FINANCIALLY F*CKED! Bologna Sandwiches and Tent Cities with Biden Economics!

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In a damning indictment of the Biden administration’s policies, American voters, including a significant portion of Democrats, express profound dissatisfaction with their financial circumstances under President Joe Biden, as reported by the Financial Times.

A mere 18% of Democrats assert that they have experienced any improvement in their financial situation since Biden assumed office in January 2021. Shockingly, a paltry 6% claim to be much better off, according to a poll jointly conducted by the FT and the University of Michigan’s Ross School of Business on registered voters. The disillusionment extends across the political spectrum, with a meager 14% of all voters believing they are financially better off than before Biden’s tenure.

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Erik Gordon, a professor at Michigan’s Ross School, emphasized the widespread concern over escalating prices, stating, “Every group — Democrats, Republicans, and independents — list rising prices as by far the biggest economic threat… and the biggest source of financial stress.” This alarming sentiment poses a significant challenge for Biden, especially given the limited options available to reverse the perception of soaring prices before election day.

The overarching financial concern for Americans revolves around escalating prices, with a staggering 82% identifying it as their primary stressor. Approximately 75% express the belief that rising prices pose the most substantial threat to the U.S. economy in the coming six months. Despite a recent deceleration from the peak of 9.1% inflation in June 2022 to 3.7% in August and September, inflation remains well above the Fed’s 2% target. Many economists attribute this surge to Biden’s lavish spending initiatives, including the $1.9 trillion American Rescue Plan and the $750 billion Inflation Reduction Act.

The adverse effects of high inflation are tangible, with 65% of respondents reporting reductions in expenditure on non-essentials like vacations or dining out, while 52% have had to cut back on spending for necessities like food.

The financial strain has forced many Americans to resort to debt to meet their daily expenses, resulting in credit card debt reaching an unprecedented all-time high of $1.08 trillion in the third quarter of 2023. Disturbingly, borrowers increasingly struggle to meet their obligations, leading to a rapid surge in delinquencies, particularly for credit cards and auto loans.

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The poll reveals a stark lack of confidence in Biden’s economic policies, with only half of Democrats believing that they have positively impacted the economy to some extent. Slightly over a quarter of American voters share this sentiment, while nearly half of those surveyed assert that the president’s policies have harmed the economy to some degree.

Comparisons with a similar poll conducted four years ago under former President Trump paint an even bleaker picture for Biden. Respondents were pessimistic during Trump’s tenure but displayed less negativity than under Biden, indicating a decline in public confidence.

The poll, conducted between Nov. 2 and 7 on 1,004 registered voters across the country, carries a margin of error of ±3.1%.