Economy

published : 2023-09-12

Bidenomics Claims Success, but Data Reveals a Different Story

White House Press Secretary Karine Jean-Pierre dismisses polls as incomplete

President Joe Biden speaks during an event in the State Dining Room of the White House in Washington, DC, US, on Wednesday, Sept. 6, 2023. (Taken with Canon EOS 5D Mark IV)

The White House and officials in President Biden's administration are declaring that Bidenomics is a triumph, despite evidence pointing to a decrease in household income and an increase in the poverty rate.

According to data released by the United States Census Bureau, the real median household income dropped from $76,330 in 2021 to $74,580 in 2022, a decline of 2.3%.

While the official poverty rate remained relatively stable from 2021 to 2022, the Supplemental Poverty Measure (SPM) rate, which considers participation in government programs, rose to 12.4% in 2022, a 4.6% increase from 2021.

Alarming data further shows that the child poverty rate measured by the Supplemental Poverty Measure more than doubled from 5.2% in 2021 to 12.4% in 2022.

In an interview with CNN, White House Press Secretary Karine Jean-Pierre defended Bidenomics, asserting that the data supports its success.

Data released by the United States Census Bureau reveals the impact of economic policies on household income. (Taken with Nikon D850)

She cited declining costs and rising wages as evidence of the effectiveness of Biden's economic policies.

President Biden himself released a statement in response to the census data, blaming Republicans for the rise in poverty.

He criticized the Republican refusal to extend the enhanced Child Tax Credit and accused them of prioritizing tax cuts for corporations over helping families in need.

Inflation also became a concern as the consumer price index rose by 0.2% in July.

An August poll by a major news outlet indicated that 52% of Americans believe Bidenomics has worsened the economy, while only 25% believe it has improved.

White House Press Secretary Karine Jean-Pierre defends Bidenomics during an interview. (Taken with Sony Alpha a7R III)

When confronted with these negative polls, Karine Jean-Pierre dismissed their significance, pointing out that polls do not capture the full picture.

She argued that the challenging state of the economy is a consequence of the pandemic, and emphasized President Biden's efforts to revitalize it.

While the article illustrates a complex economic landscape, it is clear that the success of Bidenomics is a matter of ongoing debate.

The impact of Biden's policies on household income, poverty rates, and inflation remains a critical point of contention.

As the nation recovers from the pandemic, the direction of the economy will continue to shape public opinion and influence policy decisions.