What’s happening: The Biden administration continues to tout “Bidenomics” as a rousing success, pointing to declining inflation and strong job growth numbers. But recent polls show Americans aren’t convinced, and a closer look at economic data explains why.
The data: Inflation-adjusted wages have shrunk by 3.7% since 2020, according to the Bureau of Labor Statistics’ Employment Cost Index. Today’s real wages are back to 2015 levels — which means the economy under Biden has lost all of the wage gains under the Trump administration.
- Boxed out: The data show more and more young Americans can’t afford to buy homes and cars due to a spike in mortgage and car loan interest rates.
Doom and gloom: A very recent poll shows only 36 percent believe the American dream is still within reach. The same poll taken in 2012 revealed 53 percent believed in the American Dream, and 48 percent did in 2016.
- More numbers: A poll published earlier this month shows a full 81% of American voters rating the U.S. economy as either “fair” or “poor.” Still another poll found a majority of registered voters think they’re worse off financially under Biden than they were before. Just 14% said they were better off.
It’s the economy, stupid: This issue is likely to draw a strong contrast between Biden and his opponent for voters in next year’s general election.