The U.S. economy has become progressively worse under President Joe Biden that even CNN is starting to take note, with the outlet’s analyst, Harry Enten, pointing out that the “weakest economic indicator” that spells bad news for the president is disposable income.
Enten said that the change in disposable income “is probably the weakest economic measure” to date.
“I mean, if you were to look basically at disposable income, the change in disposable income, that is probably the weakest economic measure there is out there. From the first year of a president’s term to now in a term, look at this. We’ve actually had negative growth,” Enten said.
“We have actually decreased the amount of disposable income we’ve had, 2.7% for the Biden Administration. Look at that. The average for the president since JFK is plus 4.5%. And even in the last few months, the last six months, the growth that we’ve had just 0.2%. The average six months since 1961? 1.1%. So, we’re even behind on that metric,” he added.
Jobs have decreased in major sectors, such as transportation and warehousing, but have slightly increased in other sectors, including government, private education, leisure and hospitality as well as health services.
The CEO of Bilt Rewards, Ankur Jain, recently expressed how misleading some headlines about the economy under Biden have been.
“It’s hard to see these headlines saying ‘oh, the economy is doing well,’ and then every month, you look at your checkbook and your bank account, and it’s hard to even pay the bills,” Jain told CNBC News.
"It's hard to see these headlines saying 'oh, the economy is doing well,' and then every month, you look at your checkbook and your bank account, and it's hard to even pay the bills," says Bilt Rewards CEO @ankurjain_2 on why Bidenomics isn't resonating with younger voters. pic.twitter.com/QgSEjmhZVU
— Last Call (@LastCallCNBC) December 15, 2023
The left has attributed the term “Bidenomics” to reference Biden’s “favorable” economic policies. Yet, the economy under the president is the worst since the Carter administration in 1977.
“Bidenomics means everything is more expensive and you have less money,” the conservative outlet Citizen Free Press wrote on X, formerly known as Twitter.
Bidenomics means everything is more expensive and you have less money. pic.twitter.com/POZurVc8xk
— Citizen Free Press (@CitizenFreePres) December 14, 2023
Under Biden, inflation is at an all-time high. With Christmas around the corner, Americans are paying significantly more than they did several years ago. The price of rent, transportation services, and food, among other necessities, have drastically increased under Biden.
