Bidenomics: Record Total Personal Savings to Record Total Personal Debt – In Four Years

The Latest from Seton Motley | Less Government |
The Latest from Seton Motley | Less Government |
Bidenomics – In Three Frames

Two weeks ago, I wrote this….

Record $1+ Trillion Credit Card Debt: Bidenomics Is Great for Big Banks

Two days ago, this happened….

Americans Are Getting Crushed By Debt – And It May Just Get Worse:

“Americans are currently beset by record levels of debt, and their financial burden could further increase thanks to rising interest rates, inflationary prices and the looming end of the student loan moratorium.

“Total household debt climbed to a new high in the second quarter of 2023, reaching $17.06 trillion….

“Future inflation could continue to worsen the debt situation if real wages fail to keep up, increasing real costs for American consumers and thereby putting Americans further into to debt to pay for basic goods.”

So it ain’t just credit card debt setting records.  It is EVERY type of debt setting records.

And, of course, real wages will not keep up with inflation.

Biden’s ‘Build Back Never’: His Endless Government Assaults Will Make Building America Impossible

In no small part because Bidenomics includes wide open borders.  Which invites the entirety of the planet’s population into the country – to compete with Americans for gigs.

Which drives wages and jobs WAY down – not up.

Yes, Immigration Hurts American Workers

Open Borders Is ‘Driving Down Wages’

Bidenomics’ wide open borders – is a part of Bidenomics’ globalism.  ALL of which drives wages and jobs WAY down – not up.

Globalization, Job Loss, and Stagnant Wages:

“(There was) almost no net job growth in sectors, like manufacturing, in which global trade played a large role. Nearly all of the net gains occurred in sectors in which trade plays a minor role.

“Government and health care, in which trade plays almost no role, accounted for more than 40 percent of all new jobs.”

Well, as long as government is growing…:

“(R)egions that faced growing exposure to Chinese competition had higher unemployment, lower labor-force participation, and lower wages….”

Bidenomics’ far-and-away biggest beneficiary?  The aforementioned Communist China….

The Least-Skilled Workers Are the Losers in Globalisation:

“Judging by the dramatic change that has occurred in the global distribution of manufacturing output in the past 25 years it’s easy to see why these workers should be so concerned.

“In the early 1990s the United States accounted for 30% of manufacturing output, retaining the position as the world’s leading industrial producer that it had held for almost a hundred years. At that time China produced only 5% of global manufacturing output.

“Today that position has completely reversed. China produces 25% of manufacturing output and the US only 15%.”

Another huge part of Bidenomics?  Is adding hundreds of billions of dollars to our national debt – to waste it on fake energy like wind, solar and electric vehicles.

Congress Sends Historic $369 Billion Climate, Clean Energy Legislation to President Biden’s Desk

That was the woefully misnamed Inflation Reduction Act.  Because nothing says “inflation reduction” like adding hundreds of billions of dollars to our national debt – to waste it on fake energy like wind, solar and electric vehicles.

And oh look: China is yet again most appreciative….

Most US ‘Green Energy’ Subsidies – Go to Communist China

Was that the only burst of massive, wasteful Bidenomics government spending?  Heavens no.

Bidenomics is all about MASSIVE government spending.  It’s record setting, even….

Biden’s Spending Spree Is Unprecedented:

“More than any time in recent history, the consequences of government over-spending are becoming apparent. Inflation continues to be well above the Federal Reserve’s target, and the national debt recently topped $31 trillion for the first time in U.S. history – just eight months after it crossed $30 trillion.

“Yet few seem to connect these events with one of their underlying causes: President Joe Biden’s continued spending binge.”

Bidenomics’ record-setting government spending – and the resulting record-setting debt?  Created MASSIVE increases in inflation….

The Fed Is Trying to Lower Inflation: Biden’s Actions Are Increasing It

Biden’s inflation-increasing actions – are, in fact, much more than just WAY over-spending….

It’s Not Just Spending – Biden’s Record Regulations Are Driving Inflation Too

Oh look – yet another Bidenomics record.

So: Every aspect of Bidenomics – is antithetical to Americans saving money and accumulating wealth.

Americans are instead setting records – for every type of debt.  With prospects for their future – only getting worse and worse.

All of which is spectacular news for the Big Banks.  Which are in the debt business.

The more debt there is – the more money they make.  The higher the inflated interest rates are – the more money they make.

As they drain more and more and MORE money away from average Americans.

Now: Let us compare and contrast Bidenomics – with Trumpnomics.  Donald Trump being Biden’s presidential predecessor.

Let us flashback to 2019.  That was in the heart of the Donald Trump economy – before the government destroyed it in the name of a flu.

How were Americans doing with savings then?:

“Today, Americans are saving more than they’ve ever saved before.

“In 2019, savings across all US financial institutions total about $9.34 trillion. To put that in perspective, the nation’s savings amounted to some $7 trillion in 2013. And in 2010, Americans saved a mere $4.8 trillion altogether on the heels of the 2008 financial crisis.”

Oh look – another record.  Only this one is the good kind.

Americans were able to pile up record-setting savings – because of all the other aspects of Trumpnomics.

Under Trump, the Jobs Boom Has Finally Reached Blue-Collar Workers:

“Growth in this sector is occurring at the fastest rate since 1984.”

Under Trump, Americans Have Seen Their Best Wage Growth In 40 Years:

“Many on the left refuse to admit President Trump’s populist policies have provided massive benefits to working-class Americans….

“Yet, during the first three years of the Trump presidency, wage growth was off the charts, especially for low-income workers and African Americans.”

What about the prices of…everything?  Let us compare and contrast them under Trumpnomics – with Year One of Bidenomics….

Energy, Food, And Household Goods: Biden Compared To Trump:

“Gasoline has increased 48% in the past 12 months.  Used cars and trucks have increased 35% in the past 12 months. Energy has increased 13.5% in the past 12 months.  Airfare rose 10.7% in March, after rising 5.2% in February.  Grocery bills are up 10% in the past 12 months.  Meats, poultry, fish, and eggs increased 13.7% in the past 12 months.  Beef rose 16% in the past 12 months.  Milk and dairy products increased 7% in the past 12 months.”

So, as it turns out?

Under Trumpnomics, MANY more Americans had jobs – at MUCH higher wages.

And everyone was paying MUCH less – for everything.

All of which makes it MUCH easier for Americans to save record-setting amounts of money.

Under Bidenomics, MANY fewer Americans have jobs.  And the fortunate ones who do – have them at MUCH lower wages.

And everyone is paying MUCH more – for everything.

Bidenomics makes it MUCH easier for Americans to pile up record-setting amounts of debt.

This – after burning through the record-setting amounts of savings they had accumulated under Trumpnomics.

So…I wonder which ‘Nomics Americans prefer?