While President Joe Biden touted job creation and other apparent economic successes of his “Bidenomics” policies in a Labor Day speech, surveys showed that a growing majority of Americans are living paycheck to paycheck and that most say the economy has deteriorated over the president’s tenure.
The president talked up his economic policies in a speech to union workers in Philadelphia on Monday, while two separate surveys showed that a majority of Americans believe the economy has gotten worse over the past two years.
“This Labor Day we’re celebrating jobs, good-paying jobs, jobs you can raise a family on, union jobs,” President Biden said in a speech to union workers, which follows news that U.S. employers added 187,000 jobs in August.
President Biden went on to highlight his Bidenomics plan that he said created 13.5 million new jobs while taking repeated jabs at former President Donald Trump.
“When the last guy was here, he looked at the world from Park Avenue,” President Biden said. “I look at it from Scranton, Pennsylvania, I look at it from Claymont, Delaware.”
Critics have argued that President Biden’s job creation figure of 13.5 million is exaggerated because a large proportion of that number was simply people returning to work after temporary job cuts at the height of the pandemic, and that the president shouldn’t take credit for the rebound.
“During Biden’s first 30 months in office, just 2.1 million new jobs were created, and by contrast, during my first 30 months in office we created 4.9 million new jobs,” President Trump said in an Aug. 5 speech in South Carolina, in which he pledged to “reverse Bidenomics and restore the trajectory I created toward increasing this country’s financial prosperity.”
The Trump campaign later told PolitiFact, a fact-checking website, that the 2.1 million figure—as opposed to President Biden’s claim of 13.5 million—was derived by excluding workers returning from pandemic layoffs from the job creation count.
Meanwhile, Steven Cheung, a spokesperson for the Trump presidential campaign, pushed back on President Biden’s attack on President Trump’s record in remarks to CNBC.
“President Trump produced a booming economic recovery, and record low unemployment for African Americans, Hispanic Americans, Asian Americans, and women,” Mr. Cheung told the news organization.
“Joe Biden is the destroyer of America’s jobs and continues to fuel runaway inflation with reckless big government spending. President Trump’s vision for America’s economic revival is lower taxes, bigger paychecks, and more jobs for American workers,” he added.
Biden’s Economy Deteriorating, Most Say
While President Biden was in Philadelphia discussing his economic policies, a new survey from The Wall Street Journal showed that a majority (58 percent) of U.S. voters said the economy has gotten worse over the past two years.
Around 75 percent of Americans said that inflation is headed in the wrong direction, the survey also showed, which dovetails with the latest government data that a key inflation gauge favored by the Federal Reserve indicated price pressures accelerating.
At the same time, 61 percent of adults said they were living paycheck to paycheck as of July, according to a separate survey from personal finance site PYMNTS and LendingClub, an online lender. That’s up from 59 percent who said the same thing around the same time last year.
Higher-earning households are also feeling the financial squeeze, with 44 percent of those earning over $100,000 per year saying they were living paycheck to paycheck. That figure was 78 percent among those earning under $50,000, and 65 percent for those earning between $50,000 and $100,000, the survey showed.
Other recent surveys indicate that Americans continue to feel the pain of high prices.
According to a Bankrate survey in July, 72 percent of Americans don’t feel financially secure. Among them, 63 percent say that high inflation is making it hard for them to be financially comfortable.
Another survey by Bankrate in June found that 68 percent of Americans are saving less for unexpected situations because of inflation.
Inflation Forces Typical Household to Spend $709 More per Month
Recently, Moody’s Analytics chief economist Mark Zandi calculated that the typical American household was spending a whopping $709 more per month than it was two years ago because of high inflation.
Mr. Zandi’s calculations came in a post on X (formerly known as Twitter) that was remarking on the latest government data on inflation, the Consumer Price Index (CPI).
Inflation, as measured by CPI, came in at 3.2 percent in year-over-year terms in July, up from 3 percent in June and the first increase in the annualized pace of inflation in about a year.
While that’s down from the 9.1 percent peak in June 2022, many consumers continue to reel from the persistently elevated price pressures of the past few years.
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“The high inflation of the past two-plus years has done lots of economic damage. Due to the high inflation, the typical household spent $202 more in a July than they did a year ago to buy the same goods and services. And they spent $709 more than they did two years ago,” Mr. Zandi wrote in his post.
While Mr. Zandi characterized July’s inflation numbers as “great,” Republicans saw his calculations as yet more proof that President Joe Biden’s economic policies have been fanning the flames of inflation.
“Bidenomics is costing the average family over $700 more per month!” the Wisconsin Republican Party posted on social media.
In its effort to quash inflation, the Federal Reserve has hiked rates since March 2022 at its most aggressive pace since the 1980s.
Even though the pace of inflation has slowed from the 9.1 percent peak in June 2022, experts say progress has been limited.
While the headline pace of CPI inflation came in at 3.2 percent year over year, so-called core inflation—which strips out food and energy from the calculation—came in at 4.7 percent.
The core readings, rather than the headline numbers, are what the Federal Reserve pays attention to most closely when assessing progress in trying to bring inflation down to its target of around 2 percent.
“The decline in core inflation readings from year-ago levels has been much less pronounced and at 4.7 percent remains well above the 2 percent target,” Greg McBride, chief financial analyst at Bankrate, told The Epoch Times in an emailed statement.
Also, the core Personal Consumption Expenditures price index—which is the gauge the Fed relies on most heavily to measure progress against its 2 percent inflation target—rose to 4.2 percent, up from 4.1 percent in June, according to the Bureau of Economic Analysis (BEA).
“Even after a months-long holding pattern to start the year, core inflation readings are showing only modest progress in the right direction,” Mr. McBride said.
About the Author
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education. Article cross-posted from our premium news partners at The Epoch Times.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
