created. But the jobs needed to power today's economy—the oil to run factories and make gasoline, even minerals so that new battery and electric vehicle jobs can stay in America—were nonexistent.

America is energy independent due to vast resources of oil and natural gas that have been discovered and produced through innovative technology, but Biden is insisting on on leaving it in the ground and instead moving to electric vehicles, which rely on Chinese-owned minerals from Asia, Latin America, and Africa.

New proposed Environmental Protection Agency regulations would require electricity to be produced from renewable or clean sources, including solar and wind power. Seven of the 10 largest wind and solar companies are in China, and the requirements mean that America would be dependent on China for energy. Thirty-one states already have such requirements.

The EPA and the U.S. Department of Transportation are considering regulations that would require 60% of new vehicles sold to be electric by 2030, and two-thirds of them to be electric by 2032. Those regulations, if finalized as proposed, would require dependence on EVs whose batteries are now made in China.

The shrinkage in mining employment shows that America is not expanding domestic production of minerals needed for batteries needed for EVs, wind turbines, and solar panels.

With the price of gas almost $4 a gallon in September, it's troubling that Biden is not expanding oil and gas development to reduce prices.

If you think the September job numbers are good, think what they would be like if the administration were to allow the domestic energy sector to produce oil and natural gas—and heal the Blue-Green rift.
https://www.19fortyfive.com/2023/10/why-bidenonmics-is-bad-news-for-joe-biden/

[DKG]

Joe Biden Fails Another Fact Check


President Joe Biden proudly stated that Americans know they are more financially secure than they were prior to his time in the White House.

"I think they know they're better off financially than they were before. It's a fact," Biden claimed.

However, numerous fact-checks prove Biden is lying. Polls show the majority of Americans are worried and uncertain about their financial situation.

The non-profit group Media Research Center has compiled five charts that sum up the economic impact of Joe Biden.

• Gas prices are up 63%.

• Real wages have gone down for Americans.

• Prices are skyrocketing 3 times faster under Biden.


• Mortgage rates are changing for the worse under Biden.

• Saving rates of Americans have collapsed under Biden.



When adjusted for inflation, real wages earned by Americans have seen a decline under President Biden. In the first quarter of 2021, the median weekly real earnings averaged $373. By the second quarter of this year, this figure had fallen to $365.

Under President Trump, real wages increased from $352 on January 1, 2017, to $373 on January 1, 2021.

Mortgage rates today are more than double the average rates home buyers paid when Trump left office. Under Biden's predecessor, the average 30-year fixed mortgage rate dropped by a third, going from 4.09% to 2.77%. However, by September 7, 2023, mortgage rates had more than doubled, surging by over four percentage points to reach 7.12%.

With Americans earning less and facing higher costs, their average savings rate has dwindled under Biden.

From February 1, 2017, to February 1, 2021, the average personal savings rate shot up by 86%, from 7.2% to 13.4%. Yet, by July 1 of the current year, it had plummeted to a mere 3.5%, a quarter of its pre-Biden level, based on calculations incorporating data from the Federal Reserve Bank of St. Louis (FRED) and the Bureau of Labor Statistics.

Under the Biden administration we've seen rising gas prices, declining real wages, soaring consumer prices, increased mortgage rates, and a drop in the average savings rate.
https://www.americainsider.org/2023/10/08/joe-biden-fails-another-fact-check/

[Herman]

All the frickin spending by Biden and Trudeau aint done working folks any frickin good. It has moved folks in the middle to poverty. Corporations and the wealthy have done verty well under Bidenomics.

https://www.theblaze.com/columns/opinion/this-is-bidenomics-in-a-nutshell?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20231028ActiveTrending-Haskins&utm_term=ACTIVE%20LIST%20-%207%20Day%20Engagement
Under the Biden administration, the government has continued to pump unprecedented amounts of money into the economy, but those policies appear to have disproportionately benefited large corporations, which are hoarding trillions in cash and investments while American families burn through their savings.

Data compiled by Investor's Business Daily shows that businesses in the S&P 500 are holding $2.6 trillion in cash, a 20% increase compared to cash held by the same group at the end of 2019. Apple alone has about $167 billion in investments and savings.

Much of that cash was amassed by large businesses in 2020, as the Democrat-led Congress and President Trump agreed to print trillions in new dollars to fund lockdown-related relief packages and costly stimulus policies.

Since Biden entered the White House in January 2021, large corporations have continued to remain flush with cash. In fact, cash holdings for big businesses are about the same today as they were at the end of 2020, which means they have managed to thrive despite the recent surge in inflation. Meanwhile, working-class, middle-income, and lower-income families have experienced real losses.

American households experienced across-the-board increases in their checking and savings balances in 2020, according to Federal Reserve data. At the start of 2022, real household savings for middle-income Americans was 113% of what those balances had been in March 2020, when the most significant coronavirus lockdowns began.

Now, on its face, that might look like a positive trend. But the reason corporations and families experienced huge increases in cash holdings wasn't due to economic growth — remember, much of the economy remained closed in 2020 and 2021. The increase in cash was directly related to sharp increases in the money supply, which grew by more than $3.37 trillion from March 2020 to January 2021, by far the most rapid increase in money supply in U.S. history.

Rather than decrease the money supply or even hold supply levels flat, the Biden administration and congressional Democrats opted to keep spending levels high, adding another $2.19 trillion to the money supply in 2021 alone. Making matters worse, the Federal Reserve encouraged the government's spending addiction and kept interest rates low, despite troubling signs.

Democrats' reckless spending — coupled with the war in Ukraine, Biden's attacks on affordable energy, and low interest rates — fueled an inflation crisis that has been unlike anything Americans have experienced in four decades.

As a result, a family purchasing $200 worth of groceries in 2020 would spend more than $238 today for the same products, based on the federal government's consumer price index calculations, which likely undercount inflation.

In a frantic effort to stop prices from skyrocketing further, the Federal Reserve increased interest rates at breakneck speed in 2022 and 2023. Despite this dramatic reversal in monetary policy, prices have continued to go up.

The Biden administration claims its policies have provided relief to the middle and working classes, but the evidence suggests that its addiction to debt and government spending has disproportionately hurt households, especially middle-income families.

[Lokmar]

I've made about $40K less at this point in 2023 than I did in 2019 and 2020. My book of business was so bad in 2022 that I made even less than this year. Inflation has lowered my buying power 30% too. Thankfully, My wife is making about $175K/yr or we'd be fuk'd! From 2017 to 2021, I used my income to buy shitloads of guns and ammo along with a car I can race on road courses. All this shit is nearly paid off so once Trump takes office again, I can upgrade!

[Brent]

I've made about $40K less at this point in 2023 than I did in 2019 and 2020. My book of business was so bad in 2022 that I made even less than this year. Inflation has lowered my buying power 30% too. Thankfully, My wife is making about $175K/yr or we'd be fuk'd! From 2017 to 2021, I used my income to buy shitloads of guns and ammo along with a car I can race on road courses. All this shit is nearly paid off so once Trump takes office again, I can upgrade!

I retire in the spring of 2024. As it stands now, if I were to take the money instead of the pension I would take a huge hit. Three years ago it was worth $220,000 more than it is today after three years of me and the company paying into it.

Pension plans do not like Joe Biden.

[Lokmar]

I retire in the spring of 2024. As it stands now, if I were to take the money instead of the pension I would take a huge hit. Three years ago it was worth $220,000 more than it is today after three years of me and the company paying into it.

Pension plans do not like Joe Biden.

I think my 401K dropped about 20% to 25% a year or 2 ago. I just quit looking at it.

[Brent]

I think my 401K dropped about 20% to 25% a year or 2 ago. I just quit looking at it.

I was considering taking the cash. But, I have no choice now, but to take pension. It's a pretty good pension.

[Thiel]

I can sympathize with people like Lokmar and Brent who might be a few years or less from retirement.

[Herman]

Good government like Jim Crow Joe's aint cheap.

Biden costs Americans an additional $25,000, prompting calls for 'Office Of No'
https://www.washingtonexaminer.com/news/washington-secrets/biden-costs-americans-an-additional-25-000-prompting-calls-for-office-of-no

Since President Joe Biden took office, people are facing an annual inflation tab at over $11,000 a year just for the basics.

But that's not all. Because of regulations pouring out of the White House and Washington, they are facing another $14,514 in hidden annual costs.

"When the U.S. federal administrative state began its march over a century ago, few imagined the tangle of hundreds of thousands of rules and guidance documents it would produce, and the way those would envelop society. Donald Trump's four years brought unique reversals, such as a reduced flow of new rules and some rollbacks of existing ones. Attempts were made to streamline internal departmental and agency processes and speed regulatory approvals for private activities," he wrote in the 142-page report.

"Unfortunately, as detailed extensively in the 2021 edition of Ten Thousand Commandments, the liberalizations ended with the inauguration of President Joe Biden. He declared the Trump agenda consisted of 'harmful policies and directives that threaten to frustrate the federal government's ability to confront ... problems.' Biden initiated a progressive 'modernization' of the regulatory review process. He even reoriented the Office of Management and Budget away from regulatory supervision and restraint and toward the promotion of regulatory initiatives," Crews added.