The term “Bidenomics” has become synonymous with the economic policies of the Biden administration and let’s be frank, they have failed on every possible level. I can’t bite my tongue any longer on this. Bidenomics is not only crushing the American spirit but it’s making millions of Americans dependent on our government, which is not the American dream and will have chilling effects on the future of this nation.
While presented as a plan to bolster the financial well-being of Americans, a closer look at the Bidenomics fact sheet reveals a different story — one where the average American is shouldering the burden of inflation and increasingly high interest rates due to Bidenomics.
The effects of these policies are far more pronounced than what the media and the administration are willing to admit. So while the media and the Biden administration is not willing to speak the truth, I will speak out on this.
Recent data from the U.S. Census Bureau, analyzed in depth by Stephen Moore in his recent New York Post op-ed, paints a troubling picture of the state of poverty in America.
What’s most shocking in this data is the sharp increase in poverty rates for both adults and children. In just a year, from 2021 to 2022, poverty in America rose from 7.8% to 12.4%, marking an alarming increase of 58.9%. Equally concerning is the fact that the child poverty rate also doubled, soaring from 5.2% to 12.4%.
The question we must ask is this: How is Bidenomics working for the American people if over 10% of our nation’s children are living at or below the poverty line? I refuse to accept for a minute that have 10% of America’s youth living at or below the poverty line is something for the Biden administration to celebrate in any way.
In addition, The Federal Reserve plays a major role in U.S. economic policy and can significantly influence the state of the economy in 2023. As inflation remains a pressing concern, the Federal Reserve faces the difficult task of deciding when and how to raise interest rates in this era of increasing interest rates due to Bidenomics.
The prospect of more interest rate hikes has raised questions about the state of the economy, and many are left wondering why the economy is in such a precarious position.
Make no mistake, Bidenomics has heightened tax disparities between states. Forbes reports that California now bears the heaviest income tax burden in the nation, a staggering 13.3%, while Florida enjoys a tax haven status with no state income tax. California’s corporate tax rate at 8.84% far exceeds Florida’s 5.5%.
These punishing taxes deter investment and innovation in California, leading businesses and individuals to seek refuge in lower-tax states like Florida.
Equally concerning is the unchecked rise in living and housing costs in California, exacerbated by Bidenomics. According to PolitiFact, California’s median home price in May 2021 reached a staggering $818,260, compared to Florida’s more reasonable $344,900. Rent is substantially higher in California, with a median monthly rate of $2,518 for a two-bedroom apartment, versus Florida’s $1,256.
Working-class Americans work tirelessly to make ends meet, yet they find themselves at odds with an economy that seems to be working against them. This government’s role in shaping the economy cannot be underestimated, and it’s essential to scrutinize whether the current policies truly serve the people.
The Bidenomics plan aimed to change the economy for the better but it’s an epic failure.
As the nation grapples with inflation and extremely high interest rates, it’s clear that these policies have fallen short of their promises by every single measurable benchmark. The recession forecast looms large, and Americans are left wondering about the steps a nation can take to achieve economic growth.
Furthermore, millions of Americans are being faced with tough decisions every week about whether to put gas in their car to get to work or food in their refrigerator. This is not the American dream that we all love so much, it’s America in decline.
Bidenomics may have promised to improve the financial well-being of Americans, but the reality is far from what was anticipated. Inflation, housing costs, sagging stock market and increasing interest rates have brought about a challenging economic landscape, with many struggling to make ends meet.
The American spirit is being crushed under the weight of inflation and soaring interest rates, stark reminders of the consequences of these policies. As we peer into the economic horizon of 2023, the looming recession is a haunting specter, casting doubt on the effectiveness of Bidenomics in delivering on its promises. Bidenomics is a resounding failure by every single indicator.
Bob Rubin on October 17, 2023
