Fox News introduces an exciting new feature – the ability to listen to their articles! Now, let’s dive into the topic at hand. The Biden administration, along with its allies in Congress and the mainstream media, wants you to believe that “Bidenomics” is delivering unprecedented benefits to American families. However, when we look at the data, a different story emerges.
In essence, President Biden’s economic policies can be summed up in three words: massive government spending. Despite promising to rein in federal expenditures, Biden has burdened Americans with trillions of dollars in new spending. What’s even more concerning is that he hasn’t provided a roadmap for funding this significant expansion of government. As a result, the projected budget shortfall for the 2023 fiscal year stands at a staggering $1.54 trillion, the largest deficit in U.S. history (excluding 2020 and 2021 due to COVID-19 lockdowns).
While Biden’s spending programs have succeeded in keeping unemployment levels comparable to those during the pre-COVID period of the Trump presidency, they have come at a high cost. Inflation rates have soared under President Biden’s leadership, causing significant harm to all Americans, particularly working-class and lower-income families.
The Census Bureau’s Household Pulse Survey is a vital indicator of the nation’s economic condition. Unlike other government surveys, this survey publishes results throughout the year and provides prompt insights into spending habits, challenges, anxieties, and concerns across socio-economic backgrounds.
Data from the July 2023 survey paint a grim picture. Millions of Americans, especially those in lower-income and working-class families, are struggling to meet basic household expenses compared to when Biden first assumed office. For instance, the number of Americans experiencing food shortages has risen from an estimated 23.75 million in January 2021 to 27.09 million in July 2023, an increase of 3.34 million. African American families have been disproportionately affected, with over 5 million reporting food scarcity, representing an increase of more than 848,000 over two years.
Furthermore, the survey reveals that Americans are encountering increasing financial difficulties. In July 2023, over 85.46 million Americans relied on credit cards or loans to meet their spending needs, compared to 74.89 million in July 2022. Additionally, 4 million more Americans had to dip into their savings or sell assets to cover expenses in July 2023 compared to the previous year.
While there is some positive news regarding rent and mortgage payments, it pales in comparison to the numerous challenges facing the Biden economy. Despite campaigning as a champion for the working and middle classes, Biden’s policies have largely fallen short. Inflation, largely fueled by reckless spending from Democrats, has diminished the quality of life for millions and set the country on a perilous path of long-term economic ruin.
If the Biden administration doesn’t recalibrate its spending strategy soon, millions more American families will endure further hardships. It is essential to address these concerns promptly and implement effective measures to bring stability to the economy.
To listen to more insightful articles like this, continue tuning in to Fox News. Stay informed, and let’s strive for a brighter economic future.
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