Democrats are the party of pretenders. They pretend to care about education, yet they destroy our schools. Then they pretend to care about racism, yet they stoke the flames of racial discord. And then there are the poor, far-less privileged families. Democrats promise them a leg up, they strip them of all they’ve got.
Joe Biden is no different. In fact, thanks to his policies, more than 26 MILLION low-income families no longer have a shred of savings. It’s gone. All of it.
Maybe I’m especially sensitive to this subject because it effects me personally. I’m not sure if I’m the top of the bottom class or the bottom of the middle class, but I do know that I don’t have two pennies to rub together the day after payday. I rob Peter to pay Paul and then hope Mary never calls. I take no comfort learning that I’m truly not alone.
In fact, with every passing day under the Biden Administration, thousands of Americans join me. And that’s a sad fact when we have the potential to be the greatest country in the land. In fact, just two years ago, we had resumed our post on top of the hill, and our people were prospering. Even me.
About a month ago, my husband surprised me with tickets to a Trump rally in Austin. It was so exciting to be there. And Trump said a lot of things that had me shaking my head in agreement. One of which went something like this: “When I was President, you were all prospering. You went out and bought these new trucks. Big, beautiful trucks. And now you can’t afford to drive them.”
Truer words could not be spoken. I drove around in old beater Suburbans or Yukons because I didn’t want to take on a car payment. A little back story, I adopted my four youngest kids, and when I did, I had to choose between my new minivan, and four more mouths to feed. So I sent it back, with great sadness. I thought I’d never get a new car again. But there came a time when I was looking at my 20-year-old vehicle with 300,000 miles on it, with it’s oil leak, bad fuel pump, and worn out interior and I said to myself “you can do it!”.
For years I had dreamed of a shiny black SUV with all the bells and whistles.
After quite a fiasco, I bought the car of my dreams, and I was so proud of myself. It seats nine people! For this mom of seven, that was perfect. My first time to the gas station, it was $46.00 to fill her up. What could be better? I now had a reliable set of wheels to take my family anywhere.
Fast forward a few short years, and now I barely go anywhere for fun. My last tank of gas was $140.00. That’s no exaggeration. And my grocery bills are running $3,000 a month. I think even Elon Musk would be questioning where the money was going if he had to run my household for a month. In fact, I’m pretty sure that’s why he just cast his first REPUBLICAN vote. We can’t hold up much longer. And while Bidenflation hits the poor the hardest, those rich portfolios are taking their hits as well.
Do you think Biden has a plan?
Well, I assure you that he doesn’t!
From the House Ways and Means Committee:
Accelerating inflation has wiped away 26 million low-income households’ savings, according to a new report, with these Americans losing nearly $16,000 under President Biden. Overall, American workers have received a nearly four percent pay cut under President Biden, which has prompted nearly 70 percent of Americans to report they’re having to dip into savings to cover basic expenses.
While President Biden claims that his stimulus helped families, another report shows his stimulus fueled inflation, raising prices for the typical household by over $7,600, well over the $6,000 in government checks the Administration sent to a family of four.
Bottom Line: Without savings to rely on, low-income Americans are being squeezed the hardest by Biden-Flation when economists warn of a looming recession.
Biden-Flation Hits Low-Income Americans the Hardest.
- According to analysis of data from the Federal Reserve, low-income households’ savings have dropped nearly 26 percent under President Biden.
- As Former Obama-Biden economic adviser Larry Summers warned back in May of 2021, inflation “disproportionately hurt[s] the poor.”
- Analysis from Wells Fargo found that Hispanic and Latino Americans experience the highest inflation rate, with Black Americans not far behind.
- A Penn-Wharton Budget Model analysis estimated that higher prices outpaced an increase in earnings for many households earning less than $60,000.
Main Street Businesses & American Families Are Suffering.
- The typical family now has to spend $450 more per month to buy the same goods and services they did a year ago, prompting more Americans to rely on loans and credit cards to make ends meet, even as the Federal Reserve makes borrowing more expensive.
- Gas prices have more than doubled since President Biden took office, which means the average American family will spend $5,000 on gas, a 78 percent increase from a year ago.
- For six months in a row, Main Street businesses have faced double-digit inflation, causing optimism to plummet to the lowest point in nearly 50 years.
President Biden Doesn’t Have a Plan to Fight Inflation.
- From denying inflation and claiming it was “temporary,” to passing the buck with “Putin’s Price Hike,” the White House and congressional Democrats are out of touch with the challenges Americans face and continue to threaten crippling tax hikes that would cause prices to rise even further.
- Mark Zandi, the White House’s preferred economic forecaster, has warned the Build Back Better plan will worsen inflation.
I call it “Build Back Broke.” Because that’s all Biden has given us. Empty savings accounts, empty gas tanks, empty refrigerators, and empty promises. But by all means, tell me again how rude the orange man is when he tweets.