OPINION: This article may contain commentary which reflects the author's opinion.
President Joe Biden has been touting his “Bidenomics” plan and insisting that his economic policies have made the lives of Americans better.
But what they are telling pollsters is that Bidenomics has caused them to spend less this Christmas season and, in many cases, has them working more hours or working another job simply to afford the holidays.
In the survey, Empower’s 2023 holiday spending report, a whopping 74 percent of the 1,000 people polled said that inflation has caused them to spend less this holiday season, and 31 percent said they are working more hours to afford it, Fox Business reported.
“The survey shows that over a third (34%) are trimming their budgets in favor of saving this year, while others are cutting back on buying gifts or non-essential expenses like dining out to stay on track,” Empower representative Courtney Burrell said to Fox Business.
“How you allocate your holiday budget will depend on what’s most important to you – this year, you may prioritize travel to visit family that you typically only see during the holidays over decorations or cut back on social commitments in order to give yourself a larger budget for holiday gifts,” she said.
“Thirty-seven percent of respondents said they plan to spend less than $250 on gifts this year, and more than one in 10 told Empower they are budgeting more than $1,000,” the report said.
Still, numbers show that people are spending this holiday season as shopping over the Thanksgiving weekend broke records, and holiday shopping in general is expected to break records.
“However, the spending spree comes as U.S. consumers are already carrying record levels of credit card debt, and some experts are concerned a potential crisis is brewing as the balances rack up, and more people find themselves unable to pay them back – especially at today’s high interest rates,” Fox Business reported.
In October, a more devastating report on the economy came for the president.
A poll showed that only 39 percent of voters in four key swing states—Wisconsin, Arizona, Georgia, and North Carolina—have confidence in the president’s ability to handle the economy, RealClearPolitics reported.
Steve Cortes, the chairman and founder of the League of American Workers, said in a column posted to the site that the reason 77 percent of the voters surveyed said that the nation is on the wrong track is because of the economy.
Of the 39 percent that had a favorable opinion of the president’s handling of the economy, a mere 9 percent said they gave him “strong approval.”
“So, despite the propaganda of media apologists and cherry-picking of a small set of data points that appear temporarily uplifting, voters clearly understand their tough economic slog and place blame squarely upon Biden and his allies,” the author said.
“In fact, in separate polling from Gallup going back seven decades, Republicans have never before enjoyed a larger edge on the primary issue of the day, the economy. Combining that survey with this new LAW poll in battleground states, the harsh reality of economic anxiety becomes clearer, especially for citizens of modest means,” he said.
“Our new poll revealed, for example, just how worried workers are about the erosion of their earning power and their subsequent inability to pay soaring housing costs for rents or mortgages.
“In these four states, fully 39% of voters said that ‘Income Erosion’ was a top concern regarding the effects of systemic, punishing inflation. Americans work harder to afford less, as evidenced by the crushing 24 straight months of declining real wages under Biden, meaning pay adjusted for the costs of the goods and services of life,” he said.
More concerning for the president, another recent poll showed that his support among Democratic voters has cratered. Newsweek reported:
“President Joe Biden’s job approval rating among Democrats dropped by 11 percentage points in the past month for the worst assessment among his own party since he took office, according to a Gallup poll released on Thursday. The survey found Biden’s current approval rating among Democrats is 75 percent, a double-digit drop from September’s 86 percent.