Bidenomics = bringing back the Jimmy Carter days.
"We HavenÂ’t Had a Year This Bad Since Obama Was President"
<https://www.breitbart.com/economy/2023/09/12/breitbart-business-digest-
we-havent-had-a-year-this-bad-since-obama-was-president/>
"hings Have Not Been This Bad Since Biden Was ObamaÂ’s Vice President
The last time Americans saw a drop in household income as large as we did last year, Barack Obama was president.
The Census Bureau on Tuesday released its calculations for the change in
real median household income for last year. By its calculations, the
median income of U.S. households fell in 2022 by 2.3 percent, the worst decline since 2010.
History may not necessarily repeat or even rhyme, but it certainly rings
a bell on occasion. The last time household income suffered a decline as large as it did in the second year of BidenÂ’s presidency was in the
second year of BidenÂ’s vice presidency.
That’s before taxes. Once you calculate in changes to the taxes paid and subsidies handed out, household income fell 8.8 percent. A lot of the post-tax decline had to do with the lapsing of the Biden administration’s pandemic “rescue” policies—like child tax credits and the super-sized earned income tax credit—that pumped up incomes and contributed to the
worst inflation in decades.
The real median earnings of all workers—which includes part-time and full-time workers—declined 2.2 percent. Median earnings of those who
worked full-time, year-round fell 1.3 percent."
"The Biden White House and its establishment media allies keep acting
like the Big Guy’s low approval rating on the economy—and low approval rating overall—is some big, unfathomable mystery. The same with depressed consumer sentiment and surveys showing that large numbers of Americans believe we were in a recession this year.
Some have even speculated that this was the result of a mass delusion or Republican propaganda. The answer, of course, is much simpler. People got poorer because inflation ate away the value of their incomes. ThatÂ’s left
a lot of people with a bad taste in their mouths when they are forced to speak the name Joe Biden.
The “Family” Secrets: Income Details Are Even Uglier
Digging down into the details of the Census report on income for 2022
only makes things look worse.
Family household income actually fell by even more than the median,
dropping 2.9 percent. Non-family households saw a climb of 0.8 percent.
Older Americans saw an income decline of 2.1 percent, worse than the 1.4 percent decline for people under 65. So, families and the elderly have suffered the most.
That chaos at the southern border? It is not helping Americans earn
better incomes. Native-born incomes fell 2.5 percent while foreign-born incomes actually edged up 0.2 percent.
Incomes were down across the country. The region that got hit the hardest
was the Midwest, where income fell by a stunning 4.7 percent. In the Northeast, where Biden dominated electoral results in 2020, median
household income fell 3.8 percent. In the West, income fell 3.2 percent.
In the South, income ticked down just 0.1 percent.
The damage to incomes in the Midwest and the Northeast may be a factor
for voters in swing states like Pennsylvania, Wisconsin, and Michigan
next year.
While Joe Biden claims his programs will rebuild the economy from “the bottom up,” the numbers do not support that contention. The official
poverty rate was 11.5 percent, with 37.9 million people in poverty.
“Neither the rate nor the number in poverty was significantly different
from 2021,” the Census Bureau said.
There was a big jump in a confusing gauge called the “supplementary
poverty measure.” Remember when Biden claimed that child poverty had been cut nearly in half? (A claim he repeated on Tuesday, by the way.) This
was not as measured by the official poverty rate but the supplemental measure, which includes government handouts. Biden could not muster
enough support to continue some of his pandemic handouts now that the
crisis has passed, so this measure of child poverty went up by 4.6
percent, the biggest single-year drop ever.
Cardona - US President Joe Biden addresses the Maui fire disaster before speaking about Bidenomics in Milwaukee, Wisconsin, August 15, 2023.
(Photo by ANDREW CABALLERO-REYNOLDS / AFP) (Photo by ANDREW CABALLERO- REYNOLDS/AFP via Getty Images)
President Joe Biden speaks about Bidenomics in Milwaukee, Wisconsin, on August 15, 2023. (ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)
The Biden administration wants you to think this is evidence of the
cruelty of Republicans who refused to vote to continue the American
Rescue Plan Act (ARPA) welfare measures. A better interpretation is that
ARPA never did much to reduce child poverty in the first place. It just papered it over by sending checks to extremely low-income households.
Remove the handouts and suddenly the impoverished kids are seen to be impoverished again.
Bidenflation Resurgent?
Joe Biden memorably said 15 months ago that bringing down inflation was
his “top domestic priority.”
“Look, the bottom line is this: Americans have a choice right now between two paths, reflecting two very different sets of values,” Biden said in a speech at the White House in May of 2022. “My plan attacks inflation and grows the economy by lowering costs for working families, giving workers well-deserved raises, reducing the deficit by historic levels and making
big corporations and the very wealthiest Americans pay their fair share.”
We now know how that worked out. The culprit in the decline in real
income last year was inflation. The measure the Census Bureau uses to
adjust for inflation rose to 7.8 percent last year, the biggest jump
since 1981. No wonder 63 percent of the public say they disapprove of BidenÂ’s handling of inflation.
On Wednesday, the Labor Department will release the August consumer price index (CPI). The consensus estimate has moved from an expectation for inflation to be basically flat with JulyÂ’s monthly rise of 0.2 percent to
an increase of 0.6 percent, largely because energy prices have risen
sharply. The year-over-year headline figure is seen as coming in at 3.6 percent, up from JulyÂ’s 3.2 percent.
Core CPI is expected to fall by more even though the annual numbers will still be higher. The forecast is for 0.2 percent month-over-month,
matching July, and 4.4 percent year-over-year, down from JulyÂ’s 4.7
percent.
The Cleveland FedÂ’s nowcast is less hopeful on inflation. It sees
headline rising by around 0.8 percent for the month and 3.8 percent for
the year. Core inflation is nowcasted at nearly 0.4 percent for the month
and 4.5 percent for the year.
"
On 2023-09-13, Paul Ragna <tpragna1900O@gmail.com> wrote:
Bidenomics = bringing back the Jimmy Carter days.
"We HavenÂ’t Had a Year This Bad Since Obama Was President"
<https://www.breitbart.com/economy/2023/09/12/breitbart-business-digest-
we-havent-had-a-year-this-bad-since-obama-was-president/>
"hings Have Not Been This Bad Since Biden Was ObamaÂ’s Vice President
The last time Americans saw a drop in household income as large as we did
last year, Barack Obama was president.
The Census Bureau on Tuesday released its calculations for the change in
real median household income for last year. By its calculations, the
median income of U.S. households fell in 2022 by 2.3 percent, the worst
decline since 2010.
History may not necessarily repeat or even rhyme, but it certainly rings
a bell on occasion. The last time household income suffered a decline as
large as it did in the second year of BidenÂ’s presidency was in the
second year of BidenÂ’s vice presidency.
ThatÂ’s before taxes. Once you calculate in changes to the taxes paid and
subsidies handed out, household income fell 8.8 percent. A lot of the
post-tax decline had to do with the lapsing of the Biden administration’s >> pandemic “rescue” policies—like child tax credits and the super-sized
earned income tax credit—that pumped up incomes and contributed to the
worst inflation in decades.
The real median earnings of all workers—which includes part-time and
full-time workers—declined 2.2 percent. Median earnings of those who
worked full-time, year-round fell 1.3 percent."
"The Biden White House and its establishment media allies keep acting
like the Big Guy’s low approval rating on the economy—and low approval
rating overall—is some big, unfathomable mystery. The same with depressed >> consumer sentiment and surveys showing that large numbers of Americans
believe we were in a recession this year.
Some have even speculated that this was the result of a mass delusion or
Republican propaganda. The answer, of course, is much simpler. People got
poorer because inflation ate away the value of their incomes. ThatÂ’s left >> a lot of people with a bad taste in their mouths when they are forced to
speak the name Joe Biden.
The “Family” Secrets: Income Details Are Even Uglier
Digging down into the details of the Census report on income for 2022
only makes things look worse.
Family household income actually fell by even more than the median,
dropping 2.9 percent. Non-family households saw a climb of 0.8 percent.
Older Americans saw an income decline of 2.1 percent, worse than the 1.4
percent decline for people under 65. So, families and the elderly have
suffered the most.
That chaos at the southern border? It is not helping Americans earn
better incomes. Native-born incomes fell 2.5 percent while foreign-born
incomes actually edged up 0.2 percent.
Incomes were down across the country. The region that got hit the hardest
was the Midwest, where income fell by a stunning 4.7 percent. In the
Northeast, where Biden dominated electoral results in 2020, median
household income fell 3.8 percent. In the West, income fell 3.2 percent.
In the South, income ticked down just 0.1 percent.
The damage to incomes in the Midwest and the Northeast may be a factor
for voters in swing states like Pennsylvania, Wisconsin, and Michigan
next year.
While Joe Biden claims his programs will rebuild the economy from “the
bottom up,” the numbers do not support that contention. The official
poverty rate was 11.5 percent, with 37.9 million people in poverty.
“Neither the rate nor the number in poverty was significantly different
from 2021,” the Census Bureau said.
There was a big jump in a confusing gauge called the “supplementary
poverty measure.” Remember when Biden claimed that child poverty had been >> cut nearly in half? (A claim he repeated on Tuesday, by the way.) This
was not as measured by the official poverty rate but the supplemental
measure, which includes government handouts. Biden could not muster
enough support to continue some of his pandemic handouts now that the
crisis has passed, so this measure of child poverty went up by 4.6
percent, the biggest single-year drop ever.
Cardona - US President Joe Biden addresses the Maui fire disaster before
speaking about Bidenomics in Milwaukee, Wisconsin, August 15, 2023.
(Photo by ANDREW CABALLERO-REYNOLDS / AFP) (Photo by ANDREW CABALLERO-
REYNOLDS/AFP via Getty Images)
President Joe Biden speaks about Bidenomics in Milwaukee, Wisconsin, on
August 15, 2023. (ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)
The Biden administration wants you to think this is evidence of the
cruelty of Republicans who refused to vote to continue the American
Rescue Plan Act (ARPA) welfare measures. A better interpretation is that
ARPA never did much to reduce child poverty in the first place. It just
papered it over by sending checks to extremely low-income households.
Remove the handouts and suddenly the impoverished kids are seen to be
impoverished again.
Bidenflation Resurgent?
Joe Biden memorably said 15 months ago that bringing down inflation was
his “top domestic priority.”
“Look, the bottom line is this: Americans have a choice right now between >> two paths, reflecting two very different sets of values,” Biden said in a >> speech at the White House in May of 2022. “My plan attacks inflation and
grows the economy by lowering costs for working families, giving workers
well-deserved raises, reducing the deficit by historic levels and making
big corporations and the very wealthiest Americans pay their fair share.” >>
We now know how that worked out. The culprit in the decline in real
income last year was inflation. The measure the Census Bureau uses to
adjust for inflation rose to 7.8 percent last year, the biggest jump
since 1981. No wonder 63 percent of the public say they disapprove of
BidenÂ’s handling of inflation.
On Wednesday, the Labor Department will release the August consumer price
index (CPI). The consensus estimate has moved from an expectation for
inflation to be basically flat with JulyÂ’s monthly rise of 0.2 percent to >> an increase of 0.6 percent, largely because energy prices have risen
sharply. The year-over-year headline figure is seen as coming in at 3.6
percent, up from JulyÂ’s 3.2 percent.
Core CPI is expected to fall by more even though the annual numbers will
still be higher. The forecast is for 0.2 percent month-over-month,
matching July, and 4.4 percent year-over-year, down from JulyÂ’s 4.7
percent.
The Cleveland FedÂ’s nowcast is less hopeful on inflation. It sees
headline rising by around 0.8 percent for the month and 3.8 percent for
the year. Core inflation is nowcasted at nearly 0.4 percent for the month
and 4.5 percent for the year.
"
As someone who lived through the Carter years, I see many similarities with Biden.
A weak President who is being taken advantage of by the world.
Foolish economic policies and so forth.
Joe Biden as no shame. As he pushes his so called successful Bidenomics plan, people are having
serious financial problems.
He just looks like an out of touch idiot campaigning on that platform.
As the saying goes 'it's the economy stupid" and people will vote with their wallets come 2024.
On 2023-09-14, Charlie Glock <"Charlie Glock"@localhost.com> wrote:
On 2023-09-13, Paul Ragna <tpragna1900O@gmail.com> wrote:Don't count on it. If it's a Trump vs Biden election there are a lot
Bidenomics = bringing back the Jimmy Carter days.
"We HavenÂ’t Had a Year This Bad Since Obama Was President"
<https://www.breitbart.com/economy/2023/09/12/breitbart-business-diges
t-
we-havent-had-a-year-this-bad-since-obama-was-president/>
"hings Have Not Been This Bad Since Biden Was ObamaÂ’s Vice
President
The last time Americans saw a drop in household income as large as
we did last year, Barack Obama was president.
The Census Bureau on Tuesday released its calculations for the
change in real median household income for last year. By its
calculations, the median income of U.S. households fell in 2022 by
2.3 percent, the worst decline since 2010.
History may not necessarily repeat or even rhyme, but it certainly
rings a bell on occasion. The last time household income suffered a
decline as large as it did in the second year of BidenÂ’s presidency
was in the second year of BidenÂ’s vice presidency.
ThatÂ’s before taxes. Once you calculate in changes to the taxes
paid and subsidies handed out, household income fell 8.8 percent. A
lot of the post-tax decline had to do with the lapsing of the Biden
administration’s pandemic “rescue” policies—like child tax
credits and the super-sized earned income tax credit—that pumped up
incomes and contributed to the worst inflation in decades.
The real median earnings of all workers—which includes part-time
and full-time workers—declined 2.2 percent. Median earnings of
those who worked full-time, year-round fell 1.3 percent."
"The Biden White House and its establishment media allies keep
acting like the Big Guy’s low approval rating on the economy—and
low approval rating overall—is some big, unfathomable mystery. The
same with depressed consumer sentiment and surveys showing that
large numbers of Americans believe we were in a recession this year.
Some have even speculated that this was the result of a mass
delusion or Republican propaganda. The answer, of course, is much
simpler. People got poorer because inflation ate away the value of
their incomes. ThatÂ’s left a lot of people with a bad taste in
their mouths when they are forced to speak the name Joe Biden.
The “Family” Secrets: Income Details Are Even Uglier
Digging down into the details of the Census report on income for
2022 only makes things look worse.
Family household income actually fell by even more than the median,
dropping 2.9 percent. Non-family households saw a climb of 0.8
percent. Older Americans saw an income decline of 2.1 percent, worse
than the 1.4 percent decline for people under 65. So, families and
the elderly have suffered the most.
That chaos at the southern border? It is not helping Americans earn
better incomes. Native-born incomes fell 2.5 percent while
foreign-born incomes actually edged up 0.2 percent.
Incomes were down across the country. The region that got hit the
hardest was the Midwest, where income fell by a stunning 4.7
percent. In the Northeast, where Biden dominated electoral results
in 2020, median household income fell 3.8 percent. In the West,
income fell 3.2 percent. In the South, income ticked down just 0.1
percent.
The damage to incomes in the Midwest and the Northeast may be a
factor for voters in swing states like Pennsylvania, Wisconsin, and
Michigan next year.
While Joe Biden claims his programs will rebuild the economy from
“the bottom up,” the numbers do not support that contention. The
official poverty rate was 11.5 percent, with 37.9 million people in
poverty. “Neither the rate nor the number in poverty was
significantly different from 2021,” the Census Bureau said.
There was a big jump in a confusing gauge called the “supplementary
poverty measure.” Remember when Biden claimed that child poverty
had been cut nearly in half? (A claim he repeated on Tuesday, by the
way.) This was not as measured by the official poverty rate but the
supplemental measure, which includes government handouts. Biden
could not muster enough support to continue some of his pandemic
handouts now that the crisis has passed, so this measure of child
poverty went up by 4.6 percent, the biggest single-year drop ever.
Cardona - US President Joe Biden addresses the Maui fire disaster
before speaking about Bidenomics in Milwaukee, Wisconsin, August 15,
2023. (Photo by ANDREW CABALLERO-REYNOLDS / AFP) (Photo by ANDREW
CABALLERO- REYNOLDS/AFP via Getty Images)
President Joe Biden speaks about Bidenomics in Milwaukee, Wisconsin,
on August 15, 2023. (ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)
The Biden administration wants you to think this is evidence of the
cruelty of Republicans who refused to vote to continue the American
Rescue Plan Act (ARPA) welfare measures. A better interpretation is
that ARPA never did much to reduce child poverty in the first place.
It just papered it over by sending checks to extremely low-income
households. Remove the handouts and suddenly the impoverished kids
are seen to be impoverished again.
Bidenflation Resurgent?
Joe Biden memorably said 15 months ago that bringing down inflation
was his “top domestic priority.”
“Look, the bottom line is this: Americans have a choice right now
between two paths, reflecting two very different sets of values,”
Biden said in a speech at the White House in May of 2022. “My plan
attacks inflation and grows the economy by lowering costs for
working families, giving workers well-deserved raises, reducing the
deficit by historic levels and making big corporations and the very
wealthiest Americans pay their fair share.”
We now know how that worked out. The culprit in the decline in real
income last year was inflation. The measure the Census Bureau uses
to adjust for inflation rose to 7.8 percent last year, the biggest
jump since 1981. No wonder 63 percent of the public say they
disapprove of BidenÂ’s handling of inflation.
On Wednesday, the Labor Department will release the August consumer
price index (CPI). The consensus estimate has moved from an
expectation for inflation to be basically flat with JulyÂ’s monthly
rise of 0.2 percent to an increase of 0.6 percent, largely because
energy prices have risen sharply. The year-over-year headline figure
is seen as coming in at 3.6 percent, up from JulyÂ’s 3.2 percent.
Core CPI is expected to fall by more even though the annual numbers
will still be higher. The forecast is for 0.2 percent
month-over-month, matching July, and 4.4 percent year-over-year,
down from JulyÂ’s 4.7 percent.
The Cleveland FedÂ’s nowcast is less hopeful on inflation. It sees
headline rising by around 0.8 percent for the month and 3.8 percent
for the year. Core inflation is nowcasted at nearly 0.4 percent for
the month and 4.5 percent for the year.
"
As someone who lived through the Carter years, I see many
similarities with Biden. A weak President who is being taken
advantage of by the world. Foolish economic policies and so forth.
Joe Biden as no shame. As he pushes his so called successful
Bidenomics plan, people are having serious financial problems.
He just looks like an out of touch idiot campaigning on that
platform.
As the saying goes 'it's the economy stupid" and people will vote
with their wallets come 2024.
of people who hate Trump and will vote for the other guy no matter who
it is.
As someone who lived through the Carter years, I see many similarities with Biden.
A weak President who is being taken advantage of by the world.
Foolish economic policies and so forth.
Joe Biden as no shame. As he pushes his so called successful Bidenomics plan, people are having
serious financial problems.
He just looks like an out of touch idiot campaigning on that platform.
As the saying goes 'it's the economy stupid" and people will vote with their wallets come 2024.
Bidenomics = bringing back the Jimmy Carter days.
"We Haven’t Had a Year This Bad Since Obama Was President"
<https://www.breitbartlies.com
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