Biden Brags About His Handling of Inflation
Over the past few years, the topic of inflation has become increasingly relevant in American households. As prices for basic goods and services continue to rise, Americans are feeling the financial strain. Joe Biden, in a recent speech in Milwaukee, Wisconsin, touted his economic record and claimed that inflation is decreasing. However, Americans aren’t falling for this garbage, as they see their expenses skyrocket.
Despite Biden’s claims, the evidence suggests that inflation is far from under control. According to a recent report, Americans paid $709 more for basic goods and services in July 2023 compared to July 2021, just months into Biden’s presidency. This increase in spending is also $202 more than July 2022. Mark Zandi, the chief economic analyst for Moody’s Analytics, highlights these alarming figures.
“In case you haven’t noticed, inflation is down, too — and it’s going lower,” Biden said during his Tuesday speech.
BIDEN: "In case you haven't noticed, inflation is down, too — and it's going lower!" pic.twitter.com/RUArfFCleQ
— RNC Research (@RNCResearch) August 15, 2023
BIDEN: "We have the strongest economy in the world! You're looking at me a little skeptical…" pic.twitter.com/fekdI5YJdF
— Townhall.com (@townhallcom) August 15, 2023
However, these statements seem disconnected from the reality faced by ordinary Americans. Gas prices, for example, have skyrocketed in recent weeks, reaching the highest prices seen in months. The national average for gas prices has surged to $3.86 per gallon, the highest since October 2022. House Speaker Kevin McCarthy aptly summarizes the situation:
“Real wages are down and gas prices are up. You are paying the price for failed leadership.”
Today, President Biden will tout his economic plan in Milwaukee, WI
“Bidenomics” costs Americans $709 a month to pay for the same goods they had just 2 years ago. Real wages are down and gas prices are up
— Kevin McCarthy (@SpeakerMcCarthy) August 15, 2023
Biden also asserted that the United States has the strongest economy in the world. Republicans point to a decline in real wages and the persistence of high inflation. In fact, inflation is currently 3.2%, nearly 2% higher than when Biden first took office. These statistics raise doubts about the strength of the economy and the effectiveness of Biden’s economic policies.
As the cost of living continues to rise, everyday Americans are feeling the pinch. Higher prices for essential goods and services are putting a strain on household budgets. Families are forced to allocate more money for groceries, gas, and other basic necessities, leaving less for discretionary spending or savings. These rising costs disproportionately affect low-income individuals and families who are already struggling to make ends meet.
During his visit to Milwaukee, Biden commemorated the passage of the “Inflation Reduction Act.” However, economists remain skeptical about the effectiveness of this legislation in combating inflation. Harvard University economist Jason Furman expressed his doubts, stating:
“I can’t think of any mechanism by which it would have brought down inflation to date.”
Furman’s skepticism raises questions about the true impact of the “Inflation Reduction Act” and its ability to address the pressing issue of rising costs.
One notable aspect of the “Inflation Reduction Act” is its significant investment in the green energy industry. While this investment aims to generate economic growth, Biden himself acknowledged that the legislation’s name may be misleading. He stated:
“I wish I hadn’t called it that because it has less to do with reducing inflation than it has to do with providing alternatives that generate economic growth.”
This admission raises concerns about the alignment between the objectives of the legislation and its actual impact on inflation.
Biden’s economic vision, often referred to as “Bidenomics,” is intended to promote economic growth, job creation, and reduced inequality. However, the persistent issue of inflation casts doubt on the effectiveness of these policies. While Biden claims that inflation is decreasing, the evidence suggests otherwise. Americans are experiencing the real impact of rising costs, making it imperative to reevaluate the strategies and policies implemented under the banner of Bidenomics.