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September 7, 2023

Bidenomics Is Built on Lies

And Joe Biden’s economic policies are built on spending trillions of dollars we don’t have.

Two months ago, we rhetorically asked whether Joe Biden was really going to run for reelection on his economic record. Today, we can report that, yes, inasmuch as he’s actually running for reelection at all, Joe Biden is running on Bidenomics.

But here’s a stat you won’t hear him bragging about on his nonexistent “campaign” trail: The dollar has lost 17% of its purchasing power since he became president.

Think about that.

In addition, as the New York Post’s James Bovard reports, “Home mortgage rates have nearly tripled to 7.5%, and consumer credit card interest rates have almost doubled.”

This isn’t just other people’s money; it’s your money. And Joe Biden is making it disappear.

“My Administration has created more jobs in two years than any previous administration has created in the first four years,” Biden’s X (Twitter) account crowed back on June 27. “It’s no accident. It means our economic plan is working and this is only the beginning.”

But those claims of extraordinary job creation were just lies damned lies statistics. We all knew at the time that there was something wrong with that claim. We could feel it in our bones. And as the Claremont Institute’s Nick Short pointed out, our bones were right: “72% of all job gains since 2021 were simply jobs that were being recovered from the pandemic, not new job creation. Prior to the pandemic, job creation under Trump was 6.7 million — 3 million more jobs than the current president.”

So the vast majority of the jobs Biden is trying to take credit for are due to our economy having fallen off a cliff when his son’s overseas business partners unleashed COVID-19 on the world.

Since that time, the tangled web of Bidenomics has heaped one lie atop another, and his drunken-sailory spending policies have put us in a serious hole. As the Washington Examiner notes:

The U.S. government’s spending deficit of roughly $2 trillion for the fiscal year ending Sept. 30 is an atrocity perpetrated by President Joe Biden and congressional Democrats. It is a grave threat to America’s future.

Former Presidents Barack Obama and Donald Trump also had terrible records of spending unnecessarily and massively beyond what is prudent, but it took Biden and the Nancy Pelosi Democrats to make those terrible records look good in comparison. Biden and the Democrats have engineered a fiscal wreck.

Two trillion here, two trillion there, and pretty soon we’re talking about real deficits.

But to hear Biden talk about it, he’s a real deficit hawk. In fact, he’s told us so many times how he reduced the budget deficit by $1.7 trillion that he’s earned a “Bottomless Pinocchio” from no less a leftist shill than The Washington Post’s chief “fact-checker,” Glenn Kessler.

As the New York Post’s Bovard sardonically quips: “Biden said in May he wanted federal courts to rule that the president is entitled to unlimited spending thanks to his perverse interpretation of the 14th Amendment. But the real problem there — and with Biden’s reckless spending — is with the 13th Amendment, which prohibited involuntary servitude.”

Not even the Democrats’ friends at The Washington Post can believe the size of Biden’s fiscal shortfall. Indeed, about all they can say is that “the surge in red ink has confounded many economists’ expectations.”

Alas, what would we do without confounded economists?

One of those confounded economists, Jason Furman, a Harvard professor and former Obama administration economist, is utterly dumbstruck. “To see this in an economy with low unemployment is truly stunning. There’s never been anything like it,” he said. “A good and strong economy, with no new emergency spending — and yet a deficit like this. The fact that it is so big in one year makes you think it must be some weird freakish thing going on.”

Something weird is going on alright. Joe Biden is crowing about Bidenomics.

Talk about weird.

POSTSCRIPT: The legislative abomination that raised the debt ceiling and allowed Joe Biden to run up such a massive deficit was called — get this — the Fiscal Responsibility Act. Republicans from House Speaker Kevin McCarthy on down should hang their heads in shame not only for having agreed to such an Orwellian name but for not having used the constitutionally mandated power of the purse when they had the chance.

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