American consumers aren’t buying the “Bidenomics” campaign the Left is selling.
A recent survey conducted by CRC Research for the 85 Fund gave a snapshot of how American consumers feel as the year ends and as they evaluate their 2024 financial goals.
Unsurprisingly, the poll showed that most Americans feel worse off this year. Poll data pointed to high consumer prices and a significant spike in credit card balances for Americans across the political spectrum. A troubling 59% of people have not made a “big ticket purchase” in at least a year, and 20% haven’t made one in several years. When it comes to retirement, the poll shows that 81% of those surveyed said they’re concerned about having enough savings to enjoy retirement.
And yet Democratic pollster Celinda Lake recently said she was “mystified” by the public’s negative sentiment around the economy. Others in the Biden camp have explained away poor poll numbers as a simple disconnect between a strong economy and how people feel. In other words, the Left thinks they have a messaging problem instead of a policy problem.
The fact is the Biden administration is not in touch with the financial woes of American families, workers, and retirees. But if Joe Biden and Washington Democrats want to turn their noses up at public opinion, maybe they should look to the hard numbers instead.
In Biden’s economy, many Americans are forced to make uncomfortable financial decisions just to get by. In January of this year, the Heritage Foundation’s analysis found that the average American family is effectively $7,400 poorer due to historic inflation and unsustainable federal spending levels. The “Bidenomics” claim of better wages has not kept up with increasing prices. In fact, a recent poll showed 76% of Americans say their income is not keeping up with inflation.
In September, news broke that credit card and car loan defaults hit a 10-year high . For those looking to buy a home, skyrocketing mortgage rates have made it nearly impossible for many people to purchase the quality home that they saved for over the years. The retirement savers with 401(k)s are troubled as well. A recent study shows that the real value of the average 401(k) has dropped by 25% in the last two and a half years — another victim of “Bidenomics.”
These economic problems cannot be dismissed as simply poor sentiment and failed messaging. They are direct results of the policy decisions made both by the Biden administration and Democrats in Congress.
Out-of-control federal spending has led to historic inflation and increased interest rates. Rather than getting a grip on spending and the economy, Biden has pushed for even more taxpayer dollars to finance political priorities such as student loan “forgiveness,” the continuation of his open borders policies, and so-called “green” climate initiatives. For the latest example, just look at the financially reckless $111 billion supplemental spending request he sent to Congress a few weeks ago.
Biden likes to tout the very recent decrease in inflation, but the fact is that inflation is still contributing to high prices. The rate of inflation might have evened out a bit in the short term, but the Biden administration and Democrats in Congress are completely ignoring the fact that the economy is on a collision course with the mounting national debt and what that will mean to the financial health of all Americans when the breaking point is reached.
Some Republicans in Congress have taken up the mantle on the issue of cutting spending by reining in federal spending with fiscally responsible appropriations bills. To that end, House Speaker Mike Johnson (R-LA) recently established a commission to address the country’s debt and put our economy back on track. This is an important and strategic first step, but fiscal conservatives need strength in numbers on Capitol Hill — and especially in the United States Senate — to take control of the debt problem.
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The reality is that the consequences of “Bidenomics” will be more severe and will last longer if concerned Americans don’t act quickly. Voters have an opportunity to not only send a message to Joe Biden at the ballot box in November but also to those in Congress who have rubber-stamped this administration’s failed economic agenda.
Jessica Anderson is the President of the Sentinel Action Fund.
Americans aren't buying Bidenomics
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28.12.2023
American consumers aren’t buying the “Bidenomics” campaign the Left is selling.
A recent survey conducted by CRC Research for the 85 Fund gave a snapshot of how American consumers feel as the year ends and as they evaluate their 2024 financial goals.
Unsurprisingly, the poll showed that most Americans feel worse off this year. Poll data pointed to high consumer prices and a significant spike in credit card balances for Americans across the political spectrum. A troubling 59% of people have not made a “big ticket purchase” in at least a year, and 20% haven’t made one in several years. When it comes to retirement, the poll shows that 81% of those surveyed said they’re concerned about having enough savings to enjoy retirement.
And yet Democratic pollster Celinda Lake recently said she was “mystified” by the public’s negative sentiment around the economy. Others in the Biden camp have explained away poor poll numbers as a simple disconnect between a strong economy and how people feel. In other words, the Left thinks they have a messaging problem instead of a policy problem.........
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