Joe Biden has sent the American economy into a tailspin.
But it’s about to get much worse before it gets better.
And now, one stunning report just revealed why “Bidenomics” has been a disaster for America.
If there is anything Joe Biden has left a mark on, it is the American economy.
And the results for nearly two years have been a complete disaster.
With America facing a looming recession in 2023, a collapsing stock market, a ballooning national debt, and an inflationary crisis unlike anything witnessed in decades, it’s little surprise that things are not going well under Joe Biden’s mismanagement.
But the true source of much of the economic pain that is gripping the United States is only now coming to light.
And the results have been staggering.
Fox Business reports, “The labor force participation rate was 62.1% last month, notably lower than the 63.4% mark it was at before the coronavirus pandemic struck the United States in March 2020.
“There are numerous reasons that unemployed Americans aren’t entering the workforce, including ongoing fears of COVID-19, disabilities such as ‘long COVID,’ and other care responsibilities. One factor that is contributing to the relatively low labor force participation rate is the combination of unemployment benefits and recently expanded Affordable Care Act (ACA) subsidies, according a new study by the nonprofit Committee to Unleash Prosperity.”
The results of this study show that in 14 states, it actually pays more to live off of the taxpayer than it does to work a real job.
And with the labor force participation rate collapsing to levels that are even lower than the peak of the COVID pandemic in March 2020, it is little surprise to see so many Americans choosing to collect a check from the government rather than show up to work.
But the reason why this is taking place is because of Democrat-backed policies like the kind that Joe Biden is pushing for at the federal level.
“In 14 states, unemployment benefits and ACA subsidies for a family of four with two people not working amounts to an annualized equivalent of $80,000 a year in wages and benefits, the study found. Those benefits come out to over $100,000 in three states – Washington, Massachusetts, and New Jersey,” adds Fox Business.
And in all but five of those 14 states, Democrats have been running the show for years.
What’s more, the top three states on the list have all been under universal Democrat control for decades.
In fact, of the top 10 states to go on welfare rather than work, eight of them would be classified as solid-blue states with strong Democrat majorities in the state legislature and the governor’s office. And just two of them would be classified as a red state.
But rather than do anything to solve this problem, Joe Biden is actually making it much worse.
Fox Business concludes, “The Inflation Reduction Act, which the Biden administration helped usher through Congress earlier this year, extended subsidies from the American Rescue Plan until 2025.”