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The American economy continues to stumble along, doing better than expected at the macro level, while hurting working Americans at the micro level.
Inflation continues to loom large, despite October’s numbers beating Wall Street’s expectations; interest rates are at near record high levels, the housing market is a trainwreck, and credit card debt is at all-time highs.
Yet, for some reason, the Biden administration continues to give speeches touting the strength of the economy, touting Bidenomics. However, it isn’t resonating with voters.
A recent poll shows that just two percent of voters in “six battleground states said the economy was excellent. More than half of voters under 30, Hispanics, women, and people in every income bracket say they trust former President Trump to handle the economy more than Biden.”
Inflation continues to remain higher than the Fed’s goal of 2.0 percent.
According to the Bureau of Labor Statistics, the Consumer Price Index (CPI), the most common measure of inflation, increased 3.2% in October 2023, versus September 2022. While the CORE CPI, which excludes more volatile variables such as fuel and food, was 4% higher. What is lost on the majority of talking heads on financial television