Back in 1992, then-Governor of Arkansas, Bill Clinton defeated the incumbent President George H.W. Bush to give Democrats the White House for the first time in twelve years.
Clinton won with only 43% of the vote because Independent candidate millionaire businessman Ross Perot took nearly 20% of the ballots running basically as an anti-NAFTA Republican.
Along with Perot’s entrance in the race, Bush’s “read my lips, no new taxes” line, followed by a tax hike, is credited for costing the Republicans the White House.
However, it was one of Clinton’s lead strategists, James Carville, who summed up Clinton’s appeal with voters in four simple words:
“It’s the economy, stupid.”
32-years later, sitting Democrat President Joe Biden may be the victim of those same four immortal words.
As Biden campaigns for four more years running the Oval Office, thanks to his economic policies – known informally as “Bidenomics” – American voters are struggling to make ends meet.
A new survey from personal finance site PYMNTS and online lender LendingClub found the overwhelming majority of American workers are living paycheck-to-paycheck.
In fact, the poll found 61% of respondents say they are living from one paycheck to the next.
According to the survey, Bidenomics is hurting people in all income brackets.
78% of those earning less than $50,000 say they are living paycheck-to-paycheck – which is somewhat understandable.
However, 65% of individuals earning between $50,000 and $100,000 also say their paychecks are only lasting until their next one comes in.
And with Bidenflation, soaring gas prices and tax hikes, even 44% of respondents making six figures say the same thing.
Other financial surveys are coming to similar findings.
A July Bankrate survey found 72% of American families don’t feel financially secure – while another 63% blamed Biden’s high inflation for their lack of fiscal comfort.
The prior month, another Bankrate poll found 68% of respondents are saving less for unexpected situations because of inflation.
According to Moody’s Analytics, the average American household is spending $709 more monthly than they were just two years ago – and the increase is attributed to Bidenflation.
But these facts aren’t keeping Biden from spinning a tall tale on the campaign trail.
Over Labor Day Weekend, the President gave a speech to union workers in Philadelphia.
“This Labor Day, we’re celebrating jobs, good-paying jobs, jobs you can raise a family on, union jobs,” Biden said.
President Biden went on to claim credit for creating 13.5 million jobs since taking office.
However, the truth is, those are almost entirely jobs coming back online after the government shut down businesses during the pandemic.
Furthermore, according to Bureau of Labor Statistic numbers, real wages are actually down 3% since Biden took office.
Former President Donald Trump – who is leading in the polls to face Biden in 2024 – was quick to respond to Biden’s speech and correct the record.
“During Biden’s first 30 months in office, just 2.1 million new jobs were created, and by contrast, during my first 30 months in office we created 4.9 million new jobs,” President Trump said in an August 5 speech in South Carolina, in which he pledged to “reverse Bidenomics” and restore the trajectory he said he created toward “increasing this country’s financial prosperity.”
Political Animal News will keep you up-to-date on any new developments in this ongoing story.