Bidenomics Reality Check
As President Joe Biden touts his economic accomplishments on his “Bidenomics” tour, here are some harsh realities: since he took office, the rate of inflation totaled 15%. Meanwhile, prices for daily essentials such as food and electricity are up 25%. That means the average American is paying $709 more each month for everyday necessities; that comes out to $8,058 a year.
Today’s Rides Are Too Expensive
A new car costs an average of over $48,000 — 25% more than before Covid hit three years ago. Used vehicles have an average sales price of $29,000. Further, there are 32 models selling for more than $100,000 this year, compared to 12 in 2018.
Migrant Situation Hurting Dems
A recent Siena College poll found that 46% of New York State residents found migrants to be “a burden” to the state, and 60% thought the state has done enough for these undocumented immigrants. This has impacted Democrats’ favorability ratings: Governor Kathy Hochul’s approval of how she handled the migrant situation fell from over 50% in January to 35%. New York City Mayor Eric Adams fared no better, from 47% to 31%.
Housing Prices Outpace Incomes
Between 1984 and 2021, median household incomes rose by 21.1%, according to the Bureau of Labor Statistics CPI-U Annual Average Index. However, during that same time period, median home prices grew by an astounding 90.6%. The Census Bureau’s Survey of Construction noted that the proportion of new homes built that cost under $200,000 dropped from 10% in 2019 to less than 1% in 2022.