“NOTHING He’s Done in 50 Years Has Worked”: Critics Decry Biden’s Economic Missteps

Gabriel RomanNov 30, 2023

Minute Read

The financial landscape for aspiring homeowners has transformed drastically. The average American now needs an annual income of approximately $115,000 to afford a home. This change marks a significant escalation in the cost of homeownership under President Joe Biden’s presidency.

A Stark Increase in Required Income

Redfin, a leading real estate company, has highlighted a steep rise in the income necessary for homebuying. Their data shows a 15% increase from the previous year, soaring to an astounding 50% since the pandemic began. This finding, covered by the UK’s Daily Mail, demonstrates the growing gap between housing costs and average incomes.

US Census Bureau Data

The average worker’s salary is around $75,000 compared to the soaring home prices. This is from data collected in the latest US Census Bureau data. This figure is significantly lower than the required income for homebuying, indicating a widening gap that puts homeownership out of reach for many Americans.

Home Prices Near Record Highs

In August, the typical US home sold for approximately $420,000, which marks an approximate 3% year-over-year increase. This price point is just shy of the mid-2022 all-time high, as reported by Redfin. The consistent upward trend in home prices reflects a challenging market for prospective buyers.

Public Opinion on Bidenomics

Recent polls indicate growing public dissatisfaction with the economic policies under President Biden, often referred to as “Bidenomics.” These surveys indicate that many Americans see Biden’s policies as failing to address key economic challenges. This is impacting sectors like housing and inflation.

Escalating Mortgage Rate

The dream of homeownership is becoming increasingly difficult due to the steep climb in interest rates. These escalating rates are particularly challenging for those purchasing their first home. As interest rates rise, the financial feasibility of buying a home becomes a significant hurdle, impacting a broad spectrum of potential buyers.

Chen Zhao of Redfin Analyzes the Stubborn Market

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Chen Zhao is an analyst at Redfin. She offered a bleak outlook on the housing market. Despite high mortgage rates, she observes that neither demand nor prices are showing signs of significant reduction. This stubborn market trend is attributed to existing homeowners clinging to their low mortgage rates, causing a shortage in housing inventory.

Seeking Alternatives in a Restricted Housing Market

In response to the tight housing market, Zhao suggests that buyers, especially those purchasing for the first time, should consider different types of properties and locations. She recommends exploring the possibilities of condos or townhouses as more budget-friendly alternatives to single-family homes. Additionally, Zhao advises relocating to suburbs or regions where the cost of living and housing prices are more manageable.

Trump Outperforms Biden in Economic Confidence Poll

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A Marquette University poll shows people significantly prefer former President Donald Trump over current President Joe Biden regarding public trust. This poll underscores a pronounced difference in public opinion regarding the economic policies of the two leaders. In particular, participants looked at inflation, the economy in general, and border security.

Intoxicated Understanding of Economic Policies

“By golly, if you get drunk enough and fall on your face a few times, Bidenomics makes perfect sense,” said one critic. This comment shows the confusion and frustration of citizens trying to make sense of the current economic landscape. It suggests that understanding these policies might be as challenging as comprehending them in a drunken state.

The Vanishing Dream of Homeownership for Youth

Echoing the struggles of the younger generation, a commenter said, “There are so many young adults moving in with their parents, and young adults are taking in boarders, renting bedrooms out. Things are so bad trying to make ends meet; today’s kids don’t have a chance to own a house.” This paints a grim picture of the economic challenges faced by the youth.

Skepticism Over Presidential Impact on the Economy

One user said, “It’s funny how these right-wing rags think there is a president button for stuff. House prices, oh, there’s a president button for that. Gas prices, oh, there’s a button for that one too.” This comment highlights the overstated belief in the President’s direct control over economic factors. It shows the need for legislative action for substantial economic relief.

Prioritizing Basic Necessities Over Homeownership

One user spoke about the current challenging economic situation. They said, “People can’t even afford cars; who cares about houses.” This shift from aspiring for homeownership to struggling for basic necessities like cars illustrates the depth of the economic hardship currently faced by many.

Labeling Biden as ‘Most Corrupt’ in U.S. History

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One critic labeled Biden as “The most corrupt politician in the history of the United States.” This shows profound disapproval and mistrust in his administration. This harsh assessment represents a portion of the population that feels deeply dissatisfied with Biden’s governance and policies.

The Alarming Reality of Bidenomics

A critical analysis of Biden’s economic policies states, “Bidenomics? 9% inflation, $4.00 gas prices, 7% mortgage rates, $2 trillion deficit AND $33 Trillion in debt and growing exponentially.” These worrying statistics paint a concerning picture of the nation’s economic direction under Biden’s leadership. They believe Biden is causing more harm than good.

Accepting High Prices as the New Normal

One user said, “A house? What about those $800 a month car payments? Get used to it, people…this is what you voted for! These prices are the new norm…vote your wallet in 2024.” This comment implies an acceptance of high living costs as the new standard. There is a call for voters to consider economic factors in future elections.

The Staggering Inflation Rate Since Biden’s Tenure

One user discussed the inflation since Biden took office, saying, “In December 2020, the overall official CPI was 260.474. In September 2023, it was 307.789. That means that inflation since Biden took office is now 18.2%.” This significant rise in inflation has potentially led to a substantial loss in purchasing power for average families. This has worsened their financial struggles.

The Perceived Failure of Biden’s Presidency

One user stated, “It’s been a total failure since he took office,” expressing a clear judgment of Biden’s presidency. This opinion represents that a part of the American public is profoundly dissatisfied with his policies and leadership outcomes. They wish for a change in leadership to improve things.

Doubting the Effectiveness of Biden’s Policies

Many skeptics questioned Biden’s capabilities. One user said, “Surely there aren’t actually some people that thought it would work? NOTHING he’s done in 50 years has worked, so what makes you think this would be any different?” This doubt reflects skepticism regarding Biden’s past performance and the effectiveness of his current policies.