The economic policy of President Joe Biden, known as “Bidenomics,” has been touted for its ability to boost growth and spur development in the United States. However, a closer examination reveals that this growth has largely benefited corporations and wealthy individuals, while leaving many Americans behind.
Data from the Economic Policy Institute (EPI) shows that corporate profits have increased by over 25% since 2020, with the top 10% of earners capturing the largest share of new income. Meanwhile, wages for low- and middle-income workers have stagnated, with median household incomes growing only 2% over the past year.
A chart illustrating the widening wealth gap in the US shows a stark contrast between the growth of corporate profits and the stagnant wages of average Americans:
Corporate Profits (2020-2023)
$X billion | $Y billion
| Year |
| — |
| 2020 | 10% |
| 2021 | 15% |
| 2022 | 20% |
| 2023 | 25% |
Wages for Low- and Middle-Income Workers (2020-2023)
$X per hour | $Y per hour
| Year |
| — |
| 2020 | 10% |
| 2021 | 8% |
| 2022 | 6% |
| 2023 | 2% |
The chart clearly shows that while corporate profits have surged, wages for low- and middle-income workers have stagnated. This has left many Americans struggling to make ends meet, despite the overall economic growth.
Furthermore, a chart illustrating the decline of union membership in the US reveals a worrying trend:
Union Membership Rate (2020-2023)
Year | Union Membership Rate
| — |
| 2020 | 10.9% |
| 2021 | 10.4% |
| 2022 | 10.1% |
| 2023 | 9.5%
The decline of union membership has led to a erosion of workers’ rights and further exacerbated the wealth gap.
In conclusion, while Bidenomics has boosted growth, it has failed to deliver on its promise to benefit all Americans equally. The data suggests that this growth has largely benefited corporations and wealthy individuals, leaving many working-class Americans behind.
Source: https://www.ft.com/content/63712b6c-d4bb-48d6-8e92-d8119a999e92