Without question, Bidennomics has been a disaster for American families, with no relief in sight as the November election approaches, but Joe Biden and his supporters have done everything they can to gaslight and distort the situation.ir Economic disaster and country’s whole Economic Stagnation A cause for celebration.
Democratic cheerleaders are creating an alternate reality for you. Pay no attention to your rising bills. Technology layoffsInflation? Inflation of what? Perhaps the most outlandish interpretation so far comes from New Republic senior editor Brian Beutler in an essay on Substack: title, “Biden defeated Trumpflation and the Trump crime wave.”
Nobody wants to inherit this economy.
Beutler has been trying to distort reality from the get-go. Is “Trumphlation” real? When Joe Biden took office as president in January 2021, inflation rates were 1.4% In fact, under Donald Trump’s administration, then-Federal Reserve Chair Janet Yellen Said At some point inflation Too lowThen in May 2021, after President Trump left office, Yellen, who now heads the Treasury Department, said inflation would not be a problem going forward.
Under Biden, year-over-year inflation peaked at about 9.1% in June 2022, but the cumulative increase since he took office has been Approximately 20% The actual impact felt by consumers is even more severe, as measured by the Consumer Price Index.
“I don’t think anyone would question my premise. Republicans are Love “They’re going to take over this economy. They’re going to brag about how the economy is better the moment they get in power and they’re going to reap quick political benefits.” Both the author and the Democrats are detached from reality, but it’s already clear that they want to take over. this The economy? Well.
Nobody wants to inherit this economy.
Not only did Biden stoke massive inflation, he also overstated economic growth numbers, which are now declining, with first-quarter GDP coming in nearly 1 percentage point below expectations.
The growth is mainly The government is running a huge deficitThe U.S. deficit as a percentage of GDP is currently about twice its historical average. It is highly unusual for the deficit to be this large when the economy is growing. We need to raise more tax revenues. cut Budget deficits. Unfortunately, the Biden administration is doing the exact opposite, deficit financing to create growth, at a huge cost to taxpayers as interest rates approach 15-year highs.
This brings the national debt to nearly $35 trillion, with interest spending running at a run rate of $1.7 trillion. With no changes in spending or interest rates, debt service will soon become the largest government expenditure.
Believe it or not, it’s getting even worse: The Biden administration is weaponizing the US dollar, accelerating moves by central banks and governments to reduce their reliance on the US dollar as a reserve currency, which will ultimately make funding even more expensive for the US government.
Americans are also dealing with record-high household debt and a declining personal savings rate, which fell to less than half its historical average for the first three quarters of this year and is expected to remain low through March 2024. 3.2%.
In addition, key provisions of the Tax Cuts and Jobs Act of 2017, including reductions in individual income tax rates, begin to expire at the end of 2025.
Whoever wins in November will also have to address that issue.
Living in fantasy is a Democrat specialty, but no one, really no one, wants to inherit this fiscal mess. This is reality, and it can’t be faked.
