40 Reasons "Bidenomics" Is A Bust

Biden and his economic agenda faced another round of brutal polling this weekend — and everybody but Biden can see why.

Here are 40 reasons “Bidenomics” isn’t working:

1. Americans have seen a 3.2 percent pay cut since Biden took office.
2. Prices have risen by 17.7 percent since Biden took office.
3. Under Biden, inflation remains more than double the level of inflation under any of the last four presidents.
4. The average 30-year fixed mortgage rate eclipsed eight percent for the first time since 2000 — nearly triple what it was when Biden took office.
5. Homeownership is considered “unaffordable” in 99 percent of the country.
6. Americans need to earn a record $114,627/year to afford a median-priced home.
7. Rent affordability in the U.S. has dropped to its lowest level in decades, especially for “low- to moderate-income households.”
8. Balances on home equity lines of credit have increased for four straight quarters after more than a decade of declines.
9. Homebuyers’ money goes half as far as it did at the end of 2020.
10. The average childcare payment is up by 32 percent since 2019.
11. Health insurance premiums for employer-sponsored coverage have jumped seven percent in the last year.
12. The average monthly payment for a new vehicle has reached a record high.
13. A record number of Americans are paying $1,000 or more on their monthly car payments.
14. The average cost of owning and operating a new vehicle has exceeded $10,000/year for the first time.
15. Gas prices remain more than $1/gallon higher than when Biden took office.
16. Household spending on transportation, including gas, is up 16.5 percent over the past year.
17. Middle-class households have lost, on average, more than $33,000 in real wealth over the past year.
18. More than $2 trillion in middle-class wealth has been eliminated in over the past two years.
19. Nearly half of Americans have been forced to stop saving for retirement due to inflation.
20. Paying bills and saving for emergencies has replaced saving for retirement as the top concern of American workers between the ages of 21 and 64.
21. More than two-thirds of Americans say their household expenses have risen over the last year, but just 23 percent say their income has increased in the same period.
22. Credit card debt has surpassed $1 trillion for the first time ever.
23. More Americans are behind on credit cards, auto loans, and personal loans than at any time since the Great Recession.
24. Delinquencies on credit cards and car loans have surpassed pre-COVID levels.
25. Interest rates are at their highest in more than two decades.
26. The number of households applying for utility bill assistance is at its highest in more than a decade.
27. The typical American household is spending about $730/month more for the same goods and services than one year ago.
28. Middle-class American households are spending $8,000/year more than before the pandemic.
29. Real median household income has declined for three years in a row.
30. Inflation-adjusted household income has fallen by the most in more than a decade.
31. Most Americans have less cash on hand than they did before the pandemic.
32. Americans’ personal savings have fallen well below the decades-long average.
33. The typical incomes for Black and Hispanic families have fallen under Biden.
34. Average food prices in U.S. cities have risen by 20 percent under Biden.
35. American consumers are paying more than ever for streaming services and other common subscriptions.
36. Most Americans report living paycheck-to-paycheck.
37. Most Americans report feeling “financially stressed.”
38. A majority of Americans say they’re not on track to comfortably retire.
39. Business bankruptcies shot up 30 percent over the last fiscal year.
40. Job growth has slowed as unemployment rises.

Meanwhile, just two percent of voters across six key swing states rate the economy as “excellent” — and Republicans are heavily favored over Democrats as the party that can fix it.

November can’t come soon enough.