Joe Biden has been a complete disaster for the American economy.
And things are only getting worse.
Now, one shocking report just exposed how terrible things have gotten under Biden’s mismanagement.
Joe Biden’s economic record is a complete disaster.
By virtually every single metric the country is worse off financially than it was when he took office.
And now, the numbers are finally adding up as one shocking report exposes the true scale of the economic catastrophe Biden’s policies have helped to bring about for American workers, businesses, and families across the country.
According to a recent analysis published by economists Stephen Moore and E.J. Antoni, “over the past 20 months, [the] rise in consumer prices over wages means that the average family in America has lost nearly $6,000 in purchasing power.”
Moore himself described the result of Bidenomics as “a bank robber with a gun stealing a quarter of the money in your bank account” and pointed to the fact that the average 401(k) plan is down a staggering 25% in less than one year, representing a collapse of more than $34,000.
But that’s just accounting for only two statistics collected over the past year. When zooming out to the wider Biden record on economics, the picture is even worse than Moore and Antoni’s shocking analysis.
“Under Biden, consumer confidence has also plummeted to remarkable lows: the consumer confidence index in September 2022 hit 96.7—a huge difference from four years ago in September 2018, when it reached a 101.5, nearly the highest number recorded since 2004. Likewise, under Trump, the average 401(k) rose to $112,300—an all-time record. Under Biden, the average 401(k) account is down to roughly $101,000, and that’s with 8 percent inflation,” reports AMAC.
These figures are stunning, and expose the true extent of the economic devastation Biden has inflicted not just on financial markets, but on American retirees, families, businesses, and workers alike.
By almost every metric one can look at, the American people as a whole are far poorer off today than they were in 2020, and with each passing day the situation grows even worse as the Federal Reserve is forced to raise interest rates higher and higher to deal with the worst bout of inflation in over 40 years.
And that inflation has been made only worse by Biden’s reckless spending policies, including trillion dollar “stimulus” bills that fed the inflationary crisis, to say nothing of Biden’s student loan bailout which will drive up inflation even higher.
“Not surprisingly, since President Biden took office, monthly savings have collapsed, falling 83%. (We could never understand how Biden could say with a straight face that Americans are saving more. His “transformation” of the US economy has had just the opposite effect.) Many millions of Americans who are living paycheck to paycheck just don’t have the money after paying the inflated bills to save much,” adds Moore and Antoni in a recent op-ed published in the New York Post.
Biden’s economic record has been a miserable failure.
But rather than admit that his policies have made people poor, Biden is instead working to double down on the same actions which created the disaster in the first place.