The deficiencies of "Bidenomics" are becoming more evident as Americans contend with financial hardships and the rising cost of living. President Biden's economic strategies have faced rigorous examination and have led to notably low approval ratings. As indicated by a recent ABC News/Washington Post survey, his approval rating on economic issues has sunk to a historic low of 30 percent.
One of the paramount issues during President Biden's administration is inflation. The public is grappling with the burden of escalating grocery costs, alongside the mounting challenges of housing and gasoline expenses. According to a survey conducted by USA Today/Suffolk University, a mere 34 percent of Americans endorse President Biden's economic stewardship, while 59 percent voice their disapproval.
The revival of inflation, the most significant in four decades, has compelled the Federal Reserve to enforce its strictest monetary policies since the 1980s. This encompasses the elevation of interest rates, exacerbating the challenge for consumers when it comes to affording homes and cars. Mortgage rates have surged to their highest points since 2000, resulting in a substantial decline in applications for home purchases. So much so that the National Association of Realtors boldly proclaims that the average American family can no longer attain a home at the median price.
Vice President Kamala Harris's handling of the housing crisis has sparked apprehension. She links the hesitancy of young Americans to purchase homes to "climate anxiety," a viewpoint that has drawn criticism for not tackling the underlying economic challenges. Additionally, small businesses are voicing their concerns about the state of the economy, with waning confidence and lowered expectations for improved business conditions.
In conclusion, "Bidenomics" has failed to meet expectations. Inflation, housing that is beyond reach for many, and dwindling economic confidence all indicate an economy in distress. As Americans grapple with these financial hurdles, there is an increasing call for conservative economic policies that can promote growth and enhance the economy.