As the holiday season approaches, Americans are faced with the challenge of balancing their budgets, taking on debt or going without essential items due to the current economic climate. Despite President Joe Biden’s economic plan, known as Bidenomics, being intended to “restore the American Dream,” it has fallen short of its goal.
There is conflicting information about the state of the economy on a macro level, with some speculating that a recession may be imminent or already occurring. In October, economist Paul Krugman tweeted that inflation had ended based on a chart that excluded essential items such as food, energy, shelter and used cars. This tweet was met with backlash, highlighting the disconnect between the economy’s overall performance and people’s daily struggles.
According to Biden and some economists, the economy is doing well; however, this perspective may not reflect reality for those who need to purchase or finance essential items. This raises questions about whether Biden’s economic plan is truly designed to help people achieve the American Dream when basic necessities are becoming increasingly expensive.
In light of these challenges, it is worth considering what would constitute a nightmare under Bidenomics as the cost of items like a 6.25 pound package of chicken breasts continues to rise.