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(TJV NEWS) In June, the White House introduced a new public relations campaign called “Bidenomics” to define President Biden’s economic agenda in preparation for the upcoming 2024 presidential election cycle.
During a rally in Philadelphia on June 17, President Biden expressed uncertainty about the campaign’s effectiveness by stating, “I don’t know what the hell that is, but it’s working.” This raises the question of whether it is actually successful.
Many Americans, especially those in the middle class, have been negatively impacted by inflation. Over the past two years, they have experienced a decline in real wages, which has led to the depletion of savings and an increased reliance on credit cards in a high-interest-rate environment to meet their financial needs.
While the Biden administration takes credit for the decrease in the inflation rate from its peak of 9.1% in June 2022 to 3.1% last month, it is important to note that inflation still surpasses the Federal Reserve’s target of 2%.
Recent data from Bloomberg reveals a concerning rise in family homelessness across 20 major cities, indicating that Bidenomics has not been particularly beneficial for middle America. Bloomberg attributes this increase to the escalating costs of goods, the limited housing supply, and the reduction of pandemic-era benefits, placing significant pressure on Americans.
The surge in nationwide family homelessness contradicts the White House’s claim that Bidenomics has ushered in a new era of prosperity. The Wall Street Journal Editorial Board pointed out that according to the Bureau of Labor Statistics, real average hourly earnings have declined by 3.16% during President Biden’s tenure.
An analysis of data provided by jurisdictions indicates that as of January, a staggering 72,700 people in families with children were homeless in 20 cities across the country, marking a substantial 37.6% increase compared to the previous year. Notably, some of the most significant year-over-year changes in family homelessness occurred in major Democratic-led metropolitan areas.
Bloomberg highlights that the situation may be even grimmer than the reported numbers suggest, as “point-in-time” samples often underestimate homelessness. Furthermore, cities with severe homeless crises like San Francisco and Seattle were excluded from the analysis since they only counted the number of people in their shelters this year.
The surge in family homelessness serves as another indication that Bidenomics is falling short in addressing the needs of middle America
