President Joe Biden faces scrutiny once again as he claims Americans are now better off financially thanks to Bidenomics, his plan to grow the US middle-class economy.
Biden wrote on X (formerly known as Twitter), “I was raised in a household where it made a difference when food prices went up. Fighting inflation has been my top economic priority – and it’s working. Under Bidenomics, the inflation rate has gone down by more than half since last summer.”
Inflation is down
Biden’s remarks mirror the statement he made when the Third Quarter 2023 GDP Report was announced. He noted, “I never believed we would need a recession to bring inflation down – and today we saw again that the American economy continues to grow even as inflation has come down.”
Invest in America
During a press conference discussing Bidenomics, he further stated, “I truly believe this country is about to take off, because, for the first time in a long time, we’re investing in America and we’re investing in American people. We’re investing in our future. And I can honestly say I’ve never been more optimistic about America’s future.”
Overhauling Social Security
As part of his plan to grow the US economy, Biden also plans to make changes to the Social Security system, proposing to increase the minimum benefit to 125% of the federal poverty level for an individual. However, any plans to overhaul Social Security would require bipartisan support and that is unlikely to happen.
People were not happy
News of Biden’s self-proclaimed victory, was met with some resistance from American consumers. One person noted, “It’s STILL UP 20% since you came into office. EVERYTHING is at least 20% more expensive.”
One angry voter stated, “Millions of American middle-class families have been pushed into poverty by Joe Biden and Democrat’s record high inflation and interest rates. Impeach Joe!”
Another person said, “It’s good if you bring down the inflation you caused”, with another agreeing, “It would have been better not to cause it in the first place. We need energy independence now!”
It’s a disaster
Someone else noted that people simply do not have money, stating, “Well everyone is still broke. Stop acting like the economy isn’t anything but a disaster.”
These numbers don’t matter
A commenter accused the administration of lying, saying, “You’ve got to be kidding. They use graphs that take OUT food, energy and housing to show that inflation is “decreasing” and it’s not even inflation it’s the RATE of increase, but not including anything that actually matters.”
“That’s a pretty low bar!” said a reader. “Under the Biden Administration, inflation went up to 8%. Even after dropping 50% to 4%, it’s still double what it was.”
Highest housing costs in history
Some commented on rising mortage rates, noting, “Prices are up an average of roughly 15%, especially in fuel and food where it really counts. The highest interest rate in 22 years Highest mortgage rates in 21 years Second EVER downgrade of the US credit rating, first time in 2011 under Obama. Highest housing costs in history.”
What does Joe Know
Some American readers noted that Biden doesn’t know anything about real life, saying, “It’s not working. I know this because, unlike you, I actually go food shopping and see how much more everything costs than it did last year. And the year before. And the year before that.”
Things were better under Trump
Of course, Trump supporters were also quick to comment, with one person saying, “Remember how Americans were doing so much better under President Trump? He had one of the HIGHEST ever recorded ratings from Americans saying the country and their finances were going in the RIGHT DIRECTION.
Worst rating ever
The person continued, “Under Biden and Democrats it is the WORST rating ever recorded of Americans saying the country and their financial condition is going in the WRONG direction!”
The real Bidenomics
Some one else noted how life in America has in fact not improved, stating, “Americans have less savings, more credit burden, paying more for necessities, and less money in their pockets. That’s the REAL Bidenomics.”
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