Chinese 100, 50, 20, 10 and 5 yuan bills and Russian 1,000 and 100 ruble bills - Sputnik International, 1920
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The ‘Bidenomics’ Will Continue Until Morale Improves

© Sputnik / Ted RallThe Winnings of Bidenomics
The Winnings of Bidenomics - Sputnik International, 1920, 01.06.2024
For months, US President Joe Biden and his surrogates have been claiming that the economy is doing well. They point to numbers showing relatively low inflation, low unemployment, and a rising GDP as evidence that despite voter sentiment, the economy is “strong.”
According to Gallup’s Economic Confidence Index, voters feel worse about the economy than they have since November. Only 22% of those polled rated the economy “excellent” or “good” while 46% rated it “Poor” and another 33% rated it “Only fair.”
It is true, as the Democrats say, that the stock market is booming, that unemployment is low, that the GDP is rising and that inflation is closer to normal than it has been recently. However, those indicators are no longer an accurate measure of the quality of life for Americans.
 In this June 8, 2021, file photo, a jogger runs past a homeless encampment in the Venice Beach section of Los Angeles. California Gov. Newsom on Thursday, Sept 16, 2021, approved two measures to slice through local zoning ordinances as the most populous state struggles with soaring home prices, an affordable housing shortage and stubborn homelessness. Newson signed the most prominent legislation despite nearly 250 cities objecting that it will, by design, undermine local planning and control. - Sputnik International, 1920, 28.01.2024
Record Number of People in US Are Homeless Amid Continuing Surge in Rent Costs - Report
Last year, chronic homelessness hit an all-time high. Collective credit card debt reached over $1 trillion in the US for the first time. And with rising interest rates and prices, home affordability hit an all-time low while rent asking price hit a new high in January (though that has eased somewhat).
Most Americans don’t own stocks, so they don’t care about the stock market. Even when unemployment is low, workers will still feel unsatisfied if they cannot afford their basic needs without incurring debt. Inflation can be 3% but if it was 9% last year, then that’s still a 12% increase over two years when 4-6% would be typical for that timeframe.
On a visceral level, if you are seeing more of your fellow Americans sleeping on the streets, you’re not likely to think the economy is strong, no matter what economists on television tell you.
So far, the Biden administration’s only answer has been a typical one, “Who are you going to believe, these economic indicators, or your lying eyes?
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