An Open Letter to Joe Biden: The American People Are Absolutely Sick and Tired of “Bidenomics”

Thanks Joe Biden!  Ever since you entered the White House, economic conditions have taken a major turn for the worse.  We have been experiencing the most painful inflation crisis since the Jimmy Carter era, more than 60 percent of Americans are living paycheck to paycheck, the U.S. actually lost 585,000 full-time jobs last month, consumers now owe more than a trillion dollars on their credit cards, the housing bubble has started to burst, and the most dramatic commercial real estate crisis in U.S. history has begun.  Needless to say, the American people are fed up.  According to a brand new Reuters/Ipsos survey that was just released, a whopping 73 percent of all Americans believe that the economy is in worse condition than it was five years ago…

Americans have soured on Bidenomics, concluding that the U.S. economy is worse now than it was five years ago under former President Donald Trump’s leadership, a recent Reuters/Ipsos survey found.

The overall survey found that Americans view economic issues as some of the most “pressing problems” of the day. Overall, nearly half, 49 percent, of Americans view inflation as the most important issue facing the country. Further, nearly three-quarters of Americans, 73 percent, say the economy is worse off now than it was five years ago, under Trump’s leadership. A majority, 64 percent, also believe the economy is worse off than it was in 2020, when the coronavirus took a grip, forcing businesses to close.

Those are horrible numbers Joe.

So do you actually have a plan to turn things around if you win a second term, or should we just expect more of the same?

You and your family are probably not feeling the pain of inflation because of the millions of dollars in bribes that you have received from foreign officials, but the truth is that “scorching-hot inflation” has been causing “severe financial pressures” for the rest of us…

Scorching-hot inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent. The burden is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily affected by price fluctuations.

The latest inflation numbers just came out, and we are being told that the annual rate of inflation has gone up to 3.2 percent.

But if the rate of inflation was still calculated the way that it was back in 1980, the annual rate of inflation would be well into double digits right now.

The cost of living is rising much faster than our paychecks are, and we want you to do something.

It is even becoming a lot more expensive to watch television.  In less than two years, the cost of a Disney+ subscription has gone up by 75 percent…

The Disney+ streaming service lost 300,000 subscribers in the United States and Canada in the most recent quarter — an ominous sign for the studio as it continues to pour billions of dollars into new streaming content that is flopping with viewers.

To make matters worse for its fans, the Walt Disney Company is hiking Disney+’s monthly subscription price to $13.99 from $10.99 — a 27 percent increase. Last year, the price rose to $10.99 from $7.99, which means Disney+ subscribers will see their monthly bill climb a total of 75 percent in less than two years.

U.S. households are being squeezed financially like never before, and most of them are just barely scraping by from month to month…

And right now, only 46 percent of Americans say they could cover an unexpected $400 bill without taking on debt.

That’s not to mention that a majority are living paycheck to paycheck.

Credit card debt tops $1 trillion for the first time in U.S. history.

And, in the second quarter of 2023, 36 percent more people drained their retirement accounts to make ends meets, compared to the same period last year, according to Bank of America’s analysis of its clients’ employee benefits programs.

And in recent months large companies all over America have started to conduct mass layoffs. In fact, the number of job cuts in 2023 has already exceeded the total for all of last year.

Sadly, our problems appear to be accelerating.  Last week, the number of Americans filing initial claims for unemployment benefits shot up to 248,000.  That was an increase of 21,000 from the week before.

Meanwhile, the housing bubble is bursting thanks to the Federal Reserve’s relentless rate hikes.

The average rate on a 30 year fixed mortgage is now hovering around the 7 percent level, and this is keeping millions of potential buyers on the sidelines…

The 7%+ mortgages are doing their magic on the housing market as they keep buyers out of the market, and home sales sagged further in late July and August, from already dismal levels, as indicated by weekly applications for mortgages to purchase a home.

The average interest rate on 30-year fixed-rate mortgages with conforming balances jumped to 7.09%, from 6.93% in the prior reporting week, the third highest since January 2002, with only two weeks last November having been marginally higher than this reporting week, according to data from the Mortgage Bankers Association today.

So what are you going to do Joe? Do you have a way to pull us out of this mess? Of course if you actually had a plan to save the economy you would have implemented it already.

There is no hope for our short-term economic future.  Economic activity is steadily slowing down all over the nation, the U.S. consumer is reaching a breaking point, and it appears that a recession is rapidly approaching.

And if we stay on the path that we are currently on, the long-term outlook is far worse.

Bidenomics has been a complete and utter failure, and current economic conditions are starting to eerily resemble what we went through in 2008 and 2009.

It would be wonderful if you would take responsibility for your part in creating this giant mess, but I am sure that you will continue to insist that all of our problems are somebody else’s fault.

Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.

Article  cross-posted from The Economic Collapse Blog.