According To Biden, A Strong Stock Market Is A “Sign Of Confidence In America’s Economy” – But Because Of “Bidenomics,” Wealth In America Is Shrinking
UNDER BIDEN, WEALTH IN AMERICA IS SHRINKING
- Over three years into the Biden administration, the White House has little to brag about when it comes to the economy.
- Biden criticized Trump for focusing on the stock market during his campaign, saying “success … will not be measured just by the stock market,” yet has now embraced touting its performance heading into the 2024 election.
- While the stock market has increased under Biden, the growth pales in comparison to the gains seen during the comparable Trump years.
- Between Biden’s inauguration and the final day of trading for 2023, the S&P 500 grew 25.9 percent, the Dow Jones Industrial Average grew 21.9 percent, and the Nasdaq composite index grew 13.8 percent.
- Under the same three-year period for President Trump, the S&P 500 grew 42.3 percent, the Dow Jones Industrial Average grew 44.6 percent, and the Nasdaq composite index grew 62 percent.
- Under President Trump, median household income reached an all-time high in 2019 – 8 percent higher than when Trump took office.
- With inflation outpacing earnings growth under Biden, median household income adjusted for inflation is now down $3,670 from 2019.
- Median household income has fallen for two straight years under Biden and remains below pre-pandemic levels.
- Due to Bidenflation, household income fell by the most in over a decade in 2022.
- Since January 2022, the personal savings rate has been lower than at any time during Trump’s presidency.
- Household debt has spiked by $2.9 trillion since the end of Trump’s third year in office, with credit card debt levels surpassing $1 trillion for the first time under Biden.
- Real disposable income rose 10 percent during the first three years of Trump’s presidency, while Americans’ spending power has decreased under Biden.
- Bidenflation outpaced wages for a majority of Biden’s presidency – year-over-year real average hourly earnings were negative for 25 months and real average weekly earnings were negative for 26 months.
EVERYTHING COST LESS BEFORE BIDEN
- Under President Trump, the Consumer Price Index (CPI) – a key barometer of inflation – never rose above 3 percent.
- Under Biden, the CPI has been above 3 percent for 34 months straight, and was over 7 percent for nearly all of 2022.
- The average yearly inflation rate under Trump was 1.9 percent, while the average yearly inflation rate under Biden so far is 5.7 percent.
- Households are paying $1,019 more compared to three years ago to purchase the same goods and services each month compared to three years ago.
- Gas prices under Biden have averaged $3.60 per gallon – during this same time period under Trump, gas prices averaged almost a dollar lower at $2.68 per gallon.
- Home prices and interest rates have surged under Biden, driving housing affordability to “all-time lows.”
- Thanks to higher interest rates, the monthly mortgage payment on a median-priced home is twice as much as when Biden took office.
- Car payment defaults recently hit a 29-year high under Biden.
- Food inflation during Trump’s first three years was only 5.3 percent, while under Biden food prices have increased by a staggering 20.3 percent.
JOBS, JOBS, JOBS
AMERICANS TRUST TRUMP OVER BIDEN WHEN IT COMES TO THE ECONOMY
- A recent Financial Times survey found that Trump has an 11-point lead over Biden when it comes to who Americans trust more to handle the U.S. economy.
- An NBC News poll found that Trump leads Biden by more than 20 points on which presidential candidate would better handle the economy.
- In January 2020, before the pandemic hit, 59 percent of Americans said they were better off financially than a year ago – the highest percent since Gallup first asked the question in 1976.
- In January 2023, half of Americans said they were worse off financially than a year ago, the highest since 2009.
- A CNN poll found that a majority of Americans believe Biden’s policies have worsened economic conditions in the country.
