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August 16, 2023

Bidenomics: ‘It’s Working — I’m Serious’

Higher prices and lower wages are the sum total of Joe Biden’s economic policies.

“I wish I hadn’t called it that,” Joe Biden said last week about the Inflation Reduction Act. This week, he just wished he could pronounce it. During a Bidenomics speech on the IRA’s anniversary in Milwaukee Tuesday, he said, “When I signed the bipartivifiloxtureagain…”

If the goal is helping families or the economy, his pronunciation did the job just as well as the law.

Upon reading the transcript, Biden was actually trying to talk about the Bipartisan Infrastructure Law, which, like the IRA, did nothing but exacerbate inflation.

That was a few moments after he pulled out some tissue to wipe his nose before starting to yell again.

Maybe Biden got ahold of the same batch of "hallucinogenic” mushrooms Treasury Secretary Janet Yellen admitted to consuming while in China.

If there’s anything that could reassure us about the leaders at the helm, that’d do the trick.

Okay, now let’s get serious. The president’s speech was all about the supposed success of the Inflation Reduction Act and other measures to overhaul the economy. In an effort to bolster his image, Biden touted his usual lies about jobs, inflation, wages, you name it. So we’ll do the job the Leftmedia “fact-checkers” are too busy harassing conservatives to do.

“We’ve added more jobs in two years than any president has in American history in a four-year term,” Biden asserted again. “More in two than any has done in four.” Allowing people to go back to work after a pandemic shutdown is not the same as adding a job.

“A higher percentage of American workers are working today than ever before,” the president said. As of July 2023, the 62.6% labor force participation rate remained below the pre-COVID average of about 63%. The rate reached an all-time high of 67.3% in January 2000, not long after real welfare reform got people back to work.

“In case you haven’t noticed, inflation is down, too, and it’s going lower,” he added. The inflation rate has fallen since last summer, but it’s still about 50% higher than the Federal Reserve’s target of 2%. Oh, and there’s the pesky fact that Biden ignited inflation with the American Rescue Plan in early 2021. Inflation reached a four-decade high of 9.1% before receding to 3.0% and then rising to 3.2% last month. Everyone in America is paying about 17% more for the measured basket of goods since Biden took office, and on most of the things that really matter for a family’s budget, it’s actually far higher than that.

Moody’s Analytics just released a report indicating that Americans are spending $709 more per month than they were two years ago. But sure, Joe, “inflation is down.”

“Wages are growing faster than inflation,” Biden said. That’s also false — real wages are down over the last two years when accounting for inflation.

Massive inflation and wages that aren’t keeping up. That, ladies and gentlemen, is Bidenomics. But Biden has tried his darnedest to commandeer that term to illustrate his success. “The Financial Times and the Wall Street Journal started calling my plan — not initially as a compliment — ‘Bidenomics,’” he told the Milwaukee crowd. “But guess what, folks? They’re talking about it differently now. It’s working. It’s working — I’m serious.”

Biden and his lackeys in the press may be talking about it differently now, but the ugly truth is that Bidenomics has made life a lot less affordable for millions of people. Take, for example, this year’s record 11% increase in homelessness thanks to horribly inflated home prices.

The ugliest truth is that Bidenomics is working — exactly as intended.

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