Middle-Class ‘Persistent Angst’ Over Economy May Sink Biden In 2024

Just wait until ‘Angst’ turns into ‘Panik’…

Middle-Class ‘Persistent Angst’ Over Economy May Sink Biden In 2024:

Last week, President Joe Biden told a rowd in Chicago that “Bidenomics is about building an economy from the middle out and the bottom up, not the top down,” as he laid out his (aides’) vision of an economic boom fueled by a surge in taxpayer-funded investments.

Except, as Bloomberg notes, Biden has a middle-class problem.

Among the 100 million Americans with annual incomes between $45,000 and $180,000 and wealth between $100,000 and $1 million, polling commissioned by Bloomberg News shows persistent angst about the future.

The post-pandemic surge in inflation and the Federal Reserve’s reaction — the fastest increase in interest rates since the 1980s — have combined to put the middle class in a financial vice grip. They pay more for everything — food, homes, cars, energy — while the end of the easy-money era means loans, too, are more costly.

And the bottom line: “More than $2 trillion in wealth held by the middle class has been eliminated since the Fed started hiking,” according to data compiled by UC Berkeley.

Meanwhile, just 39% of the middle class say they expect their situation to improve over the next year, according to a Harris Poll commissioned by Bloomberg at the end of March and then again at the end of June.

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1 thought on “Middle-Class ‘Persistent Angst’ Over Economy May Sink Biden In 2024”

  1. So, Hunter’s Laptop & the trail of drugs, bribery, corruption & young hookers, the billions sent to Ukraine for laundering, the perpetual war, the regular sniffing young girls in public, the destruction of the middle class, shutting down in house fuel supplies as the Grand Solar Minimum creeps in, cover up after cover up, total dithering incompetence and the clear fixing of the election, all mean nothing????
    How dumb are the yanks? They should have occupied Washington DC by now but clearly the Fluoride in the water is working.

    Reply

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