Joe Biden in His Own Words Cont.
space at
“I may be a white boy, but I’m not stupid.”
“If you have a problem figuring out whether you’re for me or Trump, then you ain’t Black.”
a podium and doesn’t snap out of it? That’s all anybody will be talking about.”
IT’S THE ECONOMY, JOE! Average family is effectively $7,200 poorer under Biden
B
iden told a Chicago audience in June that he is eager to take full
political ownership of the U.S. econo- my and claimed it is actually thriving because of his leadership, with infl a-
ARE YOU BETTER OFF UNDER BIDEN? THE ANSWER IS NO! The combination of consumer price inflation and increased borrowing costs has made the average family $7,200 poorer since Donald Trump left of ice.
Real earnings Financing costs $0
-$500 -$1,000 -$1,500 -$2,000 -$2,500 -$3,000 -$3,500 -$4,000 -$4,500 -$5,000 -$5,500 -$6,000 -$6,500 -$7,000 -$7,500
SOURCES: Bureau of Labor Statistics, Federal Reserve Banks of New York and St. Louis, E.J. Antoni, Ph.D.
tion down and job growth solid.
The problem is that the American people aren’t buying his spiel. Just 33% approve of his leadership on the economy, according to a May survey by the Associated Press.
Jared Bernstein, Biden’s chair of
the Council of Economic Advisers, responds by attacking the polls. “Some of these pollsters are not
asking the right questions when it comes to specifi c components of Bidenomics,” he told NewsNation in June. “Ask them about the specifi cs, and we’ve done that, and we’ve seen numbers that are north of 70%.” But the American people focus
on the big picture in deciding how to vote, and Biden is in trouble there. For example, Biden says infl ation
has come down, and that’s true. But it increased 15% on his watch, with groceries up 20% and energy up 33%. “Infl ation overall remains stuck at
about 5%, way higher than normal, and it is precisely the infl ation that has slammed worker wages into the ground,” says Larry Kudlow, Presi- dent Trump’s chair of the National Economic Council. Indeed, while the White House
points out that nominal hourly earn- ings have risen quickly since he took offi ce, prices have risen even faster, so those larger incomes buy less. Hours have also gotten cut, push-
ing weekly earnings down more than hourly earnings. For the aver- age American family, their weekly pay has jumped about $200 but it buys about $100 less. It amounts to a $5,600 loss in annual purchasing power. The spending, borrowing, and
printing of trillions of dollars under Biden caused the infl ation that re-
48 NEWSMAX | AUGUST 2023
“We have plans to build a railroad from the Pacific all the way across the Indian Ocean.”
sulted in a sharp rise in in- terest rates, which in turn has increased borrowing costs for con- sumers on everything from mortgag- es to student loans and credit cards to auto loans. That has increased an- nual fi nancing costs for the average family by $1,600.
When you put these two together,
it’s no wonder 61% of Americans think we’re already in recession: The average American family is eff ective- ly $7,200 poorer under Biden. The fact that many feel worse off
and that a recession could hit early in 2024 are key reasons why Biden’s reelection prospects may look much bleaker as he ramps up his campaign.
HUNTER BIDEN His scandals threaten Biden’s reelection
I
n June, the president’s son agreed to plead guilty to two mis- demeanor tax charges and accepted terms to avoid prosecution on a gun possession charge. The New York Times proclaimed
the deal “a big step toward ending a long-running and politically explo- sive investigation into the fi nances” of the Biden family. But the plea deal seemed to have legitimized the fact there was some- thing to the Hunter scandals and stirred some media outlets to start covering it. The Justice Department has
been blasted for agreeing to a “sweetheart deal,” and famed de- fense lawyer and Newsmax con- tributor Alan Dershowitz points out that a judge might not approve such a light wrist tap as evidence arises it was tainted.
Impact on average family budget relative to January 2021
BIDEN: (LEFT)/LEON NEAL/GETTY IMAGES / (RIGHT)/ANNA MONEYMAKER/GETTY IMAGES
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