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   From: yourdime@outlook.com   
      
   WASHINGTON — President Biden hailed his economic plan as a smashing   
   success Wednesday as he laid out his case for a second term — despite   
   American incomes falling due to high inflation and broad pessimism about   
   the economy.   
      
   In Chicago, site of next summer’s Democratic National Convention, the 80-   
   year-old president hailed steady job growth, even though government data   
   indicate that those jobs are paying less on average than when he took   
   office.   
      
   “Bidenomics is about the future. Bidenomics is just another way of saying:   
   Restore the American Dream because it worked before,” the president said.   
      
   “We created 13.4 million new jobs — more jobs in two years than any   
   president has ever made in four,” added Biden, referring to new hiring as   
   COVID-19 measures ended.   
      
   “Folks, it’s no accident. That’s Bidenomics in action,” he went on,   
   touting large spending bills that passed Congress, which critics say   
   spurred inflation.   
      
   “Bidenomics is about building an economy from the middle out and the   
   bottom up, not the top down. And there are three fundamental changes that   
   we decided to make with the help of Congress and been able to do it:   
   first, making smart investments in America; second, educating and   
   empowering American workers to grow the middle class; and third, promoting   
   competition to lower costs to help small businesses.”   
      
   Biden added: “I believe that every American willing to work hard should be   
   able to get a job no matter where they are — in the heartland, in small   
   towns, in every part of this country — to raise their kids on a good   
   paycheck and keep their roots where they grew up. That’s Bidenomics.”   
      
   Data from the Bureau of Labor Statistics indicate that Americans are   
   taking home less money for their work due to inflation, which spiked to an   
   annual rate of 9.1% last June before dipping to a still-elevated 4% in May   
   as the Federal Reserve hiked interest rates in a bid to reduce consumer   
   spending.   
      
   Inflation-adjusted average hourly earnings were $11.41 per hour in January   
   2021 when Biden took office and fell more than 3% to the current rate of   
   $11.03 this May, according to the BLS.   
      
   Americans’ average weekly earnings dropped from $399.52 when Biden took   
   office to $378.18 this May — a drop of more than 5% — when adjusted for   
   inflation, BLS data indicate.   
      
   Polling also indicates that Americans aren’t buying Biden’s positive spin.   
   In fact, an Associated Press poll published Wednesday found that the   
   economy was one of the president’s lowest-performing areas.   
      
   Just 34% of US adults told the AP they approve of Biden’s economic   
   performance as opposed to 40% who approved of his foreign policy work and   
   44% who approved of his healthcare agenda.   
      
   The AP said 70% of poll respondents rated the state of the economy as   
   poor, only slightly fewer than the 75% who said so in May.   
      
   The president brushed off naysayers, however — telling reporters as he   
   departed the White House on Wednesday morning, “I’ve been hearing every   
   month there’s going to be a recession next month.”   
      
   “The consensus is: Two-thirds of the economists and the major leaders in   
   the banks think we’re not going to have a recession. I don’t think we will   
   either,” he added. “But I tell you one thing… we’re bringing down prices   
   across the board for people. That’s what I’m going to be talking about   
   today.”   
      
   Later Wednesday, Biden told donors who paid at least $3,300 per ticket to   
   attend a fundraiser — or $25,000 per person for a photo with Biden — that   
   the economy was doing well but that he hopes to continue to press for   
   higher taxes on upper-income earners.   
      
   https://nypost.com/2023/06/28/biden-makes-bidenomics-re-election-pitch-   
   despite-falling-real-income-poll-pessimism/   
      
   --- SoupGate-Win32 v1.05   
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