Bidenomics, President Joe Biden’s economic program, has left Americans more stressed out than during the 2007-2008 subprime mortgage crisis that led to a major economic downturn. The IBD/TIPP Financial Stress Index recently reached its highest level since December 2008, with all demographic groups experiencing elevated stress. This high stress level is pervasive across all demographics, irrespective of factors such as race, gender, income, education, or geographical location. Biden’s policies have brought about a financial stress level that exceeds that of previous presidents, including Barack Obama, especially during his first term.
The high financial stress level is attributed to Bidenomics’ impact, which includes rampant inflation, struggling wages, rising gas prices, concerns about government spending, the Federal Reserve’s rate hikes, and the ongoing Russia-Ukraine conflict. Many Americans find it difficult to make ends meet, and six in ten live paycheck to paycheck. Moreover, there is widespread disapproval of President Biden’s handling of the economy, even among Democrats.
Adding to the economic stress, there is now a conflict in the Middle East that could lead to a larger war. Oil prices have already spiked, and there are calls in Congress to sanction Iran’s oil sales. This situation is partly attributed to Biden’s foreign policy stance that is seen as pro-Iran.
As the median American income is no longer sufficient to afford a median American home or a typical new car, the middle class’s traditional dynamics have shifted under Bidenomics. A significant percentage of Americans, including those earning more than $100,000, are living paycheck-to-paycheck. This widespread economic stress reflects the challenges Americans face in maintaining their financial well-being under Biden’s economic policies, especially with inflation and other factors placing additional burdens on their budgets.
Given the economic pressures and the need for independent news and analysis, outlets like PJ Media are working to provide a platform for discussing and dissecting the consequences of Bidenomics and other key issues. Support for these outlets has become crucial as Americans navigate the evolving economic landscape under the Biden administration.