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How Bidenomics Broke America

On August 16, 2022, President Joe Biden signed the Inflation Reduction Act into law and ushered in what he proudly called “Bidenomics.” Turns out, the bill had nothing to do with reducing inflation.

One year later, Biden said, “I wish I hadn’t called it that,” referring to the Inflation Reduction Act. “Because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth.”

On CNBC, White House Council of Economic Advisers Chair Jared Bernstein agreed that inflation is still a big problem because “prices are rising more slowly.” (Poll: Is America Better Off Under Biden? VOTE)

“People want to see some deflation” where prices drop, Bernstein said.

CNBC Senior Economics Reporter Steve Liesman asked, “I hear you on, there [are] certain remarkable things about the moment. But when we look at the polls of how people feel about the economy, they feel fairly lousy about the economy. And that’s because price levels are up and not going back down. How do you address that? How do you make people feel that the economy is better, when, in fact, in many cases, their wages are not equal to the rise in prices?”

Bernstein responded, “Well, on the last part, I’d probably hit you with a little bit of a fact check, which is that real wages have been going up.”

Bernstein continued, “Look, it is a fundamental question, and I think a pretty straightforward answer, is that we’ve got to keep pushing against inflation. So, there’s disinflation and deflation. We’ve had very significant disinflation, going from a bit north of 9% on the CPI to 3.2 when last seen.”

“But that just means prices are rising more slowly. People want to see some deflation. And we’ve seen some deflation. So, we have to keep working on that. At the same time, with real wages growing, that’s going to make a positive difference in people’s attitudes going forward. That’s my hypothesis.”

In fact, not only did Bidenomics fail to reduce prices, the Democrat administration has made inflation worse.

The Congressional Budget Office found that Biden’s bill likely had a negative impact on inflation.

Therein lies the problem. The smoke and mirrors of politics introduced yet another Democratic initiative in which the federal government aims to generate economic growth. The government is never helpful in generating economic growth. In reality, the bill was simply another social spending bill that worsens inflation and hurts hardworking Americans.

Appearing on Fox News, Republican Senator John Kennedy said, “These high prices, they are permanent. Even if inflation goes to zero tomorrow, we’re still going to be stuck with these higher prices, which are a direct result of President Biden’s economic policy.”

Kennedy notes how the slight decline in inflation simply means prices aren’t going up as fast as they were, but prices are still going up. (Trending: Ex-Capitol Police Chief Drops Bombshell About Jan 6)

“Because of President Biden’s inflation, and Bidenomics, [families are] paying an extra $700 a month, $9,000 a year, and they don’t have it,” he continued. “Yes, if there’s any good news, the rate of inflation has been thawing.”

“Now, what does that mean? That just means prices are still going up, but they’re not going up as quickly as they were. But these — I hate to say it, but these high prices, they are permanent,” he explained. “Even if inflation goes to zero tomorrow, we’re still going to be stuck with these higher prices, which are a direct result of President Biden’s economic policy.”

“And do the people around the White House get it? I think some get it, but they can’t defend it. Others just feel like their favorite form of spending — which is causing this inflation — is more, and they don’t get it. But either way, this is all — this inflation’s a cancer on the American Dream,” he said.

“And I will tell you, it’s going to be — I know President Biden wants to change the subject in the election to President Trump and his indictments, but if you ask me to single out one thing that is causing President Biden — as I said — to be about as popular as robocalls, it’s this inflation.”

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