President Biden's self-proclaimed championing of the middle class appears to be falling flat, as evidenced by his recent fundraising reports. Despite his campaign's overall $72 million haul, a closer look reveals a significant disparity between his rhetoric and the reality experienced by average Americans.
A New York Times analysis highlighted that small donations (under $200) to Biden's campaign totaled just over $10 million, roughly half the amount Obama raised during the same period in his 2012 re-election bid. Furthermore, the Times noted Biden's greater reliance on wealthy donors compared to both Trump and his own 2020 primary rivals.
This disconnect between Biden's messaging and the economic struggles of the middle class is reflected in polling data. An Economist/YouGov poll revealed higher approval ratings for Biden among those earning over $100,000, while those earning less expressed significantly less satisfaction with his performance. This disparity raises questions about the effectiveness of “Bidenomics” and its purported benefits for the middle class.
While Biden touts job growth, particularly in manufacturing, a deeper examination reveals a less impressive picture. Manufacturing employment figures show only a modest increase since pre-pandemic levels, casting doubt on the substantial job creation claimed by the administration.
Moreover, the impact of inflation and rising interest rates has significantly eroded the financial stability of middle-class families. The Heritage Foundation estimated a substantial loss in real income for American households since Biden took office, a figure exacerbated by subsequent economic trends.
Furthermore, Biden's focus on progressive policies, such as the Green New Deal, has been criticized for contributing to rising energy costs, further burdening middle-class budgets. While traditional energy sources like natural gas and coal have seen price declines, electricity costs continue to rise, raising concerns about the administration's energy policies.
The rising cost of homeownership, fueled by increased mortgage rates and stagnant home prices, presents another significant challenge for middle-class families. The combination of these factors has made homeownership increasingly unattainable for many Americans.
Biden's student loan forgiveness initiatives, while seemingly aimed at alleviating financial burdens, have been criticized for disproportionately benefiting higher-income earners who hold the majority of student loan debt. This approach has raised questions about the fairness and effectiveness of such policies in addressing the needs of the middle class.
As middle-class families grapple with diminished real wages, increased debt, and rising costs of living, their lack of enthusiasm for Biden's re-election bid becomes increasingly understandable. The disconnect between the administration's rhetoric and the economic realities faced by average Americans poses a significant challenge for Biden's campaign moving forward.
