Bidenomics Is 'A Nightmare' Economist After President Makes ABSURD Claims About His Failing Economy - Do You Feel The Effects Of Bidenomics?

Heritage Foundation research fellow in regional economics Dr. E.J. Antoni took a rhetorical sledgehammer to 'Bidenomics' speaking with Fox Business on Tuesday. While Democrat incumbent President Joe Biden has claimed that his economic policies and so-called 'Bidenomics' plan are allegedly centered on "restoring the American Dream," Antoni is calling for Americans to wake up, because it is not in line with reality.

"Restoring the American Dream?" Antoni told Fox Business.

"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."

Biden claimed Tuesday that Americans "aren't just finding more jobs," but, outrageously are finding "higher-paying jobs."

Antoni warned the Fox Business audience that the monthly mortgage payment on a mid-range home was just $979 at the end of President Donald Trump's term and has since jumped up to $2,075 today, a backbreaking 112% increase in just under three years.

"An American family is now paying over $13,000 a year more for the same house," he added.

"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."

RNC Research concurred in a post to X responding to Biden's speech, writing, "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."

In an Op-Ed to Tribune News Service, Dr. Antoni explained,

"There’s no denying that many Americans’ wages have risen at a brisk pace the last two years, but prices have risen even faster, an astonishing 16%. Forty-year-high inflation has eaten away the real value of incomes and savings—a direct result of the government spending, borrowing and creating too much money out of thin air.

This robbing of purchasing power tends to fall heaviest on low-income earners because their wages and salaries usually adjust to inflation slower than those of high-income earners. Sure enough, since Biden took office, real (meaning inflation-adjusted) incomes for the lowest income quartile and second-lowest income quartiles have fallen 2.5% and 3.0%, respectively."

He added, "This totally disproves Biden’s claim that real earnings have risen for the bottom half of Americans. Conversely, those in the highest income decile have seen their real incomes rise about one-third of a percent under Biden, meaning the wages and salaries of the top 10% have slightly outpaced inflation."

"And not only are incomes rising slower for working-class folks. Their prices are rising faster too," Antoni concluded. "The Bidenomics agenda caused inflation, which means prices everywhere rose, and that caused many middle-class households to change their purchasing habits to stretch the family budget."