Census Bureau: Bidenomics putting serious financial hurt on Americans
Joe Biden looks at the Wall Street Journal, Thursday, Sept. 15, 2022, in the Oval Office. (Official White House photo by Adam Schultz)
Amid confirmation just this week that inflation rose again in August to a rate of 3.7%, the second such increase in recent months, a report from the Census Bureau confirms that Bidenomics has hurt Americans financially.
A published report said the August results were "bad news for President Joe Biden, who has been trying to reassure voters that he is curbing price pressures, and for the Federal Reserve, which has desperately maneuvered to bring down inflation over the past year."
But the Census report, documented by Just the News, said inflation soared 7.8% from 2021 to 2022, marking the largest single-year increase in cost of living since 1981.
Biden has been campaigning for the 2024 presidential race already, claiming his "Bidenomics" economic schemes are helping Americans, but his claims have been questioned by economists.
The Census report said actually the financial condition for Americans deteriorated dramatically during the first half of Biden's tenure in the White House.
The official poverty rated hovered around 11.5% in both years, the Bureau said. But its Supplemental Poverty Measure surged 4.6% in 2022 to 12.4%, leaving 37.9 million Americans living below the poverty line in 2022.
The report said the end of certain tax credits and pandemic stimulus also contributed.
The report also confirmed real median household income plunged 2.3% to $74,580, amid that 7.8% inflation.
Just the News explained, "The Census Bureau statement follows some other bad economic news for the president. The unemployment rate in August rose from 3.5% to 3.8% while inflation ticked up to 3.2%."
Biden repeatedly has claimed his agenda is improving economic conditions across the country but voters assessed by the RealClearPolitics polling average say otherwise, as 58.9% disapprove of his handling of the economy.
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