Joe Biden touted “Bidenomics” in Auburn, Maine, on Friday, although the buying power of the dollar has dramatically decreased since he took office, and polls show Americans have little faith in the economy.
President
Despite Biden’s brags, the buying power of the American dollar has dropped dramatically when compared with January 2021, when former President Donald Trump left office. Per the Bureau of Labor Statistics, $1.17 today has the same buying power as $1.00 did when Biden became commander-in-chief.time frame during Trump’s presidency, $1.00 in January 2017 had the same buying power as $1.05 in June 2019. This marked only five percent inflation over two and a half years.
poll, while 74 percent rated it as “Fair” or “Poor,” including 46 percent who said it was “Poor.” Moreover, 47 percent of the respondents believe we are in a recession, while another 21 percent think one is likely in the next year. However, inflation is cooling and labor markets have not been terribly affected as many economists had predicted. In the face of the scrutiny and a reeling economy, Biden embraced “Bidenomics” on the off chance that inflation stabilized and employment levels were not dramatically affected, as Breitbart News’s John Carney, so he might as well have bet that it would improve,” Carney wrote.
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