Democrats and the media are at a loss to explain why Americans are underestimating all that President Joe Biden and Vice President Kamala Harris have done for — well, against — the economy.
They act as if this is a golden age for the American family. Falling inflation and Jobs are plentiful.For now.
So why are Americans so gloomy? Pew Poll It found that only 22% of Americans believe the country is heading in the right direction.
Another poll found that more than half of Americans believe the U.S. is in a recession. (Related article: Runaway inflation under Biden reaches new milestone)
A CNBC headline last week reported the poll results with shock and surprise: “59% of Americans mistakenly believe the U.S. is in a recession.”
According to the article, “economists are struggling with a widening disconnect between the strength of the economy and how people feel about their financial situation…. The U.S. economy has remained remarkably strong even amid persistent inflation and high interest rates.”
Stop there.
Yes, that is true GDP is growingIn other words, we are not in a technological recession.
Vice President Kamala Harris speaks about the impact of “Bidenomics” at Sycamore and Oak Shopping Village in the Congress Heights neighborhood of Washington, DC, on August 4, 2023. (Photo by Mandel Ngan/AFP via Getty Images)
But who is the economy “boosting” for? The academics in their ivory towers? The people ensconced in the Washington metropolitan area? The people with cushy jobs at news organizations across the country?
of The above poll The main reason Americans are pessimistic is because of rising costs and the difficulty of making ends meet.
This is not their fantasy. The average household has about Purchasing power of $2,000 Since Biden took office, they are poorer than they were four years ago.
I would argue that if most families have lost real take-home income over four years, it's a recession. And apparently, despite the media cheering for the Biden economy, six in ten Americans agree with me.
During his recent Democratic National Convention speech, Biden boasted: Wages are “rising”But that's just the pre-inflation increase. Cost of Living Although it is 20% higher now than it was four years ago, for most workers it is just a fall in real wages. (Related article: “Inflation is their doing”: Charles Payne slams Harris for misleading voters with her economic record)
One way to gauge how much families are suffering under the Biden economy is to look at household debt: Credit card debt has skyrocketed recently. Best everand delinquencies are rising. The federal government can borrow as much as it wants (or investors around the world will stop buying Treasury bonds), but households have to pay back their debts. That means that if things don't improve soon, more and more households will find themselves struggling with debt.
Harris' only plan to ease the financial squeeze on the middle class is to hand out more free dollars. She wants to make people pay. Up to $25,000 for home purchasesThe Wall Street Journal has questioned whether the government will start offering relief for outstanding mortgage and credit card debt, just as it is paying defaulters who refuse to repay their student loans.
Where will the trillions of dollars in bailout funding come from? From China?
On the other hand, most These jobs Biden and Harris have both bragged about having directly or indirectly held government jobs. Why is the government drowning in debt in a hiring rush?
Americans have a sixth sense warning them that something big is wrong with the economy, and Harris and the media are saying “don't worry, be happy.”
Who exactly lives in LaLa Land?
Stephen Moore is a visiting fellow at the Heritage Foundation and co-founder of the Commission to Unlock Prosperity.
The views and opinions expressed in this commentary are those of the author and do not necessarily reflect the official position of the Daily Caller News Foundation.
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