As President Joe Biden and the Democrats scramble to brag about bouncing back from the pandemic and a supposedly booming economy, actual numbers and the everyday experiences of Americans are telling a different story.
A new report from Savings.com shows that roughly half of American parents whose children are adults are supporting them financially.
Incredibly, the Pew Research Center finds that at least half of adults 18-29 still live with their parents.
Booming economy? For whom?
The problem isn’t only that the economy is bad, or that crime is bad, or the border is open or 100 other things.
The problem is that the people in charge MADE IT ALL HAPPEN and aren’t trying to fix any of it.
— Angie Wong (@angiewong) April 24, 2022
Getting The ‘Boomerang’ Generation Out Of The House…Or Not
The report cites what it is parents are footing the bills for: food, rent, cell phones, and insurance, all adding up to the tune of an average of $1,000 per month.
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Besides the obvious factor of COVID-19 – or more precisely, shutdowns, lockdowns, bankruptcies, and other dislocations caused by politicians – creating havoc on the economy, just take a look around at what someone just out of high school or college has to contend with.
A Wall Street Journal report from April of 2021 said that roughly 200,000 businesses had closed during the first year of the corona virus outbreak. Since then, another 600,000 have closed permanently.
While it’s fashionable to always paint the next generation as lazy and entitled, the Biden economy is a land of record inflation. COVID rules have wreaked unprecedented havoc on small businesses, which obviously provide a lot of the job opportunities available to young people. Anyone who has looked at the cost of buying a home recently has seen enormous increases.
CNBC reported in September of 2020, that the number of young people living with their parents had reached 52%, a number that surpassed the previous high of 48% back in 1940.
Americans are getting a massive pay cut in Joe Biden’s economy.
A 40 year high inflation is wiping out wage gains, leaving Americans with a Biden pay cut.
Yet, liberals believe because job market is growing, unemployment is falling, wages are rising Biden is doing a great job. pic.twitter.com/UznLSRADHn
— Scott Mason (@hypnoksa) April 24, 2022
Real Story Of The Biden Economy
Last week, Joe Biden took to social media and bragged about the state of the American economy under his watch.
Our recovery has now created 7.9 million jobs — more jobs created over the first 14 months of any presidency ever.
Unemployment is at 3.6% — down from 6.4% when I took office. That’s the fastest decline in unemployment to start a President’s term ever recorded.
— President Biden (@POTUS) April 20, 2022
Speaker of the House Nancy Pelosi touted the “historic labor market recovery.” However, astute observers might say that people going back to jobs they might have lost during the pandemic is not exactly job creation and growth.
With the help of our #AmericanRescuePlan, our nation slashed the unemployment rate to 3.6% – near pre-pandemic levels. To build on this progress, Democrats remain laser-focused on lowering costs for working families as they face Putin’s Price Hike. pic.twitter.com/ooCkZo8nMB
— Nancy Pelosi (@SpeakerPelosi) April 11, 2022
Earlier this month, the House passed a $55 million bill that would provide assistance to restaurants and other small businesses who suffered substantial losses during the pandemic.
That’s just 10% of the latest payout to Ukraine, which is $500 million.
Over the course of a month, the feds have sent over $14 billion to Ukraine, while a few pennies get tossed to struggling Americans.
So maybe the economy is booming – just not for Americans.