President Joe Biden is barnstorming the country touting his “Bidenomics,” even though his policies are failing, sparking painful inflation that’s eroding real wages and causing widespread, effective household pay cuts.
due to inflation, and prices are about 16% higher today than when Biden took office, ravaging the public's earnings and savings.
Even with the more recent downturn in inflation, the Biden White House has far less reason to boast than it claims. The consumer price index, which is a steep drop below the inflation of 9.1% last summer, the highest seen since 1981, but still above the Federal Reserve’s 2% target. More importantly, a sharper measure of inflation is the median consumer price index, or median CPI. That was 6.09% on July , nearly double the standard CPI.
While the Biden White House thinks inflation is just a “high-class problem,” most say that’s out of touch. The median CPI helps explain why just 37% approve of Biden’s handling of the economy, according to. Even fewer approve of his handling of inflation. They recognize that Biden’s signature legislative packages, such as the American Rescue Plan and the Inflation Reduction Act, spiked inflation and are failing to bring it back down.
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