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Finance / Government Watch / Politics

It’s the Economy Stupid: Why Biden’s Defense of the Economy is a Sham 

Economy

As the nation inches closer to the 2022 midterm elections both parties are sharpening their messaging and honing in on what’s on the top of people’s minds. After a rough year of record-high 9.1% inflation this summer, record-high gas and food prices, skyrocketing rental/housing costs, and a national baby formula shortage, President Biden and Washington Democrats have shifted their messaging and are now trying to convince Americans that the economy is on the right track. That’s a remarkable thing to hear when 64% of voters think that America is on the wrong track, according to a Real Clear Politics (RCP) average of recent polls. That sentiment echoes what are reportedly the top issues on the minds of voters: inflation, high gas prices, and the economy generally. So why, despite being more vocal, is President Biden’s defense of the economy such a sham? Here’s why.

One of the Democrats’ main arguments early on in support of the Biden economic agenda, was that inflation wasn’t a big concern and was “transitory” in nature. Yet early this summer, Biden’s Treasury Secretary Janet Yellen admitted that her views were “wrong” and that she “did not fully understand” the effect that President Biden’s mega trillion dollar spending bills in Congress would have on a pandemic-struck American economy. 

This summer, economic data of the U.S. Gross Domestic Product (GDP) showed that America’s economy shrank by 1.6% in the first quarter of 2022, followed by a .9% decline in the second quarter. Wall Street has historically defined a recession as two consecutive quarter declines in economic growth, which is usually measured by GDP. President Biden’s response? “It doesn’t sound like a recession to me,” he told reporters. “We are on the right path and we will come through this transition stronger and more secure,” Biden said, pointing to low unemployment and a large number of job openings. Not only is President Biden wrong in his assertion that we’re not in a recession, but his defense is a lie, because Biden’s Federal Reserve Chairman, Jerome Powell, is now saying openly that one of the intentions driving the Fed’s decision to continue to raise interest rates, now targeting a higher than expected 3-3.25%, is to increase the unemployment rate. You heard that correctly. The Fed is manipulating the economy in order to put 1 million or more Americans out of a job, on purpose, when inflation is still high and doesn’t show any sign of declining.

Declining inflation is another one of President Biden’s lies, as he continues to point to Fed and Congressional action, such as the recently passed climate, health, and tax bill known as the “Inflation Reduction Act.” What that bill really does is hire 87,000 new IRS agents, practically doubling what is already the #1 most staffed federal agency, to go after every day Americans and small businesses. It also increases taxes for middle and low-income families who can expect to pay approximately $2,400 more this year. What’s worse, it will likely increase inflation, the very thing it’s supposed to reduce, and it adds to the deficit.

Lastly, Fed Chairman Powell has signaled after last week’s interest rate increase that we should expect one, possibly two more hikes this year, until unemployment rises and the housing market has a “correction.” Stocks had been down in the days leading up to last week’s Fed meeting, however, with these latest remarks, the Dow Jones Industrial Average entered bear market territory shedding nearly another 500 points and closing below 30,000, a new low for 2022 and another sign that a high-inflation, low-growth economy, also known as a recession, is already here.

Instead of working to reduce inflation and put more people back to work, Democrats are getting in our way, passing more spending bills, inflating the size of government, harassing small businesses, and slowing the economy. Add to that a Biden Administration that inherited an energy independent, oil and gas exporting economy and turned us back into an energy dependent nation through excessive regulation and heavy handed mandates. Biden and his administration officials will continue to try to sell us their sham figures and rhetoric but American voters are surely feeling the pinch at the kitchen table and the pump — we’re just not buying the malarkey this time, Mr. President.

Bob Carlstrom is President of AMAC Action


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Robin Walter Boyd
1 month ago

No one should be surprised that Joe Biden is being untruthful about the economy, or anything else. Biden is a known serial liar! His lies and plagiarisms are well documented throughout his political career and even before. Biden lies!

Marie Langley
1 month ago

Yeah right, the economy is on the right track. Right track for what? I just paid $5.55 a gallon yesterday for gas! Don’t tell me the economy is on the right track you liar!!!!!!

tika
1 month ago

the only way to clean out the dem party of the commies is to pass all their nonsense.

GTPatriot
1 month ago

At the end of the day, I don’t fear the politicians as much as I fear we voters. CItizens who don’t vote, those who believe that the govt will take care of them, those who don’t work, those who choose victimhood ( at least half of us), and those who think they live in a racist nation ( yet don’t
leave) are the dead , useless ( yes, useless) weight of this economy. They do not deserve to
be here. Gets get to the point. How do we get rid of the useless ?

PIDL
1 month ago
Reply to  GTPatriot

I am not saying you are a communist. I know who you are talking about. These users are in every city and town in these United States.

But, wow, that sounds like a communist attitude. If the person does not add to the ecomomy, he is useless and worthless.

That is why entertainers would be in serious trouble in a communist society. The value of their work would be minimal, therefor, not needed. So they would not be supported very well by the government.

I do not understand how professional athletes would have any value either.

But these entertainers do pay taxes here in the U.S., giving them value to our government.

But that is where the communist society, USSR specifically, does something that seems against the Marxist mantra. They supported the athletes so they could compete in the Olympics. That is of no real value either. So it shows the hypocracy of Communist USSR.

That is Communism, the elite leaders deciding how everyone should live and work in their slavery system, favoring the elites over the common man. Communism has never worked because it is as corrupt, if not more corrupt, than any other type of dictatorship!

Peggy
1 month ago
Reply to  PIDL

About 49 years ago, I applied for unemployment benefits after I was laid off from my job in southern California. I was shocked to see a number of A-list TV & movie stars filing for unemployment as well, & they looked like they knew their way around the process. I found out that these folks routinely file for unemployment when their TV series goes on hiatus or their movie is completed. And these folks sometimes spend their money as quickly as they make it, thus the need for unemployment benefits when they’re not working.

GTPatriot
1 month ago
Reply to  PIDL

Thank you. Very well stated

Mario Capparuccini
1 month ago
Reply to  GTPatriot

The Apostle Paul had the best plan for getting rid of the parasites. He simply said that if a man will not work then he shall not eat. We have too many people sucking at the teat of the taxpayer. The Democrats want everyone at the teat so they can control them.

GTPatriot
1 month ago

As I understand our history (and I would appreciate comments from anyone who
agrees or disagrees. After all, I wasn’t there) , the original Mayflower pilgrims
governed themselves by letting everyone do whatever they wished. Soon it became
apparent that there were several do-nothing freeloaderss. The governing principle
then became, after arrival on this continent, that everyone was allowed to do for
himself and had no obligation to anyone else.

Mario Capparuccini
1 month ago
Reply to  GTPatriot

It is true that some of the Jamestown settlers in Virginia did not want to work. Captain John Smith then laid down the admonition that they would not eat if they did not work. I have never heard about Pilgrims refusing to work. In fact, they all signed the Mayflower Compact during their 67 day sea voyage as their covenant to one another.

GTPatriot
1 month ago

Biden’s attempt to tell us that we are not in a recession when at least half ( I think) of the US knows the technical definition of a recession is sad yet hilarious. I realize this statement is hard to understand. Inflation is horrid. Even severe interest rate hikes by the Fed have made no difference
which is frightening. This economy is on life support. Trillions of investment money is groping
with indecision, fear, and uncertainty.
Who caused this ? We did. A nation of Trump haters decided to elect an idiot. We are getting
what we deserve. In Nov we will find out what we have learned. Sadly, I believe we are a nation
that prefers promises to truth. We are slow learners. We must receive substantial punishment
( and we have ) before we learn. Sad, really

Jake the snake
1 month ago

Biden and the democrats lie all the time.

D G
1 month ago

I absolutely hate this saying. “It’s the economy, stupid!” Along with the equally moronic “Where’s the beef?,as these sayings were used against incumbent President George H. W. Bush and helped B.J. Clinton into office. Mr Bush deserved a second term, he organized a worldwide coalition that helped rescue Kuwait from Iraq. He was a WWII fighter pilot and a world-class statesman. The economy was weak at the end of his first term, but he certainly would have been a better president than Clinton or Ross Perot could ever be. I hope that this is the last time I see AMAC using these dredged up phrases.

Nick Patriot
1 month ago
Reply to  D G

You gotta be kidding. The Bush Crime Family openly supported the Biden, Clinton and Obama crime families in their seething hatred for the greatest President since Reagan. The Bush’s are the biggest RINO’S in the USA. “W” had plenty of negative remarks against Trump but said NOTHING about the communist Obama and Biden regimes as they destroy the USA. People like you make me want to vomit.

Barrett Smith
1 month ago

bidum is the new Hoover.

pete
1 month ago

liberalism is a mental condition–they don’t understand cause and effect.

Philip Hammersley
1 month ago

The economy slumped because of the China virus, created by US taxpayer $$$ provide by Dr. Falsie. But Trump had it going back up (at least in states with GOP governors) and it would have continued to do so except the crooked election froze it. Then the senile boob shut down the recovery completely!

Stephen Russell
1 month ago

Hey Dems U caused this Inflation with aid from RINOs, U own this

Ralph S
1 month ago

There are lies, damn lies, and statistics. The facts are that President Un-Elect Ron Klain is in control of Puppet Brandon and leading this country into the hands of other unknown devisive operators.

Papa Doug
1 month ago

What flabbergasts me is that 36% of voters think that America is on the right track! Are they even awake?

nate
1 month ago
Reply to  Papa Doug

It is amazing, I know. You can’t fix stupid.

Terry White
1 month ago
Reply to  Papa Doug

They have incomes large enough that they don’t care about rising prices. There attitude is oh well this will pass. Damn well this will pass as soon as we boot these worthless demoncrsps out of office.

Philip Hammersley
1 month ago
Reply to  Terry White

Or they are on the government teat!

FedUp
1 month ago
Reply to  Papa Doug

They are the registered democrat voters. which normally comprise about 35% of the population. I know some of them. Die hard democrats. they still think the democrat party is the party of JFK. They think Biden is wonderful. They won’t listen to anything that may even hint he’s F’ing this up royally. They think it’s great that gas prices have gone down 6 cents, but ignore the facts that under Biden it’s doubled in price. Basically, they’re lemmings who listen to the mainstream media and MSNBC/CNN as gospel. Thats who these people are.

Morbious
1 month ago
Reply to  FedUp

Dem robots are immovable in my experience. First, owing to their programming, they’re not capable of in depth back and forth discussion. They will scream, cry or run but before that they have a sort of automatic disconnect that activates at the first syllable of common sense. We must win in spite of the hard core 35%, by reaching hispanics as well as the often petulant independents.

edward
1 month ago
Reply to  Papa Doug

Lenin referred to them as “useless idiots”. They have always been with us and always will be.

Drue
1 month ago

Biden is just a shill, and the true villains are pulling his strings from behind. Now, more than ever, are the midterms so important. We must take back both houses to curb the destruction of our nation. Please, everyone VOTE!

Patriot Will
1 month ago

Tragically, Biden is a pathological liar who never gave President Trump any credit for any of the many positive things that President Trump helped bring into fruition. Biden is so full of envy any fury that many of his negative, destructive policies are knee-jerk, anti-Trump, and illogical. Of course, Biden is going to make up a sham defense of his horrible economic policies. There are the simple truths; there are the simple lies; and then there are the epic, farcical fantasies generated by Biden and his goons.

Charles
1 month ago

You don’t need to be a scholar to see the trend of AMERICA going down the tubes , open border where not only illegal spanish people but from all over the world are coming in by droves , Drugs , weapons & everything short of atomic weapons . Criminals have taken over cities & towns all over AMERICA , religion is set aside , rising prices & unemployment , home prices & interest rising , Rentals too high or none at all , businesses closing – AMERICA is getting to be one giant slum. WAKE UP BEFORE IT’S TO LATE – NOV IS STILL WEEKS AWAY , VOTE FOR AMERICA , CAST OUT EVERY Democrat ON THE BALLOT. ONE NATION UNDER GOD — LAND OF THE FREE BECAUSE OF THE BRAVE — DON’T LET THOSE WHO CAME BEFORE US – DOWN , GOD BLESS

Granny25
1 month ago
Reply to  Charles

I will NEVER vote for another demonrat as long as I live.

Pete from St Pete
1 month ago

Biden is a sham. He is an obsessive liar. Once in a great while he stumbles into the truth and then his handlers make him walk it back anyway.

Gary J Toth
1 month ago

While our illustrious republican “representatives” do NOTHING but make up another worthless contract with their peons. But, this was all foretold in Scripture. I just hope & pray that my King returns for His Bride before the implosion. I love my country. I detest the government.

Max
1 month ago

Again, no surprise here. The economy is in shambles because of the stupidity of the current power in charge. Nobody seems to be on the same page as pointed out by this article. The plan by the elite is still to destroy the foundation of this country and that erosion is continuing.

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