Copyright 2024 Patriot Mom Digest
In a recent statement, President Joe Biden claimed that Americans are financially better off than they were before his presidency and that they are aware of this improvement. However, a closer look at the numbers and public sentiment suggests otherwise.
Biden's presidency has seen an average unemployment rate of 4.2%, compared to the 5% average during Trump's term. While this may seem like a point in Biden's favor, the context is crucial.
The pandemic has skewed these numbers, and when it is excluded, Trump's pre-pandemic average unemployment rate was 3.9%, only slightly higher than Biden's post-pandemic average of 3.7%.
What truly undermines Biden's claim is the rampant inflation during his term. The average annual increase in the consumer price index was 1.9% during Trump's presidency. In contrast, it has averaged 6% under Biden. Even when pandemic-related fluctuations are removed, Biden's numbers still don't fare well.
The misery index, which combines inflation and unemployment, averaged 6.9 during Trump's presidency and 10.2 under Biden. Public sentiment echoes these statistics. Recent polls indicate that 4 in 10 Americans feel they are worse off under Biden, and a staggering 80% rate the economy as poor or "only fair."
Real disposable income and average hourly wages have both seen declines under Biden, further debunking his claim. Inflation has eroded any wage gains, leaving Americans worse off financially.
"Americans are worse off under Biden and they know it," as evidenced by various economic indicators and public opinion polls. While Biden may argue that unemployment has been lower on average during his presidency, the high inflation rates and negative public sentiment tell a different story.
"So the truth is the opposite of Biden’s claims. Americans are worse off under Biden and they know it."
Breitbart