In the middle of toting water for Democratic President Joe Biden, CNN’s mouthpieces were forced to make a serious admission. Harry Enten said Friday that the most prominent U.S. economic indicator signals trouble for the incumbent’s reelection campaign.
This came after the network’s Erica Hill pointed toward stock market gains and jobs added last month. Despite these signs, she said most Americans still consider the nation’s economy troubled.
Enten correctly countered that most voters do not turn to the stock market for a barometer of how their financial footing is holding up. Instead, the average family bases its outlook on disposable income.
That, he explained, is presently the weakest economic indicator. From Biden’s first day in office, “we’ve actually had negative growth. We have actually decreased the amount of disposable income we had.”
Since JFK’s presidency in the early 1960s, Americans have enjoyed on average a 4.5% annual growth in disposable income. Juxtaposed against Biden’s record and it is easy to see why Democrats are nervous.
CNN: Disposable Income Is Down, Biden Is Disconnected from Economic Reality, Not the Voters. https://t.co/9hlu48jeW6
— Bruce Chambers (@bruce31049) November 17, 2023
Even in the last six months, when there’s been a 0.2% increase, that fell well short of the six decade average of 1.1%. And Biden’s much-ballyhooed job growth is largely spurred by his runaway spending that is propping up inflation while exploding the deficit.
The record is clear. For three straight years under Biden’s tutelage, American paychecks have not kept pace with inflation. Census Bureau data showed that inflation-adjusted median household income in 2022 fell to $74,580 from 2021’s $76,330.
In the meantime, the White House press machine is running full speed telling Americans that their financial situations are improving.
Pundits will cherry pick a statistic here or economic anomaly there as proof that “Bidenomics” is working. It’s only the ignorance of the masses, they proclaim, that prevents the public from realizing the terrific job performance from the Oval Office.
However, that runs counter to the blatant evidence presented by weekly trips to the grocery store and monthly bills. Voters are not fooled by stock market numbers that have no bearing on their daily lives.
What they face at the gas pump and buying food and clothing for their families is all the proof they need.