{"id":73775,"date":"2023-07-18T04:00:01","date_gmt":"2023-07-18T08:00:01","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/middle-class-snubs-joe-biden-who-can-blame-them-73775"},"modified":"2023-07-18T04:00:01","modified_gmt":"2023-07-18T08:00:01","slug":"middle-class-snubs-joe-biden-who-can-blame-them","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/middle-class-snubs-joe-biden-who-can-blame-them-73775","title":{"rendered":"Middle class snubs Joe Biden. Who can blame them?"},"content":{"rendered":"
\n

Turns out, “Middle-class Joe” is not winning over actual middle-class Joes.<\/p>\n

That\u2019s what President Joe Biden\u2019s first fund-raising report from the current election cycle shows. As the New York Times<\/a> reports, the president, who touts his dedication to middle class voters, hauled in a little more than $10 million in the quarter that ended June 30 from small donations, defined as gifts of $200 or less. “That figure is about half of the $21 million President Barack Obama\u2019s campaign raised during the\u00a0same period of his 2012 re-election effort<\/a>.<\/a>”\u00a0<\/p>\n

The Times admits, “\u2026the president\u2019s finance reports show that he is far more dependent on the wealthiest donors than Mr. Trump was in his re-election bid or Mr. Biden\u2019s opponents were in the 2020 Democratic presidential primary contest.”<\/p>\n

\u2018DECENCY AND DIGNITY\u2019: MULTIPLE CAREFULLY CRAFTED BIDEN NARRATIVES FALL APART AS 2024 RACE HEATS UP<\/strong><\/a><\/p>\n

The inconvenient truth? Overall, Biden\u2019s campaign (in league with the DNC) raised $72 million, most of it from millionaires and billionaires. Those folks are not, we can agree, building the economy<\/a> from “the middle out and the bottom up.”<\/p>\n

The Times\u2019 writer suggests several reasons why the president\u2019s small-donor take might be lagging. Inflation pressures, a new approach by Google and Facebook that limits what campaigns can learn about people who open email solicitations (thank heavens), and this insight: “Democrats aren\u2019t quite as fired up as they were in 2018 and 2020\u2026”<\/p>\n

No kidding.<\/p>\n

He might have added: despite Joe Biden\u2019s dishonest blathering about how he\u2019s helping out the middle class, the truth is that it is middle and lower-income Americans who are most unhappy with this president. A recent Economist You\/Gov poll shows 44% of people making $100,000 or more approving of Joe Biden\u2019s performance in office; only 37% of those making less than $50,000 and 39% of those earning between $50k and $100k, give the president high marks.\u00a0<\/p>\n

Why would that be? Joe Biden claims Bidenomics is bringing back jobs<\/a>, and especially manufacturing jobs. He brags that his policies have been a boon to the middle class. Biden\u2019s problem? The middle class knows better.<\/p>\n

They know that rising prices and higher interest costs have clobbered their standard of living, reduced their wealth and made them less secure financially. The conservative Heritage Foundation estimated in January that “the average American household has lost the equivalent of $7,400 in annual income since Biden’s inauguration Jan. 20, 2021”, with an analyst saying the sum is “more than a month\u2019s salary for many families and the equivalent of more than a 10% pay cut\u2026”<\/p>\n

That is the real<\/i> cost to real\u00a0<\/i>people of 40-year high inflation<\/a> and the higher interest rates engineered by the Federal Reserve to bring it down. Since January, things have only got worse.\u00a0<\/p>\n

BIDEN ‘YELLS’ AND SHUNS 7TH GRANDCHILD. NOW, THE MOST UNEXPECTED PEOPLE ARE WAKING UP<\/strong><\/a><\/p>\n

Instead of focusing on the needs of average Americans, Joe Biden\u2019s White House is dedicated to a progressive agenda that is especially popular not with average Americans but instead with elite liberals.\u00a0<\/p>\n

He has dedicated hundreds of billions of dollars to a Green New Deal that is driving up energy costs <\/a>and limiting choices available to consumers. Average electricity prices have jumped nearly 10% so far this year; that\u2019s because Biden\u2019s wrong-headed and ill-planned push for renewable energy like wind and solar power is pushing costs higher.\u00a0<\/p>\n

Remember: the price of natural gas is down 56% from last year and coal prices have fallen 68%; combined, those two fuels account for 60% of electricity production. That should mean electricity prices are coming down, too. They are not and you can thank the Biden mandates<\/p>\n

Meanwhile, mortgage costs have jumped to nearly 7% from 2.8% when Joe Biden took office, thanks to the Fed\u2019s effort to rein in Bidenflation. At the same time, median home prices have held almost steady; the combination means the monthly cost of paying for a home is up nearly 50% since the start of 2021, making homeownership out of reach for millions of Americans.\u00a0<\/p>\n

Biden\u2019s administration <\/a>has also doubled down on trying (illegally) to pay off student loans, a program clearly not targeted to the middle class. Using Federal Reserve data, Brookings reports the “highest-income\u2026households (those with incomes above $74,000) owe almost 60 percent of the outstanding education debt and make almost three-quarters of the payments.”\u00a0<\/p>\n

CLICK HERE TO GET THE OPINION NEWSLETTER<\/strong><\/a><\/p>\n

Because of existing programs aimed at helping financially-strapped students, “out-of-pocket loan payments are concentrated among high-income households; few low-income households\u2026are required to make payments.” Biden, in effect, is bailing out elites who stand to earn millions more over their lifetimes because of their education.\u00a0<\/p>\n

But how about those “new” 800,000 manufacturing jobs that Biden boasts about? Isn\u2019t that a boost to the middle class? No, it\u2019s another lie. As of June, the U.S. had just under 13 million people employed in manufacturing, seasonally adjusted; in December 2019, just before COVID shut down the country<\/a>, there were just under 12.9 million people employed in manufacturing. In short, what “new” jobs?\u00a0<\/p>\n

Bloomberg recently reported:\u00a0“Since rates started climbing in March 2022, the inflation-adjusted value of assets held by the middle class has fallen 6%, or $2.4 trillion, according to the Berkeley economists and their\u00a0realtimeinequality.org<\/a>\u00a0tracking tool. On average that equates to a $34,000 hit per middle-class adult.”\u00a0<\/p>\n

How are families coping with lower real wages, lower wealth and rising prices? They are taking on debt; home equity borrowing jumped $3 billion in the first quarter of 2023, the fourth rise in as many quarters after 13 years of decline. Further, Bloomberg reports, “The middle class held $7.8 trillion of the $18.3 trillion in debt owed by US households at the end of 2022.\u00a0That was $1 trillion more than at the end of 2019.”\u00a0<\/p>\n

In April, a Monmouth poll found, “Just 10% of Americans say middle class families have benefited a lot from Biden\u2019s policies<\/a> so far while 51% say the middle class has not benefited at all.”\u00a0<\/p>\n

Is it any wonder that middle-class Americans are not racing to support President Biden?<\/p>\n

CLICK HERE TO READ MORE FROM LIZ PEEK<\/strong><\/a><\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/opinion\/middle-class-snubs-joe-biden-blame <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Turns out, “Middle-class Joe” is not winning over actual middle-class Joes. That\u2019s what President Joe Biden\u2019s first fund-raising report from the current election cycle shows. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[16563],"tags":[],"stock_ticker":[],"class_list":["post-73775","post","type-post","status-publish","format-standard","hentry","category-market-news","entry"],"acf":[],"yoast_head":"\nMiddle class snubs Joe Biden. 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