The Biden Economy: The Wealthy Talk About How Hard They Have It

Ephrom Josine
5 min readJan 7, 2024

On 12/7/2023, the left-wing X (formally known as Twitter) user Shaun posted the following regarding the discussion around the economy of Joe Biden:

a timeless battle: well-off political commentator whose experience of the economy is looking at line graphs vs regular person whose experience of the economy is how much rent and food cost

First off, I feel the need to note that even a “well-off political commentator” experiences the economy outside of merely looking at graphs. Shaun says the “regular person” experiences the economy through “how much rent and food cost.” But wealthy people purchase food as well, and anybody who purchases anything or has any kind of job “experiences the economy” in one way or another.

I also want to point out how Shaun is dismissing looking at data over anecdotes, but the reason why people who are interested in actually studying the economy look at these graphs is because, in a nation with over three hundred million people, you can find a “regular person” who will tell you basically anything. You can find people who are doing better economically under Biden than they were under Trump, just as you can find people who are doing worse.

Let me put it like this: Nobody would make the claim that the Speculator Boom in the Baseball Cards and Comic Book industries in the 1990s and the crash of those two shortly after were representative of the economy at the time. In the same regard, nobody would argue that the Video Game Crash of 1983 serves as a good microcosm for what the economy in the Reagan years looked like. Given these were massive industries at the time of their collapse, one is forced to wonder how exactly the experiences of just one “regular person” could serve as a good indicator of how the economy looks.

However, I should also take a minute to note just who many of these “regular people” actually are. As I noted in my sarcastic reply, one particular tweet I came across months beforehand came to mind the second I saw this:

A third of Americans earning $150,000 a year or more say they’re living paycheck to paycheck and many rely on credit cards to close the gap, per Moneywise.

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Ephrom Josine

Political Commentator; Follow My Twitter: @EphromJosine1