The article “Biden goes into 2024 with the economy getting stronger, but voters feel horrible about it” (Dec. 11, TribLive) quoted a few “experts” that stated they were “mystified” as to why Americans weren’t more positive about Bidenomics. They cited the reduced inflation rate of 3.2 % (annual rate in November), but failed to acknowledge the cumulative inflation of almost 20% since 2019. People’s wages simply haven’t kept up.
The article noted that 60% of Americans were living paycheck to paycheck but didn’t note that they didn’t have sufficient funds to cover a $500 surprise expense. The article didn’t note that credit card balances surged past $1 trillion, a clear indication of struggling consumers, or that the savings rate has plummeted to around 3%. Hardship withdrawals from 401(k) accounts are also on the rise, as are car loan late payments, 6.1% later than 60 days in the subprime category.
Given these additional facts, it is clear that the “experts” cited in the article were either asleep or had an agenda. Bidenomics has been a disaster for the country, and given the huge ongoing deficits, inflation will be difficult to contain.
John Tessaro
Manor