'The Big Money Show' co-host Brian Brenberg weighs in after President Biden claimed he inherited an economy that was 'on the brink'
Inflation, interest rates and immigration – the three I's – have created a toxic economic mix for the bottom 50% of American wage earners during President Joe Biden's first three years in office. The State of the Union address shows that Biden still does not understand why lower income citizens have had it with being force-fed his foul concoction.
His three I's policies have created a Reverse Robin Hood Effect, robbing from the neediest and giving it to the richest. Indeed, in former President Donald Trump's first three years, the top 1%'s share of financial assets was virtually unchanged, rising just 0.6%. In the same amount of time under Biden, it has increased 4.9%. The opposite has been true for the bottom half of the income distribution. Their share of financial assets has been flat under Biden but rose 13% under Trump.
While inflation adjusted average hourly earnings rose 2.4% during Trump’s first three years in office, they have declined 2.2% under Joe Biden. In short, work has been devalued in Joe Biden’s economy, and American families are not keeping up with food and housing.
FIRST ON FOX: MAJOR CONSERVATIVE GROUP UNVEILS BIDENOMICS.COM TO TARGET PRESIDENT'S ECONOMIC POLICIES
Biden tried to give the American public a scapegoat for his resounding economic failures, blaming the rich and singling out billionaires and earners over $1 million........