Biden’s Economy Hits Gen Z Hard as Inflation Peaks at 9% Yet Recovery Looms
President Joe Biden's economic policies have led to a peak inflation rate of 9%, with a cumulative increase of over 20%. Meanwhile, the jobless rate for young men aged 20 to 24 stands at 9.1%. However, there are signs of economic recovery, with a potential 4% growth rate on the horizon.
A new study by Sage reveals that Generation Z's consumer sentiment is at its lowest in at least 50 years, with high levels of pessimism. This is partly due to Biden's policies, which have included regulatory obstacles and green initiatives that have hindered private housing development, contributing to increased rental and home purchase prices. However, working folks have recouped about a third of the affordability loss due to rising wage incomes and declining inflation.
The Walmart Thanksgiving meal is now 25% cheaper compared to last year. There are also signs of economic recovery, with the potential for refunds of up to $200 billion for individuals next year. Under Trump's administration, the inflation rate was reduced to about 2.5%, and the average gasoline price fell below $3 in 28 states.
Despite the challenges posed by Biden's economic policies, there are indications of recovery, with potential economic growth and increased incomes. However, the impact of these policies on young voters, particularly Generation Z, remains a concern.
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