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Forget Bidenomics, Bidenflation is Hitting America Hard, Most Just Don’t Know It Yet

Do you think Bidenomics is what’s keeping America afloat? Think again, as beneath the glowing economic reports is the alarming 19.5% inflation, also known as Bidenflation. When Joe Biden took office, inflation was a mere 1.4%. Since March 2021, inflation has consistently exceeded the Federal Reserve's 2% target for 40 consecutive months. This translates to a staggering 5.7% annually, underscoring the harsh impact of Biden’s policies across America.
How Bidenflation is Affecting Americans
More Americans Working Multiple Jobs
Many Americans have had to take on additional jobs to make ends meet. According to a Bankrate survey, over one-third of U.S. adults are working second jobs, often through gig apps, freelancing, or weekend work, to cover essential expenses. About 32% believe they will always need this extra income.
Bidenflation's Impact on Daily Expenses
A LendingTree survey found that nearly 80% of Americans now see fast food as a luxury due to rising prices. Inflation and food costs are top economic concerns, according to a TIPP Poll. The Consumer Price Index (CPI) showed a 3.0% year-over-year price increase from June 2023 to June 2024, reflecting the ongoing challenges of Bidenflation.
Falling Real Wages
While prices have risen by 19.5%, real wages have dropped by 1.8% due to Bidenflation. Average hourly earnings fell from $11.39 in January 2021 to $11.18 in June 2024. As a result, the average U.S. household now needs an extra $1,069 per month, or $12,828 annually, compared to three years ago, placing a significant financial burden on families.
Growing Federal Debt
Under Bidenflation, the federal debt has surged by $6.9 trillion. The Federal Reserve has been printing money to cover this spending, leading to an increase in the money supply. However, there is no equivalent increase in the production of goods and services. As a result, the dollar devalues while prices go up.
Rising Credit Card Debt
Credit card debt has reached record levels due to high interest rates caused by Bidenflation. WalletHub reports that credit card debt hit $1.27 trillion in May 2024, up 4% from the previous year. The average debt is now $10,479, with nearly one in three expecting more debt by the end of 2024. Delinquency rates are also at a record high of almost 3.5%.
Housing Affordability Crisis
Housing affordability has plummeted under Bidenflation. Home prices and mortgage rates have soared, making it increasingly difficult for Americans to buy homes. According to First American’s Real House Price Index, housing affordability is at its lowest in over 30 years. The median home price rose from $335,000 in January 2021 to $445,000 in June 2024, a 32.8% increase. Prospective homebuyers now need an annual income of $113,520, 35% higher than the average household income.
The Illusion of Improvement
Despite apparent improvements, the situation remains complex. The “base effect” creates an illusion of improvement, making it seem like the inflation rate decrease from 3.3% in May to 3.0% in June is significant, even though the CPI Index has only increased slightly. This complexity has not been widely recognized, adding to the challenge of understanding Bidenflation.
Bidenomics and Bidenflation have brought significant challenges to the American economy. Growing federal debt, falling real wages, the need for multiple jobs, rising credit card debt, and a housing affordability crisis are just some of the impacts on Americans. Understanding these effects is crucial for navigating these challenging economic times.
Do you agree that Bidenomics is just an illusion and that Bidenflation is the actual reality? Share with us your thoughts on the economy under the watch of the Democrat president.
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