The White House and officials within President Biden’s administration are claiming that Bidenomics is effective despite massive red flags and a stagnant economy, including negative indicators such as a decrease in household income and an increase in the poverty rate.
Recent data from the United States Census Bureau reveals a decline in real median household income, dropping from $76,330 in 2021 to $74,580 in 2022, marking a 2.3% decrease.
While the official poverty rate remained largely unchanged from 2021 to 2022, the Supplemental Poverty Measure (SPM) rate, which considers government program participation, increased to 12.4% in 2022, reflecting a 4.6% rise from 2021.
#Bidenomics
The average payment on a new home is now at a record $2,750/month.The average house is now renting for a record $1,900/month.
The average new car payment is now at a record $733/month.
The average used car payment is now at a record $530/month.
The average…
— Dr. Ben Tapper (@DrBenTapper1) September 3, 2023
Notably, the Supplemental Poverty Measure child poverty rate more than doubled, increasing from 5.2% in 2021 to 12.4% in 2022, according to the data.
White House Press Secretary Karine Jean-Pierre defended Bidenomics during a CNN interview in early August, stating that it’s “working” when examining the data. She pointed to decreasing costs and rising wages as evidence of its success.
🇺🇸 President Biden says US has the "strongest economy in the world." pic.twitter.com/Lpjdg6HT2N
— Notations (@Notations_Ng) September 7, 2023
However, an August poll by Fox News indicated that 52% of Americans believe President Biden has worsened the economy, while only 25% think he has improved it.
When questioned about these negative poll results, Jean-Pierre argued that polls “don’t show everything” and attributed the current economic challenges to the pandemic’s impact on the economy. She emphasized President Biden’s efforts to steer the economy in a positive direction over the past two years.
President Biden responded to the new census data by placing blame on congressional Republicans, citing their refusal to extend the enhanced Child Tax Credit as a reason for the increase in child poverty. He asserted that the rise in child poverty was a deliberate policy choice made by Republicans to prioritize tax cuts for the wealthiest and large corporations.
The economic context includes rising inflation, with the consumer price index increasing by 0.2% in July, slightly below economists’ forecasts of 3.3%.
