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Your Money Problems Are Imaginary, the White House Claims. The Facts Say Otherwise.
Daily Signal / Daily Caller ^ | June 10, 2024 | EJ Antoni

Posted on 06/11/2024 7:56:51 AM PDT by Red Badger

Millions of Americans are struggling to afford necessities like food, rent, insurance, and a car payment. But if you’re one of them, don’t expect any understanding from the White House and its sycophants in the media. They say your financial pain is all in your head.

As an MSNBC host put it, Americans need “an economic explainer,” since “people are confused” about their financial situation. They’re actually “doing quite well,” she laughably asserted.

That will surprise the half of Americans who are struggling to make their rent or mortgage payments on time, especially the one-fifth of renters who are skipping meals to stay current, or the 65% of Americans who say their finances have deteriorated over the last year because of inflation.

Similarly, when President Joe Biden was told by an interviewer that food prices are up 30% in four years, he blithely dismissed it. American families, he claimed, “have more money to spend.”

But that’s simply not true, and the Biden administration’s own data prove it. The average American worker’s weekly paycheck has risen about 14% under Biden, which is less than the 20% general inflation rate and even less than the 30% inflation rate for food, which is what Biden was asked about.

But the falsehoods don’t stop there. Both the president and his lead economic adviser, Jared Bernstein, have fallaciously claimed in multiple interviews that inflation was 9% when Biden took office. Again, the administration’s own data disprove this talking point.

Inflation was only 1.4% at Biden’s inauguration. When confronted with this fact, Bernstein retorted with another lie: that inflation, excluding food and energy prices, was at 9% in the second quarter of 2021.

Again, the Biden administration’s own data disproves this. The inflation Berstein referenced, “core” inflation, was 3.7% at that time. Furthermore, Biden didn’t take office in the second quarter of 2021, but in the start of the first quarter. At that time, even the core inflation rate that Bernstein referenced was 1.4%—the same as the overall inflation rate.

Not to be dissuaded by the facts, Bernstein then pivoted to excusing the inflation rate entirely, claiming people are better off because their earnings are now rising faster than prices. Apparently, Bernstein is completely unfamiliar with any statistics produced by his colleagues. In April—the most recent data available—prices rose faster than the average weekly paycheck.

What that weekly paycheck can actually buy has fallen 4.4% since Biden took office, costing the typical American family thousands of dollars annually in lost purchasing power. Add in the additional borrowing costs from today’s higher interest rates, and that is thousands more in financial pain.

The combined effect has been the equivalent of reducing the typical American family’s annual income by $8,100.

But it seems no figures or statistics can change the mind of the political elites when it comes to inflation and how much Americans are hurting today. Never mind that the price of common foodstuffs like eggs, bread, and peanut butter has risen 35% under Biden—the pain is all in your head.

The Biden administration’s and its media lapdogs’ dismissive attitude to the financial plight of the American people adds insult to injury. Nothing is more elitist than telling working-class folks that their problems are imaginary.

American families have soured on Bidenomics not because of rhetoric, but because of reality. The spendthrift policies of this administration and its congressional allies have created a cost-of-living crisis, which is why millions of Americans are demanding a change in direction.

Much like the average weekly paycheck, you might say the president’s poll numbers have been adjusted down for inflation.

Originally published by the Daily Caller News Foundation


TOPICS: Business/Economy; Culture/Society; Front Page News; Government; Politics/Elections
KEYWORDS: biden; bidenomics; demonicrats; economy; gaslighting; liars; whitehouse
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1 posted on 06/11/2024 7:56:51 AM PDT by Red Badger
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To: Red Badger

Bkmk


2 posted on 06/11/2024 8:08:35 AM PDT by sauropod ("This is a time when people reveal themselves for who they are." James O'Keefe Ne supra crepidam)
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To: Red Badger

Can’t wait to get my financial “primer” from President Pantload...


3 posted on 06/11/2024 8:09:18 AM PDT by Herodes
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To: Red Badger

Because I don’t do the grocery shopping in the family, I’m stunned at the prices I see when I do go in on rare occasion. However, I want to know how it is that our local restaurants are still packed and how Sammy Hagar and Steve Martin & Martin Short easily sell out venues with tickets priced $300-$500. Somebody’s doing well out there and I can only surmise it’s our local Fed work force population.


4 posted on 06/11/2024 8:09:34 AM PDT by LittleBillyInfidel (This tagline has been formatted to fit the screen. Some content has been edited.)
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To: LittleBillyInfidel

You would be correct.

Used to be that government employees were low paying jobs, now it’s the exact opposite.

Government unions will be the death of our country..............


5 posted on 06/11/2024 8:12:44 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: Red Badger
Americans need “an economic explainer”

What arrogance and unmitigated gall!

Plus, I HATE "explainer" as much as I hate "out of an abundance of caution."

6 posted on 06/11/2024 8:18:23 AM PDT by ProtectOurFreedom (“When exposing a crime is treated like a crime, you are being ruled by criminals” – Edward Snowden)
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To: Red Badger

I just know the price of eggs keeps going up.


7 posted on 06/11/2024 8:19:44 AM PDT by fwdude ( )
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To: Red Badger

However, the utilities, credit cards and taxing authorities don’t see it that way.


8 posted on 06/11/2024 8:19:48 AM PDT by skr (Righteousness exalteth a nation: sin is a reproach to any people. - Proverbs 14:34)
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To: Herodes

President Brains-in-his-Pants


9 posted on 06/11/2024 8:20:17 AM PDT by fwdude ( )
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To: Red Badger

You know that none of these smirking aholes pump their own gas
(much less pay for it) or stand in a grocery checkout line.


10 posted on 06/11/2024 8:20:23 AM PDT by Noumenon (You're not voting your way out of this. KTF)
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To: Red Badger

Right, we’re the idiots. Typical.


11 posted on 06/11/2024 8:21:54 AM PDT by Huskrrrr (Alinsky, you magnificent Bastard, I read your book!)
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To: LittleBillyInfidel

It’s the restaurants where I notice it. Dinner for two at a Mexican restaurant now runs about $60 and they thoughtfully add 3% if I use a credit card. Same meal cost half as much before Brandonomics hit.


12 posted on 06/11/2024 8:23:08 AM PDT by hanamizu ( )
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To: null and void; aragorn; EnigmaticAnomaly; kalee; Kale; AZ .44 MAG; Baynative; bgill; bitt; ...

p


13 posted on 06/11/2024 8:30:01 AM PDT by bitt (<img src=' 'width=30%>)
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To: Red Badger

I checked my bank account for a verification of this claim and found posted expletives. I take that as a negative on truth from the White House.


14 posted on 06/11/2024 8:37:20 AM PDT by BipolarBob (I was drowning in self pity until I bathed in the refreshing Lake of Respect.)
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To: Red Badger

Send the collectors an imaginary check.


15 posted on 06/11/2024 8:38:24 AM PDT by RckyRaCoCo (Time to throw them out of the Temple...again)
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To: LittleBillyInfidel

I’m the same. We went to a discount grocer the other day. I was shocked at the discount prices. Can’t imagine the regular store


16 posted on 06/11/2024 8:45:31 AM PDT by cyclotic (Don’t be part of the problem. Be the entire problem)
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To: Red Badger

I retired in 2008. Fixed income, and no problems till 2020. Now I have to watch every penny.


17 posted on 06/11/2024 8:49:10 AM PDT by Ruy Dias de Bivar ( Government is not reason, it is not eloquence-it is force!--G. Washington)
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To: Ruy Dias de Bivar

It’s getting worse.

I planned to retire at the end of the year when I turn 70, got SS and a small VA pension, and what I thought was a good sized savings, but that seems out of the question now...........


18 posted on 06/11/2024 8:58:07 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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To: Red Badger

Definitely not confused here. Can’t vote for more of the “build back better”


19 posted on 06/11/2024 9:04:39 AM PDT by newzjunkey (We need a better Trump than Trump in 2024.)
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To: newzjunkey

They may want to rethink their stupid strategy.

IT’S THE ECONOMY, STUPID!

Clinton knew better..................


20 posted on 06/11/2024 9:06:54 AM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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