It’s shaping up to be a perfect storm for Joe Biden.
He currently faces an impeachment inquiry over his involvement in an international bribery scheme. At the same time, Hunter Biden faces three federal criminal charges and up to 25 years in prison.
Compounding these issues, multiple polls show that Americans believe the country is falling apart under his watch.
🇺🇲 2024 Presidential Election: CBS News
(R) Trump 50%
(D) Biden 49%Independents
(R) Trump 57%
(D) Biden 42%YouGov (B+) | 2,385 LV | 09/12-15https://t.co/cCxvWvc9QI pic.twitter.com/H78gjkJWkS
— InteractivePolls (@IAPolls2022) September 17, 2023
Many Americans say Biden is inept at handling the economic problems facing America. A poll from the Wall Street Journal shows that roughly 3 out of 5 voters disapprove of Biden’s handling of the economy.
63% say they do not approve of Biden’s handling of runaway inflation.
Former president Donald Trump currently leads Joe Biden in a hypothetical 2024 presidential election matchup, according to a CBS News/YouGov poll and a Harvard-Harris poll.
The poll found that 50% of 4,002 U.S. adults sampled would vote for Trump in a rematch of the 2020 presidential election while 49% would vote for Biden. Only 1% of voters are undecided, the poll found.
Everything points to one unmistakable conclusion: Joe Biden cannot outrun his problems leading up to the 2024 race.
Hunter’s trial will potentially overlap with his father’s 2024 reelection campaign. Some Democrats have expressed concerns about the emotional toll that Hunter’s trial will have on the elder Biden.
Rep. Scott Perry: "The American people should not be forced to suffer under this economy when they can't afford their interest rates, credit card payments are through the roof, can't afford gas, electric, food, because Biden needs to have an impeachment inquiry done on him. The… pic.twitter.com/DOmeKd3Eqs
— ForAmerica (@ForAmerica) September 12, 2023
In another survey, the Federal Reserve Bank of New York found that consumers are increasingly pessimistic about their finances under Biden.
A significant number of Americans believe their financial situation is “much worse” under Biden.
The non-profit group Media Research Center has compiled five charts that sum up the economic impact of Joe Biden. It includes:
• Gas prices are up 63%.
• Real wages have gone down for Americans.
• Prices are skyrocketing 3 times faster under Biden.
• Mortgage rates are changing for the worse under Biden.
• Saving rates of Americans have collapsed under Biden.
Here are the charts:
Chart via MRC
Gas prices, for instance, remained relatively stable during Donald Trump’s presidency, even decreasing by four cents a gallon.
In the first 31 months of Joe Biden’s term, gas prices have surged by a staggering 63%. The average price per gallon of gas has risen from $2.42 to $3.95, as reported by the U.S. Energy Information Administration.
Chart via MRC
When adjusted for inflation, real wages earned by Americans have seen a decline under President Biden. In the first quarter of 2021, the median weekly real earnings averaged $373. By the second quarter of this year, this figure had fallen to $365.
Under President Trump, real wages increased from $352 on January 1, 2017, to $373 on January 1, 2021.
Chart via MRC
Consumer prices also tell a telling tale. During the 48 months of the Trump Administration, consumer prices increased by 7.6%, as indicated by the Consumer Price Index (CPI). In contrast, in just 31 months under President Biden, prices have risen by a whopping 16.6%.
The CPI has climbed from 262.650 in January 2021 to 306.269 in August 2023, putting it on track to increase more than three times as much as it did during Trump’s entire four-year term.
The cost of financing a home purchase has significantly risen during the Biden Administration.
Chart via MRC
Mortgage rates today are more than double the average rates home buyers paid when Trump left office. Under Biden’s predecessor, the average 30-year fixed mortgage rate dropped by a third, going from 4.09% to 2.77%. However, by September 7, 2023, mortgage rates had more than doubled, surging by over four percentage points to reach 7.12%.
With Americans earning less and facing higher costs, their average savings rate has dwindled under Biden.
Chart via MRC
From February 1, 2017, to February 1, 2021, the average personal savings rate shot up by 86%, from 7.2% to 13.4%. Yet, by July 1 of the current year, it had plummeted to a mere 3.5%, a quarter of its pre-Biden level, based on calculations incorporating data from the Federal Reserve Bank of St. Louis (FRED) and the Bureau of Labor Statistics.
Under the Biden administration we’ve seen rising gas prices, declining real wages, soaring consumer prices, increased mortgage rates, and a drop in the average savings rate.
