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Analysis finds Americans need extra $11,400 to afford the basics as GOP lawmakers blame Bidenomics

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Whoever said your quote is completely and totally incorrect.
Have you been living under a rock? Of course the economy is better than it was during the pandemic, and unemployment is down, inflation is down. If you believe this is not true, then start posting your evidence. You seem to rely on your opinion instead of posting facts.
 
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iluvatar5150

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Oh well, apparently the liberals believe that we have a great economy in the USA. So what do y'all say to over 55% of Americans in most of the polling this year who disapprove of Biden’s and the Democratic Party handling of economic issues?

I would say that most Americans don’t have any idea how the economy works. I mean, you’re here arguing about it and can’t answer the most basic questions- I imagine most people are even less engaged than that.

It’s perfectly valid to be frustrated by high prices, but trying to get the average person to understand how we got here is largely futile.


Whoever said your quote is completely and totally incorrect.
You’re welcome to provide the data that supports that assertion.
 
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KCfromNC

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Biden’s policies include increasing the amount of regulations and taxes upon business thus raising the costs of doing business. Biden’s policies include spending trillions upon trillions of dollars that we don't have thus devaluing the dollar which means higher inflation.
Still waiting for the specifics backing up this vague hand-waving. I'm pretty sure I'm not alone.
 
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KCfromNC

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Why is it that virtually every time a conservative on this board is asked to name an economic policy they don't like and explain its effects, they don't (or can't)? This exchange between you and @RocksInMyHead, I've had the same conversation with numerous other members over the years and it pretty consistently shakes out the same way. Assertions are abundant, while specifics and sources are rare.

I can only assume that this is behavior learned from far-right entertainment sources like Fox News. Watching them you'd see that assertions are thrown out and then assumed to be true when moving on to the even more opinion based commentary.

If one didn't have a background in critical thinking and evaluating data one might be tricked into believing this is how to do serious political or economic analysis.
 
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KCfromNC

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Oh well, apparently the liberals believe that we have a great economy in the USA.
Anyone in this thread? Because if it can't be identified that this post is talking about anyone real, it reads a lot more like an attempt to avoid talking about all of the actual data in previous posts showing the post starting this thread was factually incorrect.
 
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iluvatar5150

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Anyone in this thread? Because if it can't be identified that this post is talking about anyone real, it reads a lot more like an attempt to avoid talking about all of the actual data in previous posts showing the post starting this thread was factually incorrect.
I think it’s way better than the right wing doomers are claiming but I’d characterize it as a bit of a mixed bag that’s highlighting the weaknesses in our metrics for measuring the economy. Inflation is almost back down to normal levels, but pointing that out is like telling the guy in the ambulance to cheer up because he’s not being shot at anymore. Yes, that is true and an objective improvement, but it also overlooks the pain that’s already been caused and that will take a while to heal. Aggregate numbers like gdp and unemployment generally tend to ignore localized problem areas.
 
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KCfromNC

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I think it’s way better than the right wing doomers are claiming but I’d characterize it as a bit of a mixed bag that’s highlighting the weaknesses in our metrics for measuring the economy. Inflation is almost back down to normal levels, but pointing that out is like telling the guy in the ambulance to cheer up because he’s not being shot at anymore. Yes, that is true and an objective improvement, but it also overlooks the pain that’s already been caused and that will take a while to heal. Aggregate numbers like gdp and unemployment generally tend to ignore localized problem areas.
Yeah, but I'm not really addressing if a huge complex beast like the largest economy on the planet can be accurately summed up into a single word. And not to mention doing so would have to look at how corporate profits have seemed to soar during the time, which certainly calls into question that it's any sort of oppressive government regulation at work here.

My point was more that the post I was responding to was creating an imaginary strawman to beat up on because the actual data presented by actual posters in actual posts in this actual thread were pretty damaging to the story trying to be sold in the OP.
 
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USincognito

a post by Alan Smithee
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Oh well, apparently the liberals believe that we have a great economy in the USA. So what do y'all say to over 55% of Americans in most of the polling this year who disapprove of Biden’s and the Democratic Party handling of economic issues?
I see you replied, though not to me since I'm not a liberal, but you didn't answer my questions. Could you do so?

Again, how did every change or policy have a negative effect on the economy?
 
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I've got a bridge to moon I'm willing to try to sell to anyone who believes that the American economy is in excellent shape. :D:)
Define excellent shape. The understanding is the economy is in much better shape than three years ago. Nobody said the economy is in EXCELLENT shape.
I blame ALL the politicians who were in favor of giving away free money during the pandemic.
Did you take any of that free money?
 
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The United States ranks 25th in economic freedom.


The United States’ economic freedom score is 70.6, making its economy the 25th freest in the 2023 Index. Its score is 1.5 points lower than last year. The U.S. is ranked 3rd out of 32 countries in the Americas region, and its overall score remains above the world and regional averages.

The U.S. economy faces enormous challenges. Big-government policies have eroded limits on government, public spending continues to rise, and the regulatory burden on business has increased. Restoring the U.S. economy to the status of “free” will require significant changes to reduce the size and scope of government.

The United States has one of the world’s most dynamic economies but has been undergoing policy challenges that undermine its long-term economic competitiveness. Since assuming office in 2021, President Joseph Biden has pursued and implemented policies that have expanded the size and scope of the federal government. Unchecked deficit spending and government debt have accelerated, and inflation undercuts economic livelihood. The combination of uncertainty and poor policy choices has left the U.S. economic outlook in flux. The November 2022 election of a Republican Party majority in the House of Representatives could provide an opportunity to slow spending and debt growth.

The overall rule of law is well respected in the United States. The country’s property rights score is above the world average; its judicial effectiveness score is above the world average; and its government integrity score is above the world average.
The top individual and corporate tax rates are, respectively, 37 percent and 21 percent. The tax burden equals 25.5 percent of GDP. Three-year government spending and budget balance averages are, respectively, 41.1 percent and –10.3 percent of GDP. Public debt equals 128.1 percent of GDP.

The U.S. has a high level of business freedom, but regulations vary by state. Labor freedom is mostly high but varies from locality to locality. Massive government borrowing and the printing of money have aggravated inflation. Large deficits persist, and public debt is growing.

The trade-weighted average tariff rate is 2.3 percent, and layers of nontariff barriers add to the cost of trade. Investment freedom is hampered by ongoing interventionist, big-government policies. The financial sector, one of the world’s most developed and competitive, continues to be resilient.


"Polls show Americans reject President Biden’s handling of the economy, and it’s not hard to see why. By just about any metric, people are worse off today than they were when Mr. Biden took office. Survey after survey shows voters voicing their dissatisfaction, but the Biden administration remains defiant.

Early this month, The New York Times released a poll finding that former President Donald Trump is thoroughly beating Mr. Biden, including in key swing states. According to the poll, if the next presidential election were held today, Mr. Trump would win with over 300 electoral votes.

This is not an outlier, with many other major polls showing Mr. Trump commanding a significant lead over Mr. Biden on the economy. A CBS poll showed an 8-point swing in favor of Mr. Trump compared with the 2020 election. Once again, the deciding factor for many people is the economy.

The question is, why are voters so down on the economy if the Biden administration is constantly touting its economic record? The simple answer: Facts are stubborn things.

Under Mr. Biden, people are demonstrably worse off, and the Biden administration’s own figures on inflation, jobs and falling household incomes prove it. Yet instead of acknowledging reality, the administration makes excuses while its media sycophants try and fail to gaslight Americans.

It’s like the initial weeks of the NFL season when commentators say a team is “better than its record.” Maybe the referees blew a game-altering call, or maybe a key player was out with an injury one week. Perhaps the team in question faced its most difficult opponents in the first few weeks of the season.

But the excuses, flukes and one-offs can last only so long before fans—and voters—stop buying them and get angry. (Trust us on the topic of angry sports fans: We’re both from Philadelphia.)

That’s what polls are showing: People are feeling the pain of “Bidenomics,” of the government spending, borrowing and printing too much money.

Since Mr. Biden took office, real earnings have plummeted as prices outpace wages: Inflation-adjusted weekly earnings are down about 5% since he took office. The drop in real earnings has piled on the sharp increase in borrowing costs over the last couple of years.

These two effects have cost the typical American family the equivalent of almost $7,400 in lost annual income. That’s more than a month’s pay for the median household. It’s even worse if you’re trying to buy a home today. The monthly mortgage payment on a median-price home has more than doubled under Mr. Biden and will cost a family an extra $13,000 every year for the same house.

At this point, the Federal Reserve Bank of Atlanta has estimated that homes are affordable in just five major metropolitan areas in the country, while rents are equally unaffordable.

Facing a cost-of-living crisis, it’s no wonder Americans are drowning in over $1 trillion of credit card debt as they struggle to make it from paycheck to paycheck, taking on multiple jobs at the highest level on record.

With such a gloomy backdrop, of course, people have soured on Bidenomics. With real earnings having fallen behind inflation for 27 of the last 31 months, voters have had enough.


This is feeding into the swing states, where the economy is the single most important issue. Nationwide, 83% of voters say the economy is “very important” in deciding their 2024 presidential vote.

Bloomberg asked swing voters whom they trust to handle the economy, and the results were a solid endorsement of Mr. Trump, who led by 10 points in Michigan, Nevada, Pennsylvania and Wisconsin, by 15 points in Arizona and North Carolina, and by 20 points in Georgia.

Voters are rejecting the government takeover of their lives, the confiscation of their earnings, and the inflation and debt that come with it. Mr. Biden’s handlers have shown little willingness to fix things, instead relying on the media to spin and cover for them.

Voters aren’t buying the excuses anymore. Bidenomics is clearly a failure."

This piece originally appeared in The Washington Times
 
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Larniavc

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Republican lawmakers and more called out President Biden and his administration on Wednesday while reacting to a new report that found Americans need an extra $11,400 just to afford the basics, pointing to the president's economic policies and his "Bidenomics" message.

Several Republican lawmakers posted to social media on Wednesday, blaming Biden's economic policies following a report from CBS News, citing a recent analysis by Republican members of the U.S. Senate Joint Economic Committee, which found that a typical American household would need an "extra $11,434 to maintain the same standard of living they enjoyed in January of 2021."

The analysis found that it might be worse on a state-by-state basis. For example, in Colorado, the average American household must spend an extra $15,000 per year to afford the same standard of living they had in 2021.

CBS reported that the numbers reflect the increased cost of basic goods, despite other positive economic measures, such as the jobless rate being at a two-decade low.

Rep. Eli Crane, R-Ariz., said "Bidenomics" was a "huge tax" on Americans and added that the "D.C. Swamp is ruining this country for future generations."
Colorado Republican Rep. Ken Buck sounded the alarm about the numbers from his state, noting that it was "even higher."
Rep. Brett Guthrie, R-KY., in a post on social media on Wednesday, said Americans deserved better, adding, "this is the real Bidenomics in action."
Americans are spending an additional $11,400 and Kentuckians are spending an additional $9,784 every year to keep up with the same standard of living they enjoyed before Joe Biden took office. This is the real Bidenomics in action. You deserve better.
Going to go out on a limb and guess this lates Bidenismear is just plain wrong.
 
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DaisyDay

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In 2017, everyone got significant tax cuts. As someone in the middle class, my wife and I really appreciated those tax cuts.
I didn't. Trump eliminated state tax exemptions, so those of us in high tax states didn't get the same benefits.
 
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iluvatar5150

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I didn't. Trump eliminated state tax exemptions, so those of us in high tax states didn't get the same benefits.
He didn't eliminate them, but he did cap them, which put lie to the Republicans' long-aired complaints about double taxation with regards to business dividends and inheritances.
 
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I didn't. Trump eliminated state tax exemptions, so those of us in high tax states didn't get the same benefits.
I am sorry that you live in a state that has high state income tax rates.
 
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KCfromNC

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The United States ranks 25th in economic freedom.
Can't help but note we're falling behind countries traditionally labeled as SOCIALIST! in other right wing propaganda. Maybe we just need single payer government health care to catch up to them.
 
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Going to go out on a limb and guess this lates Bidenismear is just plain wrong.
I wish that the republicans complaining about Biden would actually put a candidate who could fix the problems. Instead, they keep looking to a guy who raised the national debt by 7.8 trillion dollars IN ONLY FOUR YEARS, and claim he will come back and fix it.
 
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Vambram

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Can't help but note we're falling behind countries traditionally labeled as SOCIALIST! in other right wing propaganda. Maybe we just need single payer government health care to catch up to them.
This is a different topic than the one for this thread. However, you might trust the government to run the nation's health care system. But, I know for a fact that I will never trust the USA government to run the nation's health care system..... no matter who is in charge of our government.
 
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I wish that the republicans complaining about Biden would actually put a candidate who could fix the problems. Instead, they keep looking to a guy who raised the national debt by 7.8 trillion dollars IN ONLY FOUR YEARS, and claim he will come back and fix it.
There is not a politician anywhere who has been able to lower the national debt. No body, that I know of, in government is willing to do what it takes to lower our national debt. If there are some in government actually willing to do whatever it takes to lower our $33 trillion dollar national debt, then please tell me who they are.
 
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