Did you know? The Patriot Post is funded 100% by its readers. Help us stay front and center in the fight for Liberty and support the 2024 Independence Day Campaign.

May 22, 2024

Families’ Net Worth Takes a Hit Under Biden

One chart is arguably all you need to see to validate feeling like you’re not getting anywhere.

Why are Americans so sour on the economy when everything is just hunky-dory? That’s the oft-repeated Leftmedia question accompanying a gaslighting story.

A new chart from the Federal Reserve Bank in St. Louis (pictured above) illustrates the problem: Overall, Americans have made no financial progress since Joe Biden took office. Net worth today, adjusted for Bidenflation, is up just 0.7% since January 2021, and it dipped into the negative for several months. That’s a far cry from the 16% increase during Trump’s first three years. In nominal terms, the numbers are 19% and 23%, respectively, but inflation eats up virtually all of Biden’s gain.

Not to overstate things because presidents are not solely responsible for every economic lever in a free market, but Biden’s record is atrocious, which is why he routinely lies about it.

In a brief story on the situation, The Wall Street Journal’s Greg Ip repeats the misleading claim that “inflation is falling.” Yes, the annual rate is lower now than it was, but prices are still rising — far faster than the Federal Reserve target of 2%. Cumulative inflation under Biden is close to 20%. Media outlets routinely skew these numbers (rarely reporting that cumulative one) to help Biden.

The Journal points to the Dow Jones Industrial Average’s recent milestone of closing above 40,000 as a “bit of welcome news for President Biden.” That’s certainly true in nominal terms — the market has been one bright spot in an otherwise dismal economy.

Yet even that part of Biden’s record doesn’t match Trump’s. At the time of the Journal’s article, “The Dow is up 28% since he was inaugurated in January 2021.” It rose 57% during Trump’s full term, including fully recovering from the COVID crash.

The stock market is a barometer of consumer confidence, so it’s also a good indicator of American resilience. But given the net worth calculation, does the stock market’s nominal increase actually amount to greater wealth? And which Americans benefit?

Hint: Not Americans who live paycheck to paycheck and aren’t invested.

To illustrate the struggles of regular Americans, recent news indicates trouble in the restaurant industry, which is itself a barometer of spending habits. Red Lobster is closing 87 restaurants nationwide and filing bankruptcy. Cracker Barrel is also closing stores and reporting big losses. Those are just two of a slew of chains that are having trouble keeping customers and workers.

That’s because consumers used to be able to get a meal at such places for roughly the same as fast-food combos now cost. Collectively, fast-food prices have risen more than 77% since December 2019. At McDonald’s, the hike has been 141%. Some individual items are up more than 200%.

So, McDonald’s is trying to drum up business by offering a $5 combo meal. I’m old enough to remember when that was normal, but this one’s just a gimmick. It’s a small amount of food, and the promotion lasts for just one month. Wendy’s is doing the same thing with a $3 breakfast combo — for a limited time only — after running a temporary promotion for Dave’s Single and Dave’s Double hamburgers.

Besides, McDonald’s is busy removing self-serve fountain drink machines and is considering charging for refills. On the bright side, soda is bad for you, and maybe the Bidenflation diet will help a lot of us lose a few pounds.

It’s not just prepared food. The Daily Wire reports, “Groceries for the average cookout will cost Americans about 10% more than they did for Memorial Day last year.”

Here are two other numbers to show why net worth isn’t going anywhere.

Home prices are at a record high of 7.64 times the median household income. Car insurance is up 22.6% in just the past year. Whereas prospective homebuyers can stay put, anyone who drives a car is required by law to carry insurance. Neither buying car insurance nor foregoing the acquisition of a new home helps net worth.

In the upcoming debate with Biden, Trump needs only ask this question: “Are you better off now than you were four years ago?”

Follow Nate Jackson on X/Twitter.

Who We Are

The Patriot Post is a highly acclaimed weekday digest of news analysis, policy and opinion written from the heartland — as opposed to the MSM’s ubiquitous Beltway echo chambers — for grassroots leaders nationwide. More

What We Offer

On the Web

We provide solid conservative perspective on the most important issues, including analysis, opinion columns, headline summaries, memes, cartoons and much more.

Via Email

Choose our full-length Digest or our quick-reading Snapshot for a summary of important news. We also offer Cartoons & Memes on Monday and Alexander’s column on Wednesday.

Our Mission

The Patriot Post is steadfast in our mission to extend the endowment of Liberty to the next generation by advocating for individual rights and responsibilities, supporting the restoration of constitutional limits on government and the judiciary, and promoting free enterprise, national defense and traditional American values. We are a rock-solid conservative touchstone for the expanding ranks of grassroots Americans Patriots from all walks of life. Our mission and operation budgets are not financed by any political or special interest groups, and to protect our editorial integrity, we accept no advertising. We are sustained solely by you. Please support The Patriot Fund today!


The Patriot Post and Patriot Foundation Trust, in keeping with our Military Mission of Service to our uniformed service members and veterans, are proud to support and promote the National Medal of Honor Heritage Center, the Congressional Medal of Honor Society, both the Honoring the Sacrifice and Warrior Freedom Service Dogs aiding wounded veterans, the National Veterans Entrepreneurship Program, the Folds of Honor outreach, and Officer Christian Fellowship, the Air University Foundation, and Naval War College Foundation, and the Naval Aviation Museum Foundation. "Greater love has no one than this, to lay down one's life for his friends." (John 15:13)

★ PUBLIUS ★

“Our cause is noble; it is the cause of mankind!” —George Washington

Please join us in prayer for our nation — that righteous leaders would rise and prevail and we would be united as Americans. Pray also for the protection of our Military Patriots, Veterans, First Responders, and their families. Please lift up your Patriot team and our mission to support and defend our Republic's Founding Principle of Liberty, that the fires of freedom would be ignited in the hearts and minds of our countrymen.

The Patriot Post is protected speech, as enumerated in the First Amendment and enforced by the Second Amendment of the Constitution of the United States of America, in accordance with the endowed and unalienable Rights of All Mankind.

Copyright © 2024 The Patriot Post. All Rights Reserved.

The Patriot Post does not support Internet Explorer. We recommend installing the latest version of Microsoft Edge, Mozilla Firefox, or Google Chrome.