In December, Republican Sen. John Thune of South Dakota spoke about the consequences of Bidenomics for the American people.
In a Senate floor speech, he noted that since Joe Biden took office and put his economic plan to work — promising more breathing room for Americans to enjoy — their belts have only gotten tighter.
Today’s family, Thune reported, needs an additional $11,434 to maintain the same standard of living as before Biden entered the White House. The senator further noted that the rise in prices under Biden in the three years he has been in office is equal to the rise in prices in the prior 10 years combined.
“The price of groceries has risen by almost 21 percent,” Thune said. “Gas prices have risen by 54.8 percent. Electric bills are up almost 25 percent. Car repairs and maintenance are up 26.5 percent. Rent is up 18 percent. And the list goes on.”
Unfortunately, as Thune went on to say, it looks like those high prices are here to stay.
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A Redfin-commissioned survey conducted by Qualtrics in February backs Thune up by showing that Americans have been forced to take some drastic measures just to get by.
Of the 2,995 U.S. homeowners and renters surveyed, about half (1,494) said they struggle to afford housing. Among those respondents, distressing answers came in reply to the question, “Which of the following, if any, changes or sacrifices did you make in the past year to afford your monthly housing costs?”
Although the most commonly listed sacrifice was taking fewer vacations or none at all (34.5 percent), a huge swath of struggling Americans (22 percent) revealed that they are actually skipping meals in order to keep a roof over their heads.
The survey also showed that Americans are being forced to work extra shifts (20.7 percent), sell their belongings (20.6 percent), borrow money from friends and family (17.9 percent), dip into precious retirement savings (17.6 percent), and even delay or skip medical care (15.6 percent). That’s in addition to scrambling for “side hustles” (14.7 percent) and receiving financial gifts (14.3 percent).
Is Biden to blame for rising housing costs?
Yes: 100% (12 Votes)
No: 0% (0 Votes)
Is it any surprise that pawn shops are overloaded with merchandise? Or that 8 million renters have fallen behind on their payments?
Last month, Redfin posted a comparison of rent prices in February 2020 and February 2024, noting that “the median asking rent in February was $73 below the record high set in August 2022, but was still $387 higher than it was in February 2020.”
While rent prices jumped last month, they’re relatively stable compared to the past two years.
The median asking rent in February was $73 below the record high set in August 2022, but was still $387 higher than it was in February 2020, prior to the pandemic. pic.twitter.com/cAgVjW9xOe
— Redfin (@Redfin) March 21, 2024
No wonder 57 percent of young adults ages 18 to 24 still live with their parents.
Redfin also noted in a report shared by CBS News that the typical starter home was $169,000 in 2020 but is now $240,000. Average mortgage rates have spiked, too: 6.87 percent on a 30-year loan in 2024 compared to 3.5 percent in 2020.
According to the real estate company Zillow, Americans must now earn a minimum of $106,000 to comfortably afford a home. That’s up 80 percent from 2020 and puts home ownership out of reach for the median household, which brings in about $81,000 a year.
All of these price hikes come amid escalating unemployment or underemployment.
Job cuts last month hit their highest level since January 2023, according to Fox Business, “a sign the labor market is starting to deteriorate in the face of ongoing inflation and high interest rates.”
The 7 percent monthly increase in job cuts resulted in more than 90,000 layoffs, including in the technology, finance and transportation sectors.
Not even government employment remains stable, as over 36,000 government jobs fell away in March, “the highest monthly total for the sector since September 2011,” Fox reported.
Of course, the little guys are also suffering the consequences of Bidenomics. The National Federation of Independent Business reported this month that small business optimism is at its lowest level in 14 years.
Gene Marks, president of the consulting firm The Marks Group, cited rising corporate costs as one reason for this pessimism in a Saturday interview with Fox.
He called the Biden administration “tone deaf” in insisting that everything is just fine and working according to plan.
Indeed, young Americans aren’t buying it, with over 90 percent rating the economy either “poor” or “only fair” in a recent New York Times/Siena poll. Marks believes this will be a real problem for Biden in the 2024 election.
Case in point: Watch this young woman — a California resident — lament that the taxes she owes in one year surpass her crushing student debt.
“What is going on, America?” she asks, wondering whether her mother’s immigration to the U.S. to give her a better life was actually worth it.
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Axios also noted that Biden is losing young adults as a result of the deplorable economy.
“At this point, I’m tired of stressing about debts and cost of living, and I’m tired of being in a place where I feel like I need to move out of this country to make a change,” said Jessica Gourdet, a 32-year-old restaurant owner in Vauxhall, New Jersey.
All of this belt-tightening comes at a time when Biden has flung open the doors to approximately 8 million illegal aliens and counting, forcing Americans to shoulder an additional tax burden.
In fact, the Federation for American Immigration Reform estimated last year that illegal immigration cost the country a net total of $150.7 billion, which equated to $1,156 per taxpayer.
This no doubt helps explain why Donald Trump continues to lead Biden in national polls. The Times/Siena poll has the former president ahead of Biden 46-45, and that’s even with Trump’s much-publicized legal woes.
Under Biden, Americans are having to choose between eating and keeping a roof over their heads. At the end of the day, they will only forgo so many meals before deciding they’ve had enough.
