President Biden called the latest jobs numbers as "Bidenomics in action." The elderly president, who sometimes appears to exhibit strong signs of 'cognitive fog,' said he "continues to fight to build an economy from the middle out and bottom up." But working-class Americans know better than to trust the statical magicians at the Bureau of Labor Statistics and, in a recent poll, do not trust the government's rosy economic news.
The distrust is warranted because not even the United States Department of Agriculture can pretend Bidenomics is working anymore. A new report from the agency shows household food insecurity in 2022 soared to levels not seen since Biden was vice president during the Obama administration.
USDA found that 87.2% of households were food secure last year. The remaining 12.8% (about 17 million households) were food insecure. This is the highest level of food insecurity in America since 2014.
"Food-insecure households (those with low and very low food security) had difficulty at some time during the year providing enough food for all their members because of a lack of resources," USDA said. About 5.1% of households (or about 6.8 million) had the most severe level of food security last year.
USDA said household food insecurity is due to "a lack of money and other resources limits their ability to acquire adequate food."
We suspect even though the USDA report is a survey from last year. The figures are likely higher in 2023 as persistent inflation crushes low to mid-tier households. Many folks have drained personal savings and racked up insurmountable credit card debt just to make ends meet, such as putting food on the table, paying for gasoline at the pump, and covering shelter costs, whether rent or mortgage expenses.
Numerous top Wall Street banks (Mike Wilson: The Consumer Is Falling Off A Cliff) have begun to warn about the consumer falling apart in the era of Bidenomics. The latest sign of trouble came last weekend, when we pointed out that subprime auto loan delinquencies erupted to the highest in decades.