Reflecting on failure of Bidenomics
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Op-Ed by U.S. Sen. Tommy Tuberville (R-AL)
This summer, President Biden traveled across our great country touting the success of what he calls “Bidenomics.”
I’ve got news for the president. The American people aren’t buying what he’s selling. Two-thirds of the American people disapprove of Biden on the economy, and three out of four Americans say our country is on the wrong track.
Economists aren’t buying it either. Most economists think we’re going to have a recession within the next year, Fitch just downgraded the U.S. credit rating for the first time in history, and the U.S. deficit is the third highest ever. This ought to ring alarm bells for everybody who cares about this country.
I agree with the American people: Bidenomics has been a disaster for the people of this country.
When Joe Biden took office, the economy was ready to take off. We were opening back up after the pandemic. The Congressional Budget Office said the economy didn’t need any stimulus and that the economy would fully recover within just a few months.
Joe Biden didn’t listen. He signed the biggest stimulus bill in history.
Joe Biden spent $2 trillion that we didn’t need. It wasn’t paid for – that $2 trillion went straight to the national debt, which is now at a record high $32 trillion.
Even the Democrats’ own experts warned them not to do this. President Obama’s economic advisor Jason Furman said, “I don’t know any economist who was advocating for a spending bill that size.” Former Treasury Secretary Larry Summers predicted that it would cause inflation.
He was quickly proved right. A month after Democrats passed their spending bill, inflation started going up until it hit the highest level in 40 years. In total, prices are 14 percent higher than they were when President Biden took office.
That means we’ve all lost about one out of every six dollars in our wallets and our savings accounts since Joe Biden took office. Gas prices are still up by more than a dollar a gallon. The price of diesel is raising costs for farmers across Alabama and America – and that’s driving up the cost of food. Joe Biden’s inflation has cost the average American family more than $8,000 since he took office.
Americans’ credit card debt recently hit a record $1 trillion. More and more people are tapping into savings or borrowing money to stay afloat. This is inflation that could have been prevented but, unfortunately, because of Biden and congressional Democrats, it was purposely self-inflicted.
Democrats just can’t keep their hands out of the cookie jar. Last summer, Joe Biden and Democrats fired up the money printer to get ready for last fall’s election. They spent more than $400 billion on the Green New Deal and 87,000 new IRS agents to shake us down for every last penny.
In total, Joe Biden has authorized more than $4 trillion in new government spending, which is more money than we spent to win World War II. And he did this at a time when we didn’t need a dime of stimulus in our economy.
It’s no wonder we’ve had the highest inflation in 40 years. And it’s no wonder Joe Biden is the least popular president since Jimmy Carter.
Joe Biden has cost us a fortune in terms of higher prices. Working families are getting hit from all sides.
Last fall, a Gallup poll showed a record number of people have given up on the American Dream. According to the poll, a majority of Americans do not think their kids will have a better standard of living than they had when they were growing up. Young people are giving up on the dream of owning their own home, as mortgage rates have doubled since Joe Biden took office.
Joe Biden shouldn’t be bragging right now. Joe Biden ought to be on an apology tour across this country for robbing hardworking Americans to fund woke policies. And, most importantly, he should be apologizing to the people who are giving up on the American Dream.
Two-thirds of the American people disapprove of the handling of Joe Biden’s economy. I agree with the American People: Bidenomics has been a total disaster.