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“Bidenomics” Is Costing Biden Minority Voters

Posted on Thursday, November 2, 2023
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by Andrew Shirley
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21 Comments

AMAC Exclusive – By Andrew Shirley

President Biden speaking at a podium

Third quarter GDP numbers released last week appeared to show robust growth for the U.S. economy, which the Biden administration was quick to tout as yet another example of the success of “Bidenomics.” But buried beneath the seemingly positive topline numbers is the reality that Biden’s economy still isn’t working for everyday Americans – and in particular American minority groups, whom Biden desperately needs win in next year’s election.

Shortly before the GDP data dropped, the Federal Reserve quietly released a new report underscoring just how bad things have gotten for minorities under Biden’s leadership. According to The Wall Street Journal, the report shows that real incomes for black and Hispanic families have fallen 1.6 percent and 1.1 percent, respectively, since 2019. Incomes for whites have risen a modest 1.3 percent.

In other words, despite Biden’s constant bragging about how strong GDP numbers are, wages simply aren’t keeping up with inflation. Americans, especially minorities, can afford less even if they’re making more in absolute terms. While inflation has cooled from nearly 40-year highs last year, it is still nearly four percent – more than double the Fed’s target rate of two percent.

President Ronald Reagan once famously said, “Inflation is a tax. In fact, inflation is the cruelest of taxes because poor people tend to pay it.” From this perspective, President Biden has done more to hike taxes for poor people than any president in recent history. Given that minority Americans on average are less wealthy, Biden’s inflation crisis is hitting them particularly hard.

Biden and his allies are trying to convince Americans that their massive spending bills are helping families manage rising costs. Yet he has unwittingly created a situation in which the average American family is getting hammered on both sides of the economy: The Federal Reserve is spiking interest rates specifically to decrease the money in circulation, while Democrats continue to print more money, increasing circulation.

Trickled down to everyday Amerians, this means that the dollars they earn buy less while the dollars they’re loaned cost more.

Economic numbers often touted by the Biden administration showing an increase in household wealth for minorities over the past two years are also misleading, according to the Fed report. For black and Hispanic families, most of those gains have been concentrated in home values – meaning that families actually have less cash to spend on the rising cost of groceries and consumer goods.

“Real average liquid wealth, which includes assets such as cash, checking, and savings accounts, did not grow much for Hispanic families and fell for Black families,” the report states. As the Journal Editorial Board put it, “The fact a family’s home might be worth 20 percent to 30 percent more than before is no consolation in the grocery checkout line.”

Unsurprisingly, despite the apparently strong overall economic numbers, a large majority of Americans still aren’t buying into the “Bidenomics” hype. An NBC News poll released earlier this fall found that 59 percent of Americans disapprove of Biden’s economic track record, while just 37 percent approve. More concerningly for Biden heading into a re-election year, the poll found the “GOP advantage on the economy to be the highest recorded in more than three decades of NBC News polling.”

Just as Biden’s economic failures are hitting minority Americans particularly hard, his collapse in support looks to be particularly acute among minority voters. A New York Times/Siena College poll released in September highlighted “consistent signs of erosion in black and Hispanic support for Biden” that could potentially cost him the 2024 election.

“Mr. Biden is underperforming most among nonwhite voters making less than $100,000 per year, at least temporarily erasing the century-old tendency for Democrats to fare better among lower-income than higher-income nonwhite voters,” Times chief political analyst Nate Cohn wrote of the poll results. “Overall, the president’s approval rating stands at just 47 percent among nonwhite voters in Times/Siena polling over the last year; his favorability rating is just 54 percent.”

In a hypothetical 2024 matchup between Trump and Biden, Biden led by a margin of just 53 percent to 28 percent among nonwhite voters in the Times/Siena poll – a far cry from the 70 percent support Biden garnered from that cohort in 2020.

If Biden can’t recover among this group, he faces a seemingly insurmountable challenge to win re-election next year. But given that he has shown no indication of reversing course on an economic agenda that is failing these very voters more than any other group, the prospect of such a recovery is becoming increasingly remote.

Andrew Shirley is a veteran speechwriter and AMAC Newsline columnist. His commentary can be found on X at @AA_Shirley.

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Rik
Rik
5 months ago

Bidenomics IS a Colossal Disaster! . . . Anybody who has half a brain SHOULDN’T VOTE for this CLOWN AGAIN unless they like paying DOUBLE THE PRICES FOR GASOLINE, FOOD, UTILITIES AND JUST ABOUT EVERYTHING SINCE HE TOOK OFFICE!

Hgk
Hgk
5 months ago

Biden’s admin is everywhere a disaster, wars

PFArizona
PFArizona
5 months ago

Not only is Bidenomics hurting Americans and ruining our economy, the Biden Open Borders policies are also and destroying our cities! Instead of states and federal tax dollars going to help the homeless, first responders, border patrol agents, our veterans and schools, our taxes are going to illegal aliens. We are paying for their medical assistance that is a burden to our hospitals, overcrowded classrooms affecting our children’s education, and paying for their housing, phones, food, bus and plane tickets, etc. Not to mention 2 wars under this administration! Biden and his Feckless administration is destroying our Country and we are going broke because of him. And China is watching. So what’s next? I’m fearful of that.

Melinda
Melinda
5 months ago

Just who are these people who approve of Biden? They must be wealthy, or aren’t paying attention.

lawrence greenberg
lawrence greenberg
5 months ago

It’s time for everyone to wake up and deal with our reality. Braindead Joe is not our President and never was; he’s a puppet for the globalists, whose goal is nothing less than the collapse of this nation and the downfall of Western Civilization, to be replaced by a worldwide dictatorship run by the globalists, for the globalists, and to the detriment of the other 99.9999% of the world’s population.

anna hubert
anna hubert
5 months ago

Minorities discovered there is no Santa Claus and are leaving dems Welcome to the real world which is the result of blind minority voting

Robert Zuccaro
Robert Zuccaro
5 months ago

Put a presidential podium in Joe’s garage and tell him he’s been re-elected; he won’t know the difference! If he is actually re-elected, we’ll know it but can things get any worse? That’s a scary thought…

David Millikan
David Millikan
5 months ago

Inflation is a tax and it’s Bidenomics responsible for it.

David Millikan
David Millikan
5 months ago

Bidenomics…Polish a turd it’s still a turd.

Garyk
Garyk
5 months ago

Once again joebama and the marxist democrat party have been exposed as liars,anti american and even destroying the minorities who have supported them and their failed promises. Time to wake up people,you are all merely pawns in the marxist democrat s game of power and money for themselves.
Look at the facts,you been used and taken advantage of for over 50 years by their rhetoric and BS.

Jeri
Jeri
5 months ago

Good. May it continue to make their lives more miserable with each passing day. Hard heads need to experience life up front and in their face. There will be collateral damage, and I hate that, but, if that is what it takes to wise people up, let’s go there. If you are reading this you are smart enough to protect yourself.

CLIFFORD F GERACI
CLIFFORD F GERACI
5 months ago

81M Americans and 80-90% black voters chose Biden to rule over us…..idiots.

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