It’s time for your daily dose of Bidenomics — where the rules are made up and the points don’t matter.
In today’s lesson, we’ll learn how the U.S. poverty rate increasing for the first time in more than a decade is actually a sign of a booming economy or something.
According to the U.S. Census Bureau, a whopping 12.4% of Americans lived in poverty in 2022. That’s up from 7.8% in 2021. In fact, it was the first increase in the U.S. poverty rate in 13 years.
That news comes as the Census also reported that the U.S. real median household income decreased by 2.3% to $74,580 in 2022. Meanwhile, year-over-year inflation rose 7.8%, per Fox Business.
The Biden administration has long claimed that his policies are working and that his spending plans have juiced the American economy. Meanwhile, prices have increased more than 17% he took office.
In August, inflation continued to tick upward.
In a statement given to Townhall.com, Job Creators Network President and CEO Alfredo Ortiz said, “This accelerating inflation, which is nearly twice the Federal Reserve’s target rate, is another Bidenomics blow to ordinary Americans and small businesses dealing with rapidly rising prices that are lowering their real wages and living standards for two and a half years.”
Indeed, as explained recently by David Winston, the president of The Winston Group and a GOP adviser, just about everything is more expensive than it was on the day Biden took office.
Biden’s solution, Winston correctly points out, has been “trying to dress up central planning as America First.”
The current president even tried to sell his economic agenda as “BABA”— Building a Better America. As previously discussed, BABA sounds similar to former President Donald Trump’s MAGA — Make America Great Again, but like most phony imitations, it has proven to be a crappy product that falls apart under the slightest bit of pressure.
BABA didn’t really click with the American people, so now he’s trying to sell his vision for the country as Bidenomics.
It’s been a great success for America, just ask him.
Whatever he calls it, the results are the same: The American people are worse off today than they were four years ago. The proof is in the pudding — that now costs more money, evidently.
The views expressed in this piece are the author’s own and do not necessarily represent those of The Daily Wire.