By this November 5, a high electoral price from the Democrats may be called in due to a fractured American economy. In the runup, there are several negative economic indicators flashing red — factors soon to converge in force, each one predicated on Biden’s incompetence. His economic climate tells against the erstwhile middle class, or the legally voting ‘majority,’ and its prosperity.
The collective, negative impact of Biden’s combined and often unilateral federal actions, the upshots of bad policies and mismanagement, suggests that we will soon have a new, expanded class of ‘the poor’ in the United States — an historical phenomenon that has eventually manifested itself in every country subsequent to communist/socialist takeover.
Biden’s policies and directives are coalescing and advancing in a hushed, cumulative economic effect very quickly. Many may soon find themselves squarely placed in a traditionally avoided no-man’s land, as the newly poor, separate from the middle class, or the working poor, or the subsidized/welfare poor.
Many do not perceive misfortune as exactly closing in. Why not? Because the suffering is in development, because we were stunned by the COVID years into thinking the bad stuff was just temporary, and because, in waiting for the 2024 election, we are not clocking on current daily survival threats as we might otherwise. And because the federal bureaucracy and its media enablers are flat-out lying about the economy and have been since 2020. Humpty-dumpty is still, sort of, sitting on the wall, but he is slipping, and soon he may fall.
When the Great Depression hit, we had joblessness on a scale never seen before in the U.S. Were it not for the federal ‘cover’ of FDR’s fixes, which now have graduated to over several trillion dollars expended annually on a slew of federal subsidies, entitlements, social welfare, and government salaries and benefits, we would already have much more visible poverty in the U.S. Notwithstanding, the new poverty is advancing, very comprehensively and rapidly, since Biden’s presidential victory in 2020. His ‘administration’ has worked diligently to unravel our prosperous majority from day one.
To get a handle on the gravity of what may be coming in the next six months, look at what Biden is doing to grab economic control across the board: energy prices are driven up because of his tinkering with energy supplies and restrictive energy policies. Unemployment figures are rigged downwards to reflect part-time and/or seasonal/immigrant jobs as full time. Interest rate increases are ‘explained’ by the feds as cautionary but appear now semi-permanent. Huge costs are accruing in ‘supporting’ illegal immigrants, in student loan forgiveness, in piles of new regulatory costs (legal or not), in tax increases on the middle class, in federal land and natural resource grabs, and in crippling regulatory restrictions on farming, energy, transportation, and, of course, in the costs of war.
Additionally, Biden’s federal underwriting of business/corporate production costs related to his ubiquitous and dubious ‘climate change’ fixes are economic disincentives — as well as a disgrace for independent enterprise.
In a further cost complication, Biden’s serial infrastructure and equipment (see EVs, solar grids) fails are themselves coming at great expense to consumers. Supply-chain restrictions consequent to infrastructure fails drive up consumer costs. Serial emergencies in our infrastructure’s ‘accidents’ and incompetencies are driving the bills way up — Baltimore city reported in March that the Francis Scott Key bridge collapse could run up to, for the city alone, a whopping $9 M per day.
As this bigger costs picture emerges more clearly in the coming months, the implications of the shocking damage to American productivity and standing in energy, agriculture and transportation will not be lost on the ‘average voter.’
Even now, the economic facts are available to those who are willing to dig for them:
inflated by 40%. Rent prices are now 30% higher than they were before the pandemic.
Those Americans with, say, four-five year set mortgage interest rates (now already unaffordable due to related housing costs such as rising insurance) at pre-pandemic levels, may be losing their original rates by 4-7 percentage point increases, at least, in 2024 and 2025.
The huge growth of the homeless population — while affected of course drastically by illegal immigration — is yet another indicator of economic collapse. “Rising rents and low housing inventory spur an unprecedented level of homelessness in America”
Older adults are being increasingly driven into poverty.
According to the latest data from the U.S. Census Bureau, 14.1% of adults aged 65 and older lived in poverty, as defined by the Supplemental Poverty Measure, compared with 9.5% in 2020. That’s about a 50% jump in just three years, meaning roughly 8 million older adults now live in poverty.
Biden continues to lie about the economic circumstances of our country, and we have no reason to believe he will change:
President Joe Biden defended his handling of the economy hours after a key economic report found that progress on slowing inflation has stalled, a continued bane on Biden’s presidency.
US consumer prices picked up again last month, marking a 3.5% increase for the 12 months ended in March, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics. Inflation has dogged the president and his approval ratings on the economy have suffered as prices have soared following the easing of the Covid-19 pandemic.
Biden pointed to success “dramatically” reducing the rate of inflation from 9% to 3% as he sought to convince Americans that “we’re better situated than we were when we took office, where inflation was skyrocketing.”
Inflation, however, began to rise in 2021 — Biden’s first year as president — as normalcy began to return to American life following the worst parts of the pandemic. It peaked in June 2022 as the rate of inflation reached 9.1%” (emphasis added)
Ruling-class Democrats talk the talk about sharing the wealth, but their own elitism and flagrant double standards, e.g. in extravagant life styles and stock-market shenanigans, tell a different tale. The elite’s lion’s share of our national wealth has gone from grown even more bloated under Biden:
“In the third quarter of 2023, 66.9 percent of the total wealth in the United States was owned by the top 10 percent of earners. In comparison, the lowest 50 percent of earners only owned 2.5 percent of the total wealth.”
Americans may take note of these disparities.
At the least, we can probably expect that, by November, American voters will be ready enough to weigh in — if only on the strength of their wallets.
Image: PickPik
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