Biden’s failed policies have been exposed as the root of our runaway inflation crisis, thanks to White House economists digging into the numbers and unmasking his lies.
What’s even scarier is the trillion-dollar spending disaster caused by Biden, which has done absolutely nothing to combat corporate greed or create jobs – instead we’ve seen an unsustainable surge in inflation that threatens to completely collapse our economy.
Free Beacon reports, last week, White House economists acknowledged that the Biden administration’s spending may have increased inflation, months after the president dismissed the notion that his trillion-dollar plans would boost prices as “bizarre.”
Biden has maintained that he is not the cause of inflation.
According to the annual “Economic Report of the President,” past stimulus bills “could have contributed to high inflation” over the past two years. Rather than spending the money they received from pandemic assistance checks immediately, Americans saved some to make large purchases later, which increased demand and prices, potentially raising inflation.
The report continued “”If the drawdown of excess savings, together with current income, boosted aggregate demand, it could have contributed to high inflation in 2021 and 2022,”
Biden’s March 2021 American Rescue Plan, which cost $1.9 trillion, was one of the main reasons for inflation. As well as the Bipartisan Infrastructure Law, the Inflation Reduction Act passed by the president amounts to $443 billion and $550 billion, respectively.
The Federal Reserve Bank of San Francisco also pointed to Biden’s American Rescue Plan as a significant cause of inflation. At its peak in June 2022, inflation reached a 9 percent annual rate, the highest level in 40 years.
The President’s inflation reduction act continues to be the subject of finger pointing and accusations.
Fox News reports, Senator Joe Manchin, said Sunday that criticism of his apparent 180 on the Inflation Reduction Act is ridiculous.
Manchin wrote in his op-ed “Biden’s Inflation Reduction Act Betrayal” that the Biden administration is “set on violating and subverting the law to advance a partisan agenda that ignores both energy and fiscal security.”
Manchin also wrote “The administration is attempting at every turn to implement the bill it wanted, not the bill Congress actually passed. Ignoring the debt and deficit implications of these actions as the time nears to raise the debt ceiling isn’t only wrong, it’s policy and political malpractice,”
The corporate greed and reckless spending of the Biden Administration has put our economy in an unsafe position with surging inflation rates. Not only have Biden’s failed policies triggered this alarming situation, but the White House itself has admitted that his trillion-dollar spending stunts have directly contributed to the crisis. And, if that wasn’t enough to shock us, Biden and his cronies were caught lying about inflation – with WH economists having proof that his lies were indeed disproven. Such manipulation of facts and refusal to take responsibility are typical and unfortunately expected of the Biden government, but it’s still frightening to witness first hand how quickly and drastically their choices can harm our economy and potentially lead us toward a painful collapse.
Let’s continue this conversation, in the comments below.
