Want to know why Americans have unprecedented levels of economic pessimism?
\u201cAmericans have received a pay cut for 24 consecutive months \u2014 the longest streak in American history \u2014 as inflation has persisted,\u201d noted Speaker Kevin McCarthy on Monday.
In January of 2021, average weekly earnings after inflation stood at $338.57.
Now? It\u2019s $326.40.
That\u2019s a haircut of 3.6% over two years, a per-worker loss of around $7,400.
All since President Joe Biden took office and launched into a drunk-sailor spending spree coupled with a war on domestic energy production.
Nominal pay has risen a bit, but Biden\u2019s reckless handouts \u2014 which have only two years into his term added some $6.5 trillion to the nation\u2019s debt burden \u2014 triggered roaring inflation that\u2019s only now starting to cool even mildly.
But it\u2019s still red hot at \u201conly\u201d 5%.
No wonder a record 69% of Americans, per a new CNBC survey, hold negative views on the present and future economy.
A record 78% of Americans think their kids won\u2019t be better off, per a March WSJ survey.
After all, Biden\u2019s debt-digging has put the nation on pace to pay more in interest on the federal debt \u2014 some $10.5 trillion \u2014 over the next decade than it has paid so far from 1940 until today.
And his budget proposal includes some $5.5 trillion in tax hikes to fund jacked-up spending of $6.9 trillion, to saddle us with $51 trillion in debt over the next decade.
Which makes Biden\u2019s brinkmanship over the debt ceiling \u2014 which needs to be raised by June to avert disaster \u2014 all the more ugly.
House Republicans are asking for mild spending restraint in exchange for raising the debt limit; Biden won\u2019t even discuss it.
He not only won\u2019t face how his policies leave average Americans losing ground, he won\u2019t even discuss a course adjustment to avoid a national default.<\/p>\n\n\n\n