Senator Ted Cruz of Texas shredded a new leftist effort to label ‘Bidenomics’ – or the Biden economy – as successful. Challenging claims that the American middle class was succeeding under the 46th president, Cruz listed a series of statistics that paint a more realistic picture of America’s economy.
#Bidenomics is a DISASTER for families across Texas and America.
💰The Average American family has lost $10,000 from inflation
📉 Real wages are down 3.2% since Biden took office
👔 55% of retirees went back to work because they needed more money
🏦 Retirement savings…
— Senator Ted Cruz (@SenTedCruz) July 10, 2023
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President Biden and Vice President Harris have increasingly used the term “Bidenomics” to describe the country’s economic condition, likely an attempt to increase enthusiasm for Biden as the 2024 election draws closer.
Bidenomics is just another way of saying "restoring the American Dream." pic.twitter.com/RpAFIWUOev
— President Biden (@POTUS) July 10, 2023
America's small business boom means jobs, opportunity, and innovation.
When we invest in small businesses, we invest in America. pic.twitter.com/4KgS8zSulw
— Vice President Kamala Harris (@VP) July 10, 2023
While the economy has begun to recover from COVID, several metrics point to the U.S. economy’s declining health. Despite the administration’s claims and its media sycophants, the data speaks for itself: Inflation has slowly dissipated but at a high cost to the debt-laden American consumer.
“I lose 4k a month in interest rate having an SBA 106. When I started the loan It was 4% now it has doubled. Any increase I have had goes to Bidenomics. Labor is no longer my largest expense Biden is.” ~UltraMagaVet on Twitter
American life since left-wing “Great Society” programs, especially since the 2008 recession, has become increasingly dependent on ever-skyrocketing debt, with auto loans, mortgages, personal loans, college loans, and more becoming staples of contemporary American life.
Therefore, low-interest rates on those loans are a crucial tenet of America’s consumer-debt-based economy. As recently as Friday, traders speculated yet another hike in federal reserve interest rates, believing the new rate could be as high as 5.5 percent to continue the battle against inflation. Under Biden, interest rates have been higher than during the devastating “great recession” of 2008 – where interest rates hovered around 5.25 percent, according to “macro trends.”
"That's Bidenomics c'mon man!" pic.twitter.com/Ri1agnrnnS
— Andrew C. 🇺🇸🍊 (@Maga_Ga1) July 5, 2023
Lies and gaslighting
That’s 👇🏼👇🏼👇🏼 pic.twitter.com/geHGGkb9yX— Bozinator 0811 (@ArmaLite15OU812) July 6, 2023
Pew Research Center Data also shows Americans struggle with inflation and high prices, despite brutal interest rates. Polling of 5,000 “nationally representative” Americans shows that 93 percent view inflation as a very or moderately big problem. According to the data, it is the biggest issue in voters’ minds going into the 2024 election.
In other words, Biden’s claims of economic prosperity on Twitter have not assuaged the real economic hardship Americans face.
One retiree responded to Cruz’s post, saying that inflation and subsequent price increases threaten to uproot his retirement plans.
“My wife and I have retirement predicated on a much much lower inflation rate…real property Taxes scream forward and soon will likely double from where we are today. This is a real and present threat retirees have very few options to control.” ~@MichaelMRW on Twitter
Many Americans have called Biden’s “unprecedented job creation” under “Bidenomics” an outright lie.
“Ahh yes. The Job creation LIE. This has been fact checked by COMMUNITY NOTES and found to be FALSE. There have been a little over 2M jobs created under Biden’s Presidency. That’s about 55K a month. That’s actually one of the worst in history when NOT in a recession.” ~@WynterythTX on Twitter
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