The American economy is facing challenges despite positive macro-level indicators. Inflation remains a significant concern, with high interest rates, a struggling housing market, and record credit card debt.
The Biden administration’s portrayal of the economy is not resonating with voters, as a recent poll shows low confidence in Biden’s ability to handle the economy.
Inflation is higher than the Fed’s target, and real wage rates are declining, leading to decreased household disposable income. (Trending: Photos Released Of Cocaine Found In White House)
A majority of Americans disapprove of Joe Biden’s job performance
This includes a majority of men, Hispanics, people with college degrees, and anyone under the age of 45.
Worst President Ever? pic.twitter.com/UIx1DP4rjK
— AnalyzingAmerica (@AnalyzAmerica) November 16, 2023
American families have experienced a significant loss in spending power during Biden’s presidency, impacting holiday spending and forcing people to dip into savings and retirement funds for basic needs.
Biden’s economy has reportedly cost American families $7,000 per family.
“The Bureau of Economic Analysis recently revised its previous estimates to show household disposable income was lower and personal consumption was higher than previously reported,” announced the department.
It is also estimated that 1/3 of Americans have less than $100 in their checking account and more people have withdrawn from their 401K than in recent years.
The housing market is also facing difficulties, with low homebuilder sentiment and increasing foreclosures.
Overall, the economic challenges are causing significant hardship for working Americans.
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