An economist with the Heritage Foundation recently slammed President Biden, debunking “utterly appalling” claims that his economic plan has benefited the American economy. E.J. Antoni, a research fellow in regional economics at the Heritage Foundation, criticized Bidenomics, suggesting that it has turned the “American Dream” into a “nightmare.”
This week, Joe Biden boasted about his economic agenda, claiming it was “restoring the American dream” while alleging his policies have built a more robust labor market. “The way I look at it, Bidenomics is just another way of saying ‘restoring the American Dream,’” Biden said on Tuesday. He also alleged that Americans “aren’t just finding more jobs,” but they’re getting “higher-paying jobs.”
Antoni questioned Biden’s assertion, pointing out the harsh reality that the “American dream” is largely dead for average Americans. The research fellow pointed out how asset prices, such as homes, have far outpaced the earning power of the working class. Therefore, home ownership, a staple of the “American dream,” isn’t feasible for many. Antoni claims Bidenomics has contributed to this issue.
“Restoring the American Dream?” Antoni questioned. “That’s an utterly appalling claim for an American president to make right now, given the state of the housing market. The American Dream is owning your own home, and the policies of this administration have made that all but impossible for nearly an entire generation of Americans.”
Citing statistics on housing costs, Antoni substantiates his prior claim, showing how difficult it is for Americans to afford rent, let alone put a down payment up for a house. He claims the “American Dream” has become a full-blown “nightmare.”
“An American family is now paying over $13,000 a year more for the same house,” Antoni said. “The situation is no better for renters, who face record prices for their housing, too, with high rents making it difficult to save for a down payment. The Biden administration has turned the American Dream into a nightmare.”
Resident fellow at the American Enterprise Institute Desmond Lachman explained that Biden’s talk about increased wages and a favorable job market are disingenuous when looking at the reality of the economy. Lachman claimed that the Biden administration may come to regret its economic initiatives if the economy comes to a grinding halt before the 2024 election.
“The key point that Biden is omitting to mention is that his excessively expansionary budget policies helped cause a surge in inflation to a multi-decade high,” Lachman explained. “That in turn has forced the Fed to slam on the monetary policy brakes, which could be setting us up for financial market strains and a hard economic landing next year.”
RNC Research also pointed out in a post on X how the massive increase in prices since Biden took office has offset nominal gains in wages. According to the post, “BIDEN: “‘Bidenomics’ is just another way of saying ‘restoring the American Dream!'” Since Biden took office, prices are up 16.9%, real wages are down ~3%, mortgage rates are at their highest in 22 years, and Americans have lost $10,000+ paying for the increased cost of living.”
BIDEN: "'Bidenomics' is just another way of saying 'restoring the American Dream!'"
Since Biden took office, prices are up 16.9%, real wages are down ~3%, mortgage rates are at their highest in 22 years, and Americans have lost $10,000+ paying for the increased cost of living. pic.twitter.com/BcOUEHvK8R
— RNC Research (@RNCResearch) August 29, 2023
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