Repos And Foreclosures On The Rise, But Bidenomics Is Working

Joe Biden has been out and about talking about the rebound of the U.S. economy and the “wins” so-called Bidenomics is creating for America. Television economic pundits did cartwheels earlier this month as new inflation data showed the June Consumer Price Index had fallen to 3.0%, with core CPI up 4.8%, per the Bureau of Labor Statistics. While this is good news for Americans, these numbers do not tell the entire story, nor do they reflect the struggle citizens are facing every day.

To begin, one must remember that the CPI measures year-over-year inflation, meaning that the June number of 3.0% was 3.0% higher than the number in June 2022. Forgotten by most of the talking heads on television is that the June 2022 CPI was 9.1% — meaning that prices in June 2023 were, on average, 12.1% higher than they were just two years ago. This means that in 2023, a family with an income of $100,000 had the purchasing power of a family making just under $88,000 two years previously.