Inflation continues to be a thorn in the side of the American economy, despite what President Biden and his fellow Democrats would like you to believe. The year-over-year price hikes have held steady at 3.7% for the year ending in September, with core inflation (which excludes food and energy prices) dropping slightly to 4.1%. While these figures are lower than they were a year ago, they are still double the Federal Reserve’s target of 2%.
President Biden has seized upon these numbers as proof that his economic policies are working, dubbing it “Bidenomics in action.” But let’s take a closer look. Inflation stood at just 1.4% when Biden took office, but skyrocketed to 5% by May and peaked at a whopping 9.1% in June 2022. While it has since fallen somewhat, it has been hovering around 4% for the past few months and shows no signs of dropping further.
Republicans are quick to point out that this inflationary nightmare started with the passage of the American Rescue Plan, a $1.9 trillion spending spree pushed through by the Democrats without a single GOP vote. Ordinary Americans are feeling the squeeze, with Job Creators Network CEO Alfredo Ortiz blaming “reckless spending by the Biden administration and Congressional Democrats” for making them poorer. He called for government spending cuts to rein in the inflationary beast.
JUST IN: 🇺🇸 US Senator says Inflation in America is man-made, and that man's name is President Joe Biden. pic.twitter.com/DfdBjLgP61
— Watcher.Guru (@WatcherGuru) October 3, 2023
But Biden and his allies would rather deflect blame onto rising prices around the world, conveniently ignoring the fact that other countries aren’t experiencing the same level of inflation as we are. They also brush off concerns about the economy, with University of Massachusetts economics professor Gerald Friedman dismissing the 4% figure as no big deal. Apparently, we should all just get used to higher prices and be happy about it. Talk about out of touch!
It’s clear that the economy remains a weak spot for President Biden, with his average economic approval rating at a dismal negative 24 percentage points. Republicans are betting that voters have a longer memory than Biden would like, as prices have increased by about 20% since he took office, eroding Americans’ real wages and living standards. The GOP will continue to keep the heat on the economy, exposing the failures of Bidenomics and reminding voters of the impact it has had on their wallets.