New Data Reveals Troubling Economic Realities for Americans
Despite the Biden administration’s claims of a booming economy and successful spending policies, new data from the U.S. Census Bureau shows that the country is facing alarming increases in poverty and inflation.
According to the Census Bureau’s official report, the U.S. poverty rate increased to 12.4% in 2022, marking the first rise in poverty in over a decade. This is a significant jump from the 7.8% poverty rate recorded in 2021. The report also showed a decrease in the U.S. real median household income, which fell by 2.3% to $74,580 in 2022.
These statistics are a stark contrast to the Biden administration’s narrative of a thriving economy, fueled by their spending policies. In reality, the cost of living for Americans has risen significantly since Biden took office, with year-over-year inflation reaching 7.8%, according to Fox Business. This increase in prices has been felt across the board, from household goods to gasoline, making it increasingly difficult for ordinary Americans to make ends meet.
Job Creators Network President and CEO Alfredo Ortiz has spoken out against this alarming trend, stating that this “accelerating inflation” is hurting the wages and living standards of Americans and small businesses. This is evident in the fact that just about everything is now more expensive than it was when Biden took office, as pointed out by David Winston, the president of The Winston Group and a GOP adviser.
The Biden administration’s solution to this economic crisis has been to tout their policies as “America First,” similar to former President Donald Trump’s “Make America Great Again” slogan. However, as Winston points out, these policies are simply dressed-up central planning and have not delivered the promised results.
Biden’s vision for the future of the country, whether called “BABA” or “Bidenomics,” has proven to be a disappointment. The American people are struggling to make ends meet, as the cost of living continues to rise under the Biden administration. With inflation at nearly twice the Federal Reserve’s target rate, it is clear that the economy is not as healthy as the administration would like to believe.
In light of these concerning statistics, it is clear that more needs to be done to address the economic issues facing Americans. The Biden administration must take responsibility for the damaging effects of their policies and work towards finding real solutions to improve the lives of all Americans. Only then can we truly say that the economy is truly thriving.