Which Presidency Was Worse For Inflation?

While a recession hasn’t technically been declared in the U.S., roughly 3 out of 5 Americans believe it is. Consumer confidence in the economy has averaged nearly 28 points lower during President Biden’s term compared to former President Trump’s time in office. So why does the U.S. economy feel so awful for the average consumer despite all the positive data?

“I think that the economy is really top of mind for people,” said Joanne W. Hsu, the director of the Surveys of Consumers at the University of Michigan. “We are in a very strange situation where people don’t feel like they’re thriving in spite of many strong indicators in the economy.”

The Biden administration has presided over the highest inflation in 40 years, hitting a four-decade peak of 9.1% in June 2022. While declining since then, stubborn inflation has eaten into American consumers’ purchasing power.

In May 2024, the Heritage Foundation estimated that the average, inflation-adjusted, weekly paycheck shrunk by about 4.4%,,or $50, during President Joe Biden’s term. That’s despite the fact that wages have risen faster under Biden than under former President Donald Trump’s administration, according to calculation by Bankrate.

“When you have buying power that’s been eroded, what in the past might have seemed like a necessity is all of a sudden at risk,” said Mark Hamrick, a senior economic analyst from Bankrate. “It feels recession-like to many.”

Watch the video above to see why the U.S. is experiencing recession-like symptoms.

Chapters:
1:27 Trump’s advantage
3:52 Bidenomics
7:24 Inflation

Produced by: Juhohn Lee
Edited by: Nora Rappaport
Animation: Christina Locopo
Supervising Producer: Lindsey Jacobson
Additional Footage: Getty Images

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#CNBC
#Recession
#Economy
#Inflation

Which Presidency Was Worse For Inflation?

[CameronFussner]

Recessions are part of the economic cycle, all you can do is make sure you're prepared and plan accordingly. I graduated into a recession (2009). My 1st job after college was aerial acrobat on cruise ships. Today I'm a VP at a global company, own 3 rental properties, invest in stocks and biz, built my own business, and have my net worth increase by $500k in the last 4 years.

[erikk]

I'm getting stronger in my old age. I can now lift $100 in groceries in one hand.

[caseybills]

Our economy is struggling with uncertainties, housing issues, foreclosures, global fluctuations, and the pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[Millerj]

The FED knows. They aren't committed to attacking inflation. They are going to continue to inflate, stocks and commodities will continue to go up with everything else. You can't just sit on cash waiting for a crash, get your money working for you, start buying in slowly and then gradually increase the pace of buying as the prices continue to drop

[Alexanderjames-rvik]

At this moment, things appear to be odd. Inflation is reducing the value of the US dollar, but it is strengthening in comparison to other currencies and commodities like real estate and gold. People are switching to the dollar because they believe it is safer. I worry that the rising cost of living may cause the value of my retirement savings to decline. We could put our cash anywhere else.

[alexsteven.m]

Crash! Crash! Recession! Inflation! It’s getting depressing. I have about $100k in emergency fund and I have been seeing good news about the stock market and would like to gain from that since I can’t let my savings be corroded by inflation. What stocks should I into as a newbie to safely grow my money.

[Powerz]

The campaign shenanigans from both the red party and blue party is exactly what is stirring up this market panic. I have a little over 250k i wanted to put in the markets but I don’t know what direction to head now.

[CTajuara]

So bottom line, neither the corporations nor the politicians are responsible for this mess, but us, the consumers. Gotcha!

[NormanGhali]

Election is one of those things that could really contribute to portfolio growth and vice versa. I've been going hard with my investments this year and have been able to build up to 80k. Are there tips I could apply to help me grow my portfolio even more during this election season?

[mattycurtner]

this is total gaslighting toward the middle class.

[jmesa]

Inflation is our fault, folks! If we don't consume and the economy goes bad, also our fault! 😂

[zeekay]

Thinking that a McDonald's value meal is $5 or a starbucks coffee is $4 is all you need to know how in touch they are with inflation and the economy.

[martinsriggs]

With inflation at its highest level in four decades, recession is now "the most likely outcome for the economy". People wonder how to grow their portfolios to beat inflation and maintain a successful long-term strategy. I looked for investors who were making around $250, 000 in this troubled market. This is one more reason why you should save and invest to secure your income and ensure your success

[laronwilkes]

Not one mention of corporations that raised prices during the pandemic, then continued to raise prices (sometimes monthly) long after the supply chain issues were resolved.

[blckdiamonds]

Did this guy just blame inflation on consumers? 💀💀. Buddy definitely out of his mind.

[SetTheCurve]

The explanations of inflation in this video are absurd. The consumers didn’t save trillions. The supply chain didn’t make energy drinks more expensive. The real issue is adding 50% more money supply (printed money) in 2020-22. Where did those 7 trillion dollars go?

[techietenka]

CNBC just called out Americans for being in their feelings 😁. Pure gas lighting.

[r]

20$ billion just wasted today.…in the end it’s our fault….these mf are outrageous…

[thejedioutcast]

So in other words, its our fault and most of it is " just in our head " and " Vote Kamala " this November, gotcha.

[corporate-trauma]

Who cares about "how the economy" is doing, when people are living in vehicles and employed!