The American dream seems to be crumbling, particularly under Biden’s economic policies. As people flee states like New York and California, some experts suggest that the worst is yet to come. Biden’s economy could turn into an American nightmare.
Fleeing Liberal States
People are leaving states like New York and California to escape high living costs, heavy-handed policies, and crime. However, experts warn that these happy migrants could face new challenges created by the Biden administration’s economic approach.
The pandemic made many realize that working from home was viable, offering a chance to leave expensive cities. But this shift might not save them from looming economic downturns.
For the first time, California saw a decline in population, losing more than half a million people between January 2020 and July 2022.
California lost over $340 million in tax revenue in 2021 due to this migration. New York wasn’t far behind, losing nearly $300 million.
Red State Appeal
People are moving at a rate not seen since 1990, possibly even before that. Once people leave, they rarely return, indicating a long-term trend.
Even though cities like New York and LA are trying to revamp, it’s nowhere near the pre-pandemic boom. People continue to move to states like Texas and Florida that align with their values.
People are seeking states with lower taxes, better business policies, and improved quality of life. This has kept migration to red states strong since its peak in 2021.
An Unsettling Economic Future
New York’s financial backbone has been severely weakened, and the city faces challenges in repurposing empty buildings, adding to its woes.
Experts worry that the worst is yet to come, considering factors like the resumption of student loan payments, describing it as a “wild card.”
All Is Not Lost in NY
However, it appears some people, mostly from international markets, are still moving to New York’s suburban areas, showing that the city hasn’t entirely lost its appeal.
Inflation and supply chain issues have driven up the costs of everyday items. This could compound the struggles of the average American household.
Despite low unemployment and increased interest in travel, household savings are dwindling, mainly because everything has become more expensive.
Government measures to control inflation and other economic issues have largely been ineffective, leading to a possible negative impact on Americans’ financial well-being.
While incomes have not increased, prices have, essentially pushing Americans backward financially at an alarming rate.
Personal Financial Responsibility
Experts suggest that Americans should focus on building substantial emergency reserves rather than relying on government solutions to fix the economy.
Americans are advised to create their own economic solutions as Biden’s economic policies appear to be setting the stage for significant problems.
The post The American Dream Turned Nightmare: The Dire Impact of Biden’s Economy on the Average Citizen first appeared on The Net Worth Of.
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