Fixing Bidenomics Will Take A LOT Longer Than Just 4 Years
Peter Reagan

Although Biden’s presidency is almost over, the economic trauma Bidenomics caused is still around. Today, we take a deep dive into the consequences of the administration’s fiscal decisions, and try to discover just how long they’ll last…

The American people have been going through nearly four years of economic trauma as a result of Bidenomics. 

And how could it be otherwise? When the “solution” to every problem is to throw money at itwithout accountability, without a debt ceiling (suspended until January), without coherent purpose and without any understanding of the long-term outcomes…

… it’s obvious why the economy has been struggling, the national debt has risen $7.4 trillionand inflation reached a 50-year high during the Biden presidency.

And when human beings go through traumatic events (like crazy inflation and stagflation), that can affect how they handle and cope with the world and the actions that they take (or don’t take) for an extended period of time.

It’s, in some ways, a minor miracle that the American economy survived this administration. 

Yet one of the current candidates for President plans much, much more of the same.

Is calling this “economic trauma” an exaggeration?

It’s a fair question to ask! According to the customers we speak to every day, the answer is a firm "No."

Think of it this way: most people, at some point in their lives, have had to deal with something that emotionally shook them. We all have.

And when something shakes you up, especially if you have to deal with it more than once, the lingering stress sticks with you. "Once bitten, twice shy," as Grandma Reagan used to say. Trauma can cause you to flinch. To try to protect yourself from further harm. 

And that’s the way many Americans, especially low and middle-income Americans, are feeling after the last almost four years of Bidenomics: Stressed out. On the edge. Near their breaking point.

And it’s not just me that thinks this is the case. Medora Lee over at USA Today writes,

Putting “fun” back into low- and middle-income Americans’ budgets could be years away with most of their income barely covering the surge in costs for bare necessities, economists said.

Yes, Americans are struggling from Bidenomics, no matter what the current administration and mainstream media keeps wanting to gaslight us into believing.

Even with annual inflation last month cooling to the lowest level since February 2021 and wages [finally] rising faster than inflation, low- and middle-income Americans are just barely covering their essentials, which include groceries, shelter, utilities and gasoline, economists say.

I wasn’t kidding about the gaslighting. They keep telling people that things are better than it feels like they are. Kind of like a “don’t believe your eyes” type of thing. 

But unlike Houdini or David Copperfield, this isn’t the kind of illusion that people enjoy… Because it isn’t an illusion. People really are struggling.

It gets more reality based from here, though.

That’s because when inflation slows, it only means prices aren't rising as quickly, not that prices are declining. So, Americans continue to pay higher prices for everyday needs.

Low- and middle-income Americans were hit disproportionately harder than their higher-income peers…

The thing that none of these big government economists want to talk about, though, if they can help it, is that low-income and middle-income Americans still spend a huge portion of the dollars spent in this economy, so…

… if they’re struggling, then, the overall economy is struggling. And if those Americans continue to struggle, then, the economy will continue to struggle.

There are bound to be people, though, who will ask…

Is the economy really struggling that much?

And my answer is: Don’t just take my word for it.

Read what the House Budget Committee in Congress wrote about this situation within the last six months:

The fiscal reality under Bidenomics is grim. After nearly four years of inflation, Americans have been forced to endure the financial burden of:

• The cumulative rate of inflation for goods and services increasing by 18.9 percent. Inflation once again spiking to 3.5 percent in March 2024, the highest level of the past six months.
• Families having to spend nearly $17,000 per year to maintain the same standard of living they could afford before President Biden took office.
• Consumer Confidence for April falling for the third consecutive month in 2024, reaching its lowest level since July 2022.
• The latest employment report showed a 90% reduction in monthly job creation

Those are ugly numbers, numbers that are just signs pointing toward trends that Bidenomics only accelerated and made worse.

And here’s why you should care:

While an economy, much like an aircraft carrier, can be turned around, it’s not a quick process.

It takes time, dedication, focus, and consistency.

And, also, keeping terrible economic policies such as Bidenomics from being implemented again before the ship can be turned around to head in the right direction.

That means that this fallout from the PTSD of Bidenomics is going to take time to be worked through and overcome. It will take time for conditions to improve so people can get out of desperate survival mode thinking.

As I mentioned here, the way that I see it is that Trump’s economic policies are obviously better for our country long-term. But doing things to strengthen American business over the long-term can make it more difficult in the short-term.

Think of it this way: It’s not comfortable to get back in shape after packing on an extra fifty pounds. You’re sluggish, your body hurts, and you sometimes want to give up when you hit the gym again. But, over time, you start to get in shape and to feel better.

And that’s exactly what it will take to get the American economy back into fighting shape: time, discomfort, and some pain in the pocketbook.

Having said that…

You do have options that can minimize that pain for you and your family.

It’s true. You can take control of your personal economy no matter what is going on in the broader local, state, or nationwide economy.

And the first thing that you need is a foundation to build on, a foundation that is resistant to the market manipulation that Keynesians keep trying to inflict on the economy and resistant to the inflation that we will continue to see, to a greater or lesser extend, as long as we continue to deal with the Fed and its love of a fiat monetary supply.

How can you build that foundation? To start, you’ll want to look over the options available for inflation-resistant investments. You can look into the solution I personally, and many other people, believe is the smartest move to make to secure their long-term personal economy and purchasing power.

 

 

Peter Reagan is a financial market strategist at Birch Gold Group. As the Precious Metal IRA Specialists, Birch Gold helps Americans protect their retirement savings with physical gold and silver.

 

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