Americans Aren’t Buying Bidenomics—They Can’t Afford It

March 13, 2024

Today, Joe Biden is touting his failed "Bidenomics" policies in Wisconsin—but Americans aren't buying it. Thanks to Bidenomics, they can't afford it.


Here's a look at "Bidenomics" by the numbers...


Under Biden, Everything Costs More


The latest Consumer Price Index data shows year-over-year inflation increased last month to 3.2 percent – twice the rate compared to when Biden took office and higher than expected.


Inflation has been at or above 3 percent for 35 straight months, well above the Fed's average target of 2 percent.


Core consumer prices – stripping out food and energy – rose by 3.8 percent, also above expectations.


Prices have risen by 18.6 percent since Biden took office – with Americans still reeling from its lasting effects.



RECALL: In 2021, Biden claimed “long-term inflation” was “highly unlikely” — but he was wrong. In fact, inflation has averaged 5.6 percent year-over-year under Biden, more than double the level of inflation under any of the last four presidents and well above the Fed’s target rate of two percent.


Under President Trump, inflation averaged 1.9 percent — right on target.


Food prices are up 21.2 percent, rent is up 20 percent, and electricity is up 28.4 percent since Biden took office.


Bidenflation outpaced wages for a majority of Biden’s presidency – both year-over-year real average hourly earnings and real average weekly earnings were negative for 25 months.


Real wages remain lower than when Biden first took office.



Inflation-adjusted average weekly wages were $397.90 when Biden took office and are now $381.20 – the BLS adjusts to 1982-1984 dollars – meaning Americans have seen a 4.2 percent pay cut under Biden.


Under President Trump, real average weekly wages rose 8.2 percent.



Bidenomics Has Destroyed Working Americans' Finances


78 percent of Americans report having to live paycheck to paycheck in 2023, up 6 percent from the previous year. 


The personal savings rate was 3.8 percent in January, well below a decades-long average of roughly 8.9 percent.


Bidenomics has cost the middle class $2.4 trillion from March 2022 to July 2023.


The average middle-class household lost over $33,000 in real wealth over a similar time period.


Americans are increasingly borrowing to cover daily expenses, finding their regular income is no longer enough to make ends meet.


Total household debt is at an all-time high of $17.5 trillion.


Credit card debt recently hit a new record high of $1.13 trillion.


The share of Americans in financial distress due to credit card debt is the highest since the Great Recession


JP Morgan predicts that nearly all Americans will be worse off financially by mid-2024 than they were pre-pandemic.


Americans Simply Can't Afford Life Under Biden


The Fed has hiked interest rates 11 times since March 2022 – now at their highest level in 22 years – making it harder for families to buy a home, finance a car, pay off debt, and perform various other financial transactions.


Thanks to higher interest rates, the monthly mortgage payment on a median-priced home is twice as much as when Biden took office.


Rent affordability is the worst on record, with a new high of 22.4 million renter households considered cost-burdened.


Biden’s favorite economist – Moody’s Mark Zandi – says purchasing a home or a car right now is “completely unaffordable for the typical American household.”


Car insurance is now at a new record high, increasing 26 percent from last year.


U.S. average gas prices currently sit at $3.39 per gallon – which is 42 percent or a dollar per gallon higher than when Biden became president.


Under Biden, the price of a gallon of gas has been above $3 per gallon for 1,037 days in a row. 



In fact, under Biden, every state in the nation, including Wisconsin, experienced the highest gas prices of all time.



Americans have lost over $3,700 paying higher energy costs since Biden took office.


Americans were better off under President Trump, and they will be once again.