CNN suffered a rare moment on honesty during an analysis of Joe Biden’s economic numbers, which reporter Harry Enten admitted was “depressing.”
Enten explained that the massive decline in Americans’ disposable income was rooted in voters’ dismal opinion.
“From the first year of a president’s term to now in a term, look at this,” he told The Hill.
“We’ve actually had negative growth. We have actually decreased the amount of disposable income we’ve had, 2.7% for the Biden administration. Look at that.”
“The average for the president since JFK, is plus 4.5 percent.”
Enten added:
“And even in the last few months, the last six months, the growth that we’ve had — just 0.2 percent.”
“The average six months since 1960 [is] 1.1 percent, so we’re even behind on that metric.”
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“That’s kind of depressing,” Hill observed.
“It is kind of depressing,” Enten confirmed.
“And the one last thing I’ll note — even wages here [are] not going up. Median wage: minus one [percent] since pre-pandemic, minus one [percent] since Biden’s first year.”
“Since last quarter? Zero percent. Wages have been stagnant for a long time, and it’s continuing to be so.”
The Hill also noted that there have been gains in the U.S. stock market, echoing the claim that the U.S. added 200,000 jobs in November while unemployment dropped to 3.7%.
“I mean, if you were to look basically at disposable income, the change in disposable income, that is probably the weakest economic measure there is out there,” Enten said.
As Trending Politics noted:
However, this fails to acknowledge that according to the Federal Reserve Bank of San Francisco, the labor participation rate continues to languish at historic lows, the lowest point since the 1980’s.
The FRBSF wrote:
“People in their prime working years, ages 25–54, make up the bulk of the U.S. labor force. However, the fraction of prime-age men not participating in the labor force has risen for decades, from 5.8% in 1976 to 11.4% in 2022.”
“This trend has contributed to slower growth of the U.S. labor force.”
The economic indicators highlight the bleak outlook American voters are seeing.
Food prices, transportation, and rent remain high, up 17.2% since Biden took office in 2021.
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