Poverty Rate Increases Dramatically In Biden’s Economy

Beset by public concerns over his age and persistently low approval rating, President Joe Biden has been relegated to touting his supposedly beneficial economic policies as part of his lackluster re-election campaign.

Despite some cherry-picked statistics designed to convince the American people that they are better off than they were before he was elected, however, the harsh reality of so-called “Bidenomics” is unavoidable for millions of U.S. families.

Inflation, which soared out of control during much of Biden’s first two years in office, remains significantly higher than the Federal Reserve’s goal and ticked up again last month. The cumulative impact since Biden took office is that consumer prices are now more than 17% higher on average.

The U.S. Census Bureau revealed the true toll of Biden’s economy in a stark report that found the percentage of the population living at or below the poverty line increased from 7.8% in 2021 to 12.4% last year.

While prices continue to climb, incomes are not keeping pace. Statistics show that the median household income in 2021 was 76,330 when adjusted for inflation. That number dropped by nearly $2,000 last year and is nearly 5% lower than it was in 2019.

Alfredo Ortiz, the president and CEO of the Job Creators Network, offered a scathing indictment of the current administration’s record.

“This accelerating inflation, which is nearly twice the Federal Reserve’s target rate, is another Bidenomics blow to ordinary Americans and small businesses dealing with rapidly rising prices that are lowering their real wages and living standards for two and a half years,” he said.

Senate Minority Leader Mitch McConnell (R-KY) delivered a similar assessment last week from the Senate floor.

“Over Labor Day Weekend, President Biden told voters that ‘Bidenomics,’ quote, ‘is working,’” he said. “The American people are not fooled by this. They can feel the pinch in their wallets and they know that Washington Democrats’ runaway spending is the reason for it.”

One recent poll seems to reflect the fact that most Americans recognize the detrimental impact Biden’s economic policies have had. Former President Donald Trump had a more than double-digit advantage over Biden — 47% to 36% — when respondents named which candidate they trusted to handle the economy.