The Patriot Post® · Thanks to Bidenomics, Inflation Is Rising Again
If it really is “the economy, stupid,” as James Carville famously insisted, then Joe Biden and company are cruising for a bruising come November 2024.
Ironically, Biden has embraced his mess of an economy and gleefully branded it “Bidenomics.” In doing so, Team Biden has sought to spin this demonstrably bad economy as really not bad at all. In fact, according to Biden, it’s doing great.
Leftmedia talkingheads mostly go along with the gaslighting. In early August, Newsweek published an article declaring: “Biden’s Economy Is Booming. Here’s Why You’re Not Feeling It.” The article quoted a former economic adviser for Ronald Reagan, Arthur Laffer, who said, “If I were a Biden economist today, I’d be smiling.” Why? Well, according to Laffer, “Inflation numbers are coming way down, employment numbers appear to be strong, real wages for the first time appear to be increasing, the GDP number is 2.4 percent — that at least in recent historical context is pretty damn good — the stock markets had 11 straight days of positive.”
At that moment, he was right, but today’s economic news is telling a different story. Inflation has reversed course and is rising again for the second straight month. It’s now back up to 3.7% over last year after a monthly jump of 0.3%. Meanwhile, for the third straight year, Americans’ inflation-adjusted median household income has decreased, down another 2.3% from last year.
The reality is that Bidenomics after a pandemic is making Americans poorer. Everything costs increasingly more in Biden’s America.
Speaking of being poorer, that “lowest unemployment” rate Biden boasts about hasn’t translated into reducing the poverty rate. Last year, poverty in America rose to double digits, coming in at 12.4%, which was up from 7.8% in 2021 and 5.2% in 2020. For Democrats who have a long history of complaining over any kind of wealth gap in America, Biden has been far worse for the country than Donald Trump ever was with those supposed “tax cuts for the wealthy.”
It’s not just Biden’s massive spending programs that have resulted in this negative economy; it’s also his war on fossil fuels. The price of gas hit an all-time high last summer and has still not come back down to anywhere near the price when Trump was in office. Last month, overall energy prices rose 10.6%, which was the leading factor contributing to the jump in inflation.
Meanwhile, Biden keeps pumping money into his EV crusade, as he seeks to push Americans into buying expensive vehicles that the majority can’t afford and that are simply not practical enough for their everyday needs. Just this week, the Biden administration announced another $100 million in federal funding to bolster the availability of public EV charging stations.
According to Transportation Secretary Pete Buttigieg, “This funding represents the latest step toward building a convenient, affordable, reliable charging network that reaches every corner of our nation.” His “generosity” is too late for Energy Secretary Jennifer Granholm and her EV misadventure, but this income redistribution will help ensure that inflation continues to be a problem for Americans into the future.
Despite economic reality, the Leftmedia continues to go to bat for Biden with pieces like this from CNN: “Why Biden’s strong economy feels so bad to most Americans.” Evidently, the growth that counts the most to Americans — paychecks and bank balances — is what all these Bidenomics apologists ignore.
This Leftmedia attempt to gaslight the American public on the “success” of Bidenomics has been failing because, no matter how hard they try to sell it, that stink Americans are smelling isn’t perfume.