The state of the economy is one of the biggest sore points for the Biden administration. And Joe is only making it worse.
Now President Biden has even more awful news for Americans about the future of the economy.
Inflation is out of control, energy costs are skyrocketing, the stock and housing markets are collapsing, and economic growth is stalling.
The tremendous difficulties that Biden caused the nation, such as trillions of dollars in needless, wasteful spending on left-wing special interests, have the U.S. economy teetering on the verge of a severe recession.
While the economy is in trouble, President Biden has continually given reasons why nothing that happens is ever his responsibility or why it is the product of the radical left-wing ideology of the Democrats.
He made an attempt to pin the rise in inflation and gas prices on Russian President Vladmir Putin after the conflict between Russia and Ukraine broke out.
President Biden first referred to “Putin’s price hike” as the cause of the working class Americans’ rising cost of living.
Biden is now altering his economic stance in light of major Wall Street banks’ and business leaders’ forecasts of an impending recession.
Biden cautioned Americans during a press conference at the White House that the economy would see “setbacks” on the way to recovery.
“It’s going to take time to get inflation back to normal levels as we keep our job market strong, so we could see setbacks along the way — I don’t doubt that — but thus far we’re in good shape,” Biden noted.
President Biden’s messaging has abruptly changed now that the midterm elections are finished.
In the past, he had said that inflation was “transitory,” but now he says it has “peaked” and reduced prices are just around the way.
Biden attempted to claim that food store prices were “down slightly,” which is in direct opposition to his government’s own data as well as the firsthand knowledge of every working-class American who, unlike the majority of career politicians, does their own grocery shopping.
The cost of food in grocery stores has increased 12.4% since this time last year, according to the Biden Department of Labor’s most recent data on inflation.
President Biden has pledged that he is “laser focused” on reducing inflation and that the disastrously misnamed $740 billion “Inflation Reduction Act” will take effect in six weeks.
Spending hundreds of billions of public dollars on radical left-wing special interests’ wish lists—including green energy and Obamacare giveaways—while doing little to lower inflation—is known as the so-called “Inflation Reduction Act.”
Democrats exploited inflation as a selling point for the law to encourage more unpopular socialist spending.
Even Senator Bernie Sanders (I-VT), who spoke during the bill’s debate, acknowledged that the legislation won’t have any impact on reducing inflation.
On Fox News, former Vice President Mike Pence ripped against President Biden’s misplaced economic confidence.
In the midterm elections, he claimed that one among the factors contributing to Republicans’ victory in the U.S. House majority was the Biden economy.
“What we are witnessing in the Biden administration — whether it be the runaway spending, whether it be flatlining defense spending, whether it be tax increases, driving a recession and inflation in this economy — one policy after another just seems almost intent on weakening America at home and abroad,” Pence explained. “It’s one of the reasons why we won back the House of Representatives.”
Joe Biden has run out of justifications for his economic shortcomings as a severe recession looms.
Stay tuned to Prudent Politics.