During a CNN panel on December 6, 2024, Staten Island Councilman Joe Borelli delivered a strong critique of President Joe Biden’s economic performance. His comments struck a chord with conservative audiences, highlighting dissatisfaction with how the administration manages inflation and wages. Borelli’s remarks shifted the discussion from the topic of Jeffrey Epstein to the pressing economic concerns facing Americans under Democratic leadership.
Borelli did not hold back. He stated, “Your dollar is worth 20% less right now today because of 21% CPI inflation under Joe Biden.” This figure lays blame squarely on the administration for a decline in the purchasing power of everyday Americans. He followed up with a stark reality: “Your wages are $3,000 less because your average salary, real American wages, went down by $3,000… that’s a JOE BIDEN thing!” By attributing these economic challenges directly to Biden, Borelli pointed to the everyday struggles of many families.
The virality of Borelli’s comments on social media illustrates the powerful resonance of his message. He referenced Bureau of Labor Statistics data, which shows that inflation under Biden has climbed approximately 21% since January 2021. Essential goods have significantly increased in price, creating a stark contrast to the nominal wage increases many workers may see on their paychecks. However, real wages—which account for inflation—paint an even bleaker picture, with average weekly earnings shrinking nearly 4% from early 2021 to the end of 2022.
“This really hits people at the gas pump and the grocery store,” Borelli remarked, emphasizing the tangible effects of economic policies. He positioned himself as a champion for middle-class families, declaring, “You don’t need an economist to tell you you’re worse off—you see it every week.” His assertion resonates with those feeling the financial pinch in their daily lives.
In contrast, President Biden and his economic team highlight positive job growth and a reduction in official unemployment rates as signs of a recovering economy. Yet for many Americans, the sense of recovery feels out of reach. The Heritage Foundation has characterized inflation as a “stealth tax,” disproportionately affecting families with fixed incomes and those just starting out in their financial journeys.
The political landscape complicates this economic assessment. While the Biden administration promotes initiatives like the Inflation Reduction Act and student debt relief, critics argue that these have only intensified inflation due to increased government spending. The Committee for a Responsible Federal Budget noted that Biden’s policies could add over $4.9 trillion to projected federal deficits by 2031, particularly impacting inflation in the upcoming years.
The discussion on CNN highlighted deeper divides. Liberal commentators pointed to external factors such as global supply chains and the war in Ukraine as key drivers of inflation, while Borelli countered that these are excuses that neglect the administration’s role in financial mismanagement. “Other countries didn’t fuel it with trillions in stimulus checks and regulatory chokeholds,” Borelli argued, further elevating the stakes of the debate.
The labor market also presents a mixed picture. Although 14 million jobs were added during Biden’s presidency, many of these are merely a recovery from pandemic-related losses. Labor force participation remains inconsistent, and growth in manufacturing jobs has stagnated, defying promises of revitalization in key regions. Additionally, consumer confidence is waning, with a University of Michigan survey showing that only 34% of Americans feel more financially stable than a year ago.
This scenario sets the stage for the upcoming election cycle. With stagnant real wages and rising living costs, Republican candidates are gaining momentum by addressing issues that matter to everyday people. Former President Donald Trump has tapped into this voter frustration, proposing tariff rollbacks and tax cuts to stimulate domestic manufacturing and rectify supply chain woes, despite his own administration’s prevailing inflationary challenges.
Even as the monthly Consumer Price Index has slowed, this has not alleviated the burdens families face. While data indicates some easing in inflation rates, food prices have surged over 24% since 2021. Significant increases in staple products like meat and dairy persist, while housing costs see no relief as rental prices remain elevated—driven by shortages and delays in housing development.
Public sentiment reflects discontent with the current administration’s economic leadership. A Pew poll revealed that only 28% of respondents trust Biden to manage inflation effectively, a decline from 54% in April 2021. Furthermore, 64% of voters feel they are worse off financially compared to 2021, a trend evidenced by the spike in revolving credit card debt, which hit a record $1.34 trillion by October 2024.
Borelli’s impactful moment on CNN underscores a broader sentiment among voters, where economic realities take precedence over abstract economic metrics. Mark Goldwein, Policy Director at the Committee for a Responsible Federal Budget, noted, “Voters care about kitchen table economics more than macroeconomic charts.” He emphasized that even with some moderation in inflation, families grapple with wages that do not stretch far enough.
As the Biden administration navigates these pressures—balancing the defense of its economic record against the need for additional stimulus—fiscal experts caution that new spending initiatives could spark another wave of inflation, entangling the administration in a challenging economic cycle. In the closing moments of the CNN segment, the conversation revisited whether Trump could successfully revive the economy. Borelli summarized the prevailing sentiment: “The Democrats broke it, and now they expect Trump to fix it again.” For countless Americans battling high costs and decreasing real wages, that message carries significant weight, especially in key battleground states where economic worries loom large.
"*" indicates required fields
