In June, the White House revealed a new public relations campaign called "Bidenomics" to define President Biden's economic agenda ahead of the 2024 presidential election cycle.
"I don't know what the hell that is, but it's working," Biden stated at a June 17 rally in Philadelphia, begging the question, is it actually working?
Americans, particularly middle-class ones, have been crushed in the inflation storm. They've been battered by two years of negative real wage growth, forcing many to quickly draw down on savings while using credit cards in a high-interest-rate environment to make ends meet.
And, of course, the Biden administration is taking credit for the decline in the inflation rate from its 9.1% peak in June of 2022 to the 3.1% last month. But inflation is still rising above the Federal Reserve's 2% target.
The latest sign Bidenomics has not been particularly rewarding to middle America is new data from Bloomberg that shows the number of families experiencing homelessness skyrocketed this year across 20 major cities.
"Family homelessness in the US is on the rise in an alarming sign of how the increasing cost of goods, the ever-tightening housing supply and the end of most pandemic-era benefits are putting pressure on Americans," Bloomberg said.
The explosion of nationwide family homelessness contradicts the White House's claim that Bidenomics has unleashed a new era of prosperity. Recall, The Wall Street Journal Editorial Board recently crushed White House propaganda and misinformation with one sentence:
"The Bureau of Labor Statistics says real average hourly earnings have fallen 3.16% during the Biden Presidency."
A shocking 72,700 people in families with children were homeless in 20 cities across the nation as of January, a massive 37.6% jump from a year before, according to an analysis of data provided by jurisdictions. Some of the most significant year-over-year changes in family homelessness were in major metros run by Democrats.
Bloomberg noted, "The situation is likely even more grim than the numbers show: so-called point-in-time samples often are a significant undercount, and cities including San Francisco and Seattle — which have dire homeless crises — were excluded from the analysis because they only counted the number of people in their shelters this year."
The explosion of family homelessness is another sign that Bidenomics is failing middle of America.