Since President Joe Biden took office, the American economy has faced significant challenges, with “Bidenflation” taking a severe toll on citizens. Many Americans have felt the impact of rising prices at grocery stores and gas pumps, resulting from what some consider far-left policies.
A recent report from the U.S. Census Bureau reveals that the number of Americans living at or below the poverty level has risen for the first time in years. In 2022, 12.4 percent of the population lived in poverty, marking a notable increase from 2021 when the figure stood at 7.8 percent. This data underscores the economic hardships that many Americans have faced during Biden’s presidency.
Furthermore, the report highlights that inflation surges have outpaced the average pay raises of American workers for three consecutive years under Biden’s leadership. This means that, despite working hard, paychecks are not stretching as far as they used to. Inflation-adjusted median household income saw a decline of 2.3 percent in 2022, reaching $74,580 compared to $76,330 in 2021. Since its peak in 2019, before Biden’s presidency, household income has fallen by 4.7 percent.
The Consumer Price Index, according to a Labor Department report, showed a 6.5 percent increase from the previous year, indicating the significant impact of inflation. Since Biden took office, inflation has risen by 13.7 percent since the beginning of 2023.
Despite these troubling economic trends, President Biden has insisted that his economic plan is working. However, recent polling suggests that Americans trust former President Trump more than Biden when it comes to handling the economy, with a 47 percent to 36 percent margin.
In summary, Biden’s presidency has seen a rise in poverty rates, declining household incomes, and significant inflation, all of which have impacted the financial well-being of American citizens. While the president remains optimistic about his economic plan, public trust in his handling of the economy appears to be waning.