President Joe Biden will deliver a speech trying to convince Americans his performance on the economy is amazing.
Biden touts jobs created & low unemployment as reasons for his success. POTUS is conveniently leaving out the pandemic's impact on the economy because people like Biden shut down good portions of the economy.
Either way, here's the real Bidennomics.
Inflation made you poorer. Your purchasing power has dropped 3.5% since Biden took office. Comparing that to 2017 - 2021, it's the opposite impact. During those four years, personal income per capita increased by over 9%.
Inflation is also having dramatic consequences on government borrowing. During the budget process, the government projected to borrow $ 980 billion. Now, the projects are almost double that. The U.S. Government may borrow $1.8 trillion on your behalf.
Why the increase?
In part, inflation. Medicare spending is up 16%. Inflation in medicine is double everywhere else. Additionally, Americans are getting procedures that were put off during the pandemic. To combat inflation, the Federal Reserve raised interest rates. Raised interest rates make it more expensive to borrow money. The U.S. Government is doubling down, borrowing more money at higher rates which makes it more expensive to pay back the debt.
To make matters worse, federal tax receipts are down.
Down because of inflation. Fewer people are selling assets and trading stocks. Therefore there is less money going to the treasury than anticipated. Inflation means dollars lose value. So selling assets to buy more assets actually costs more than it's worth due to those capital gains taxes.
Bottom line. Bidennomics is bad for America.