America Is Enjoying High Bidenflation Right Now, and It's Not Enjoying It Much

The headline is a play on what I remember as a quote from George H. W. Bush in his 1992 re-election campaign, facing a recession. He said, if my memory is correct, something like "We're enjoying a recession right now, and we're not enjoying it much."

I can't seem to find the quote, though. So you'll just have to be like a Democrat Voter and Trust Everything I Say Without Complaint or Question.

Via Real Clear Investigations, Sanjai Bhagat & Marlo Oaks write that Bidenomics is just Bidenflation.

During the Trump presidency, the average price increase for goods and services was a modest 7.6% over four years. That is less than 2% increase in prices for each of those four years. Contrast that with the more than 5% increase in prices for each of the last three years. This amounts to a staggering 17.6% increase in costs under President Biden's watch, with one year remaining. This isn't just a blip on the economic radar. It's a troubling trend that spells disaster for household budgets across the nation.

These price increases are a direct result of the Biden Administration's spending bills. Ironically, one of these bills was named the Inflation Reduction Act.

It wasn't irony. It was an Orwellian lie.

For blue-collar workers--particularly, women workers--the impact has been devastating. Under the Trump Administration, real (inflation-adjusted) median weekly earnings saw a $63.10 increase for all workers and an impressive $78.80 increase for women workers. Fast forward to the Biden era, and real median weekly earnings have plummeted by $13.20 for all workers and a staggering $23.70 for women workers.

Black workers and Hispanic workers have also fared significantly worse in the Biden era. Black workers experienced $65.70 increase in real weekly earnings in the Trump era compared to $28.80 in the Biden era. Hispanic workers experienced $47.20 increase in real weekly earnings in the Trump era compared to $7.80 in the Biden era.

Middle-class families find themselves grappling not only with skyrocketing inflation but also with the specter of unaffordable housing. Mortgage interest rates have surged by a jaw-dropping 70% in just three years. During the Trump presidency, a 30-year fixed rate mortgage average in the U.S. was 3.89%. It is now 6.60%. Monthly mortgage payments for a median-priced home have ballooned by over $1,000 compared to the Trump era, making the dream of homeownership feel more like a distant fantasy than a tangible goal.

So, is Bidenomics working? For the millions of struggling Americans grappling with inflation, stagnant wages, and unattainable housing, the answer is a resounding no.

The CEO of Kellogg's has a great idea for beating inflation: just eat cereal for dinner.

From the New York Post:

"The cereal category has always been quite affordable and it tends to be a great destination when consumers are under pressure," the cereal company's CEO said.

"If you think about the cost of cereal for a family versus what they might otherwise do, that's going to be much more affordable," he added.

What am I, Seinfeld in the 90s? Who am I, Joey Carb-onato?

Below: a video from a couple of years back about shopping in a Bidenflation economy.

posted by Disinformation Expert Ace at 02:21 PM

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