With the holidays approaching, Americans are facing the challenge of making ends meet amidst the current state of the economy. President Joe Biden’s economic plan, known as Bidenomics, was intended to “restore the American Dream,” but it has fallen short of that goal.
There are conflicting reports about the state of the economy on a macro level, with some speculating that a recession is either imminent or already occurring. In October, economist Paul Krugman tweeted that inflation was over, 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 performance and people’s everyday struggles.
According to Biden and some economists, the economy is doing well, but this perspective may not reflect reality for those who have to purchase or finance essential items. This raises the question of whether Biden’s economic plan is truly designed to help people achieve the American Dream, especially when basic necessities are becoming increasingly expensive.
As we move forward into 2022 under Bidenomics, it’s worth considering what would constitute a nightmare scenario for many Americans struggling to make ends meet during these challenging times.