Biden-Harris Failing: 40% Can’t Make Ends Meet!

A recent report has revealed a stark reality for nearly 40% of Americans who are now worried about being able to pay their bills on time, a higher percentage than during the Great Recession of 2008-09. This alarming trend highlights the growing financial strain on American households in the face of persistent inflation and economic uncertainty under the Biden-Harris administration.

According to a CNN poll, 39% of Americans expressed concern about consistently meeting their financial obligations. This figure represents a 33% increase from the peak of inflation during President Biden’s term and surpasses the 37% recorded during the 2008 financial crisis when unemployment rates soared close to 10%. The poll underscores the continued struggle of American families to keep up with rising costs, despite recent improvements in inflation metrics.

Under the Biden-Harris administration, inflation has reached unprecedented levels, with the costs of essential goods and services such as food, gasoline, housing, and utilities experiencing significant hikes. While inflation has eased somewhat in recent months, it remains stubbornly high, and consumers are still grappling with the lingering effects of price spikes that have persisted for years. CNN noted that “consumers are still trying to catch up to the price spikes of the last few years,” underscoring the ongoing financial challenges faced by many.

The Daily Signal further elaborated on the findings, stating:

“Still trying to catch up is an understatement. The gap between nominal wages and inflation-adjusted wages since 2021 is more than 20%. So, it looks like you’re making a lot more, but even accounting for official inflation, workers have lost thousands in income.”

This widening gap between nominal and inflation-adjusted wages means that even though paychecks may appear larger, the real purchasing power of American workers has significantly diminished. The report suggests that the official inflation rate might not fully capture the true extent of the economic pain felt by ordinary Americans. For instance, while official inflation since the onset of COVID-19 stands at 21%, fast-food prices—a more accurate gauge of real-world inflation—have risen by more than double that amount, and housing costs have also surged, with home prices and mortgage rates both seeing dramatic increases.

If these real-world numbers better reflect true inflation, workers have potentially lost thousands of dollars per month in real income, deepening the financial strain on American families.

The poll also revealed that 35% of respondents, or over one-third, have been forced to take on additional part-time work to make ends meet. This includes 44% of Black individuals, 52% of Latinos, and nearly half of workers under the age of 45. These statistics highlight the disproportionate impact of economic challenges on minority communities and younger workers, many of whom are struggling to balance multiple jobs to keep their heads above water.

“That explains why jobs are rising on paper, yet the actual number of employed Americans is plunging—down 600,000 in the past eight months alone,” the Daily Signal observed, pointing to a troubling disconnect between official employment statistics and the lived experiences of millions of Americans.

In response to these financial pressures, more than two-thirds of Americans are cutting back on grocery spending, and nearly half are reducing their driving to save on gas. Additionally, 4 in 10 Americans are now using credit cards to cover essentials like groceries and gas, further exacerbating their financial burdens.

The latest data from the Labor Department shows that employers added only 114,000 jobs in July, falling short of the 175,000 predicted by LSEG economists. Moreover, the unemployment rate unexpectedly rose to 4.3% from 4.1%, marking the highest level since October 2021. This troubling trend has led to growing concerns about the state of the U.S. economy and the effectiveness of the Biden administration’s economic policies.

“It marked the highest level for the jobless rate since October 2021,” Fox Business reported.

As the economy remains a top concern for voters in the upcoming election cycle, the Biden administration faces mounting criticism for its handling of economic issues. Vice President Kamala Harris, now the Democratic Party nominee, has previously touted the successes of “Bidenomics,” but the administration’s track record on inflation and job creation has come under intense scrutiny.

A Financial Times-Michigan Ross poll conducted in May revealed that former President Donald Trump is more trusted on economic matters than President Joe Biden, with Trump holding an 8-point lead (43% to 35%) over Biden in terms of voter confidence. This survey suggests that voters are increasingly dissatisfied with the current administration’s economic performance and are looking to alternative leadership to steer the country through these turbulent times.

“In another worrying sign for the White House, the monthly FT-Michigan Ross survey has consistently found voters trust Trump more than Biden when it comes to handling the economy,” the poll analysis noted, emphasizing the growing support for Trump’s economic policies.

As the nation grapples with rising costs and financial uncertainty, only 28% of voters believe that President Biden has helped the economy, while a staggering 58% disapprove of his economic policies. With the election approaching, the economy will undoubtedly remain a central issue, and the Biden-Harris administration will need to address these concerns if they hope to win over the American electorate.