Steve Forbes, the Editor-in-Chief of Forbes, shared his perspective that the average American’s financial situation has worsened under President Joe Biden compared to the era of former President Donald Trump.
Forbes, speaking on “Rob Schmitt Tonight” on Wednesday, highlighted the economic disparity in the current economy. He observed that while the spending of high-income Americans is buoying the economy, those on the lower end of the income spectrum are increasingly struggling.
Forbes criticized the economic policies of the Biden administration, suggesting that they have inadvertently harmed those in the lower income brackets. “In their efforts to assist, they’ve actually caused harm, particularly to those at the bottom of the economic ladder,” Forbes remarked.
He further elaborated on the challenges faced by average Americans, noting that many now need multiple jobs just to keep up with their expenses. “The median household income is currently lower than it was during Trump’s presidency,” Forbes pointed out.
Forbes also commented on the Biden administration’s economic achievements over the past four years, arguing that everyday experiences such as shopping and paying bills reveal the true state of the economy.
Despite the U.S. economy’s growth of over 5% in the third quarter of 2023, as reported by Axios and estimated by the Department of Commerce, concerns about rampant inflation persist.
This economic uncertainty was echoed by Jamie Dimon, CEO of JPMorgan Chase, at The New York Times’ 2023 DealBook Summit. Dimon cautioned the audience about the potential for a recession. “There are numerous factors at play that are inflationary. Be prepared for the possibility of rising interest rates and an ensuing recession,” Dimon advised, as reported by CNN.
