In a startling revelation that shocked not only the audience but also host Erica Hill of CNN, Harry Enten, resident data reporter, confirmed the dire economic scenario the American populace has been facing under the Biden administration. His words, “Depressing”, echoed through the nation, mirroring the sentiments of millions of disenfranchised citizens. The key factor at the heart of this distressing state of affairs is a significant drop in Americans’ disposable income, spelled out in a clear point-by-point manner by Enten as reported by The Daily Caller.
In a sobering comparison, Enten noted that the under Biden’s leadership, the amount of disposable income Americans had reduced by 2.7%. In contrast, since JFK’s time, the average surge in disposable personal income for new presidents was a robust 4.5%. Even within the last six months of Biden’s term, growth staggered at a meager 0.2%, far behind the standard 1.1% witnessed since the 60s. “That’s kind of depressing,” Hill concurred. Yet these shocking figures were merely the beginning.
CNN Goes Off Script, Says Biden's Economic Numbers Are "Depressing" Live On Air https://t.co/ivj9HIZdCi
— Janice Donalson (@JaniceDonalson) December 17, 2023
The grim curtain was, in fact, pulled back when Enten pointed out further on wage stagnancy. The median wage had been down by one percent both since the onset of the pandemic and under Biden’s inaugural year, with no positive change in the last quarter. Despite the U.S. boosting 200,000 jobs and an unemployment rate drop to 3.7% as endorsed by the administration, wages remained captive. This bleak assessment, however, missed an integral part of the wider economic picture.
Attempts to find a silver lining in the dark clouds of economic hardship following the pandemic and under Biden’s regime were short-lived. The Federal Reserve Bank of San Francisco underlined that the labor participation rates were at unprecedented lows, unseen since the 1980s. They attributed this to a significant rise in prime-age men not participating in labor since the ’70s, a critical factor contributing to sluggish U.S. labor force growth.
While the administration tried to promote the idea of an economic revival through increased jobs, the public sees little evidence of this in their daily lives. Insurmountable financial stress continues as prices for essential commodities, like food, rent, and transportation persistently remain high, reaching an inflation rate of 17.2% since Biden took the helm in 2021. Meanwhile, wages have slipped by 2.1%, as documented by the Federal Reserve Bank of St. Louis, adding to the public crunch.
In closing, the figures speak for themselves. The US economy seems to be stuck in a morass of low growth, reduced disposable income, faltering jobs growth, and increasing costs. Evidently, well beyond a personal opinion, Enten’s use of the word “depressing” encapsulates an era marked by economic plight and underlines the immense challenges lying ahead. As we navigate through an environment marked by job scarcity and wage stagnancy, a shift in policy seems to be the only plausible way forward. The country urgently needs a turnaround strategy that not only pivots its dismal economic numbers but brings palpable, positive changes to those worst affected – the American populace.
