Joe Biden’s presidency concludes amid significant economic challenges for citizens. Inflation, declining wages, and increasing debt are the main topics of concern.
Rising Inflation and Purchasing Power
Inflation under Biden's administration reached 9.1% in June 2022, marking the highest point since 1981. Prices for consumer goods, such as groceries and gasoline, have surged. Real earnings, adjusted for inflation, have dropped by 4% since January 2021, exacerbating the financial burden on American families, forcing them to rely more on credit.
Energy Policies and Supply Chain Challenges
Energy costs have risen due to the administration's regulatory measures, increasing production expenses. Policy decisions have caused supply chain disruptions, affecting the availability and cost of basic goods. For instance, lithium production, a crucial resource for electric vehicle batteries, faced setbacks due to delays in federal support.
Public Sentiment and Political Landscape
Support for Biden and the Democratic Party has waned among voters due to economic difficulties. Dissatisfaction was evident in the elections, leading to Donald Trump's victory, who promised to repeal many of Biden’s initiatives. Notably, a large portion of manufacturing investments initiated by Biden’s policies cater to districts that voted for Trump in 2020.
Biden's economic policies faced widespread criticism, reflecting the frustration of many Americans. The future will reveal how the new president and administration will tackle these challenges.
