Narrative-Building Media, Kamala, Joe, or the Democrats can't hide the pain caused by the Biden-Harris economy
By Steve Moore
WASHINGTON, D.C. (Texas Insider Report) — Democrats and the media are in a quandary trying to explain why Americans so under-appreciate all that President Biden and Vice President Harris have done for the economy – or should I say TO the economy. A recent Pew Poll found that only 22% of Americans believe "the country is headed in the right direction." Another poll revealed that over 50% "think the U.S. is in recession."
So why are Americans so dour?
A CNBC headline from last week treated their poll's finding with shock and amazement: "59% of Americans Wrongly Think U.S. Is in a Recession."They act as if these are the salad days for American families – as if inflation is falling and jobs are aplenty.
According to the article: "Economists have wrestled with the growing disconnect between how well the economy is doing, and how people feel about their financial standing. ... The U.S. economy has remained remarkably strong even amid persistent inflation."
- READ MORE: Should Voters Feel 'Joy' When Paying Bills is Harder Than Ever? 65% Believe Country's 'Headed in Wrong Direction
- As Americans say they believe the country "is on the wrong track," what new theme have Kamala & Co. adopted for their Presidential Campaign? "Joy." Rent & Electricity Bills are up 10% – Oh JOY! Car Insurance costs are up nearly 40%. Oh JOY! Families may be able to trade down from steak to a cheaper cut of meat, but they can't do that with the water bill. And Democrats "seize on a joyful message"?
Yes, it's true that the GDP is growing, which means we are NOT in a technical recession.
But, for whom exactly is the economy is "strong" right now?
Academics isolated in their ivory towers?
Those cloistered inside the Washington Beltway?
The people with cushy jobs in the newsrooms across America?
Those cloistered inside the Washington Beltway?
The people with cushy jobs in the newsrooms across America?
The poll cited above found that a major reason Americans say they are pessimistic is, "higher costs and difficulty making ends meet."This is not a figment of their imaginations.
The average household has LOST roughly $2,000 of purchasing power since Biden came into office. That means they are POORER today than four years ago.
That is why I often say, "Inflation is the cruelest tax of all."
I would submit... when most families have lost real take-home pay over a four-year period, THAT is a "Recession."
And apparently, 6-of-10 Americans agree with me – despite the media cheerleading for the Biden economy.
I would submit... when most families have lost real take-home pay over a four-year period, THAT is a "Recession."
And apparently, 6-of-10 Americans agree with me – despite the media cheerleading for the Biden economy.
The other night in his Democrat National Convention speech, Joe Biden boasted that "wages are up."
But they are up only BEFORE inflation.
When we take into account that the cost of living is 20% higher today than it was four short years ago, there are only real wage declines for most workers.
But they are up only BEFORE inflation.
When we take into account that the cost of living is 20% higher today than it was four short years ago, there are only real wage declines for most workers.
For example, one way to measure how much families are struggling under Bidenomics is to examine household debt.
Credit card debt recently hit an all-time high – and delinquencies are rising. The federal government can borrow until the cows come home (or investors around the world stop buying the bonds.) But households have to repay debt. This means that if things don't improve quickly, more and more families will be underwater – or already are.
Kamala Harris' only plan to relieve this middle-class fiscal squeeze is to pass out more free dollars.She wants to pay people up to $25,000 to buy houses. And the Wall Street Journal is wondering whether the government is going to start bailing out unpaid mortgages and credit card debts – just as Uncle Sam is paying off debt beats who refused to pay back student loans.
Where is the money going to come from for all those trillions of dollars of bailouts? The Chinese?
Meanwhile, most of these jobs Joe Biden & Kamala Harris are gloating about are either direct or indirect government jobs. And, why is a government so awash in debt on a hiring spree anyways?
Americans have a sixth sense tingling. Its warning them that something is very wrong with our economy.
Still, Kamala Harris and the media say: Don't worry; be happy.
Make you wonder just who is living in la la land?
Stephen Moore serves as Chief Economist for The Texas Insider, and is a Senior Fellow at both FreedomWorks and the Heritage Foundation. He is Co-Founder of the Committee to Unleash Prosperity, and is a contributor to the Washington Examiner.
