The Harsh Economy under Biden – Washington Examiner

The Impact of Bidenomics on the Economy

Economist Milton Friedman once defined inflation as “too much money chasing after too few goods.” Under President Joe Biden’s economic agenda, this description holds true.

For nearly four years, Biden’s policies have saturated the market with federal stimulus while constricting the supply of goods and services through increased taxes and regulations. This has led to a cost-of-living crisis and a declining economy.

Bidenomics: A Departure from Traditional Values

The principles of free enterprise, fiscal responsibility, hard work, and self-reliance that once shaped the world’s largest economy have given way to Bidenomics. This new approach is characterized by excessive bureaucracy, unchecked spending, and a reliance on government assistance.

The Impact of Biden’s Policies

Biden’s key legislation, the “Inflation Reduction Act,” has raised taxes on job creators, expanded Obamacare subsidies for the affluent, and provided wasteful tax breaks to green energy companies. His policies have incentivized staying home over returning to work, leading to labor shortages and increased poverty rates.

The Economic Consequences

The onslaught of rules and regulations on small businesses, along with the assault on domestic energy, has raised production costs across various sectors. As a result, the economy is struggling, with GDP growth declining and consumer confidence waning.

The Inflation Crisis

Under Biden’s administration, inflation has soared to 9.1%, well above the Federal Reserve’s target. Families are feeling the pinch, with prices rising by nearly 20% since Biden took office. This has eroded real wages and increased household debt.

The Road to Recovery

To combat these economic challenges, it is imperative to curb spending, promote economic growth, and restore fiscal responsibility. By implementing policies that reduce waste, incentivize work, and foster growth, we can pave the way for a brighter economic future.

CLICK HERE TO READ MORE FROM RESTORING AMERICA

A Call to Action

To secure America’s economic prosperity and global influence, we must prioritize economic freedom, fiscal responsibility, and sustainable growth. The future of our nation depends on our ability to navigate these challenging times with prudence and foresight.

Jodey Arrington is an American politician serving as the U.S. representative for Texas’s 19th Congressional District.

Read More of this Story at www.washingtonexaminer.com – 2024-07-10 10:30:00

Read More US Economic News

Leave A Reply

Your email address will not be published.