President Joe Biden likes to brag about how his economic policies are soaking only the rich, and forcing the wealthy to "pay their fair share." But apparently nobody told the rich about that, because they are living larger than ever under Bidenomics. Federal Reserve data shows the top 1% of earners are sitting on more than a trillion in savings, and hold their most wealth since 1989. At the same time, average Americans are getting poorer, with higher prices for gas, groceries, utilities, rent, car insurance, etc.
"It has really been kind of the haves versus the have-nots," says Vance Ginn, Texas-based economic consultant. "This is what happens when you have higher government spending and taxes, and everything else...it takes more out of the private sector, and puts more into the hands of the upper-income folks, who they seem to want to tax more."
Ginn tells KTRH this phenomenon is also playing out in expensive blue states like New York and California, where there is a growing gap between the wealthy and the middle class. "They've pushed away a lot of the entrepreneurs and other earners," he says. "And the middle class and some of the lower incomes that can afford to move, they're moving towards more affordable places like Texas and Florida, with no personal income tax."
The bottom line is the Biden policies are actually hurting those they purport to help. "Bidenomics has really been a situation where those with higher incomes continue to do well, but everyone else is going to take a hit," says Ginn.