Although President Joe Biden has recently praised his economic performance, many Americans have faced intense economic pressure during his term in office.
Biden touted his economic legacy on Tuesday. speech At the Brookings Institution, he claimed that the United States had “entered a new phase of economic recovery.” The president also referred to the U.S. economy in his speech as “the best economy, the strongest economy in the world.”
“But all kidding aside, I came into office with a different vision for America that has remained consistent since my time in the Senate, good, bad and indifferent: to grow the economy from the middle to the bottom. . Invest in America and American products,” Biden said Tuesday.
“You know, four years later, we have evidence that this playbook is working, at least for now,” Biden added later in his speech.
Under the Biden-Harris administration, the US economy is plagued by inflation and high costs. Because of this, many Americans have repeatedly expressed dissatisfaction with the rising cost of living since President Biden took office and do not accept the president’s rosy picture of the American economy, experts told Daily Caller News. told the foundation.
“Inflation is a tax and it hits everyone,” Peter Earle, senior economist at the National Bureau of Economic Research, told DCNF. “It affects the poor, the business owners, and the working class and the rich. It discourages saving and drives people to spend they might not otherwise make. And when prices rise at different rates, Your ability to plan financially is compromised because your budget is more likely to become unbalanced.”
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“But that wasn’t the only issue that mattered to Americans,” Earle added. “A closely related factor is that the Biden administration and its minions lied about it constantly, to the point that it disgusted their own supporters. We were told that it was the president, gas station owners, greed, ocean shippers, etc. We were told that inflation was getting worse elsewhere in the world. It was an outrageous lie. And in one of his final gasps in the Oval Office, Biden tried to convince the bewildered American public that the inflation rate was actually above 9% when he took office. So while the damage caused by rising prices was significant, this lie convinced the American people that the Biden administration was more interested in lying about the problem than in addressing it.”
Much of the president’s four-year term was marred by stubborn inflation, but it has eased somewhat from its peak of 9.1% in June 2022. That year, the White House repetition Blaming Russian President Vladimir Putin for rising inflation and soaring gasoline prices after Russia’s invasion of Ukraine, Biden called the soaring gasoline prices at the time “Putin’s price hike.”
Some energy experts have expressed concern about Biden’s decision to release crude oil from the Strategic Petroleum Reserve for temporary relief from soaring prices ahead of the 2022 midterm elections, saying the move will He pointed out that this could put the United States in a vulnerable position amid tensions in Eastern Europe and the Middle East. The Middle East continued to rise. Under the Biden-Harris administration, US oil production will increase record The high level comes despite Biden’s previous promise to halt drilling on public lands.
“The Biden administration is basically pushing two things, both of which are disastrous for the economy,” Richard Stern, director of the Heritage Foundation’s Grover M. Herman Center on the Federal Budget, told DCNF. “They have pushed for massive increases in government spending, which are actually a form of redistribution of wealth from productive industries to businesses and industries favored by presidents, politicians, and unelected bureaucrats. There’s… The other thing, of course, is the tremendous scale of the Biden administration, which is that the increased regulation will hinder the economy from actually coming together and efficiently producing the goods and services that workers and employers want to enjoy. ”
Inflation rose slightly in November, with the Consumer Price Index (CPI), a broad measure of the prices of everyday goods, rising by 2.7%. According to for Wednesday’s report from the Bureau of Labor Statistics. CPI increase rate in November met expectations However, it was higher than the 2.6% increase in October. (Related article: It took just 12 months for nearly 1 million Native-born jobs to disappear under the Biden-Harris administration)
some economist They argue that excessive government spending under the Biden-Harris administration has further accelerated inflation. The current administration often leans toward large amounts of government spending, such as the American Rescue Plan and the Inflation Control Act. The latter is criticized as a “huge down payment on a Green New Deal” that failed to lower prices.
During his term as president, Biden has imposed $1.7 trillion in new regulations as of Dec. 13 since taking office in January 2021. analysis I found this from an American action forum. Under the Biden administration, the national debt will exceeded The federal budget deficit for fiscal year 2024, which ends Sept. 30, will reach $1.8 trillion, up from $36.13 trillion as of Monday. According to to the Congressional Budget Office.
Since taking office, the Biden-Harris administration has approved Over $175 Billion in Student Debt Relief and Appropriate Allocation Over $100 billion To Ukraine, where the conflict with Russia continues.
“I remember some things about him [Biden’s] “We determined that the policy was completely ill-informed, misguided and bullish, and created a dire burden on the American people,” Stern told DCNF. “We looked at centuries of information to confirm that when governments spend money recklessly, print money, and create inflation, it’s average Americans who feel the burden. And we’ve seen it in the United States, we’ve seen it around the world, and we’ve seen it throughout human history.”
“His realistic assessment is that [Biden’s] “His economic legacy will be that he deliberately and recklessly copied historically failed economic policies,” Stern added.
Stocks basic necessities and kitchen essentials increased Prices are high, and many Americans have struggled to buy groceries in recent years. In 2023, Americans spent an average of 11.2% of their personal disposable income on food. According to Submit to the United States Department of Agriculture (USDA). In 2023, food accounted for 12.9% of total household spending in the United States. According to to the USDA.
Inflation has severely deprived many young Americans of milestone opportunities such as buying their first home, and the median home sale price in the U.S. rose from $327,900 in the third quarter of 2020 to $1. There is.
The economy is a top issue for many registered voters heading into the 2024 presidential election, with 52% saying the economy is “very important” and 38% of voters saying the economy will be “very important” in encouraging them to vote. It was rated as “very important”. According to According to a Gallup poll released on October 9th.
“Biden sought to create huge government spending programs, subsidize unproven technologies, and create postmodern policy initiatives and regulations, all while adding trillions in debt and massive deficits. created. [Biden’s economic agenda] was a huge success,” Earl told DCNF.
“The economic and personal financial pressures facing most Americans today are unlike anything since the 1970s,” Earl added.
The White House did not respond to requests for comment from DCNF.
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