Staff Reports
President Joe Biden recently rolled out the red carpet for his economic accomplishments, claiming the U.S. has officially entered a “new phase of our economic resurgence.” At the Brookings Institution, he called the U.S. economy the best in the world, which is quite the claim given the current state of financial affairs many Americans are grappling with. It seems the president has mistaken a sunny outlook for tangible results, and the average American is still waiting for the paycheck that matches this optimistic vision.
Biden has long pushed the idea of an economic strategy that focuses on “growing the economy from the middle out and the bottom up.” For those who need a refresher, this essentially translates to hoping that the tides will lift all boats—except right now, many boats are stranded on a rocky shore. While he praises an increasing economy, the reality is that Americans are squeezing their budgets tighter than ever before, with inflation stubbornly clinging like an unwanted relative at Thanksgiving dinner. The narrative of prosperity rings hollow in households where stretching dollars to cover groceries and gas has become a competitive sport.
Biden/Harris’ failed Economic policies made Americans Poorer causing upcoming RECESSION!
Costs $11,400/yr more to live-40yr High Inflation
Highest Consumer Debt in History
Home foreclosures up 117%
Bankruptcies: Personal up 68% Businesses up 34%
Unemployment benefits highest in 3… pic.twitter.com/4oKlrkBi5W— Wayne Dunlap (@wdunlap) December 11, 2024
Economists have been shaking their heads at the Biden administration’s insistence on pinning inflation—higher than a kite—on external factors like Vladimir Putin and skyrocketing gas prices. While blaming the “Putin price hike” may score some points in the blame game, it does little for the family struggling to pay for their kid’s college or even a trip to the grocery store. Instead of addressing the true underlying issues, it appears the Biden administration has taken a page from the “Deny, Deny, Deny” school of political strategy.
The pain extends beyond the ordinary American; it slaps middle-class families, business owners, and even the wealthy. Inflation acts like a brutal tax that hits everyone. One economist pointed out that excessive government spending fuels this fire, which is exactly what the Biden administration has been doing with a wild abandon. The so-called American Rescue Plan and the dramatically misnamed Inflation Reduction Act have delivered anything but relief, as they seem less about putting dollars back in consumers’ pockets and more about inflating budgets to astonishing new heights.
As if unprecedented inflation wasn’t enough, Biden’s regulatory agenda is inflating more than just prices. With over $1.7 trillion in new regulations since taking office, many see the administration as a regulatory machine that has stymied economic growth while piling on red tape. It’s hard to find optimism when basic necessities are taking up more and more of disposable income. In 2023, Americans spent an average of 11.2% of their disposable personal income on food, something that routine grocery shoppers could beg to differ on.
Biden strolled into office promising the world but has inadvertently handed Americans a case of economic indigestion. With record housing prices and a national debt now exceeding $36 trillion, families are feeling the pinch more than ever, and the upcoming election is poised to put the economy front and center. For conservatives, the warning signs are clear: if the American people could speak directly to their elected officials, they might not sing the praises of a so-called economic resurgence but instead cry out for accountability in leading the country away from financial chaos.
