Despite Joe Biden touting “Bidenomics” as a key factor for supposedly helping families under his economy, Americans have seen nothing but soaring inflation, rising mortgage rates, and diminishing buying power as experts warn of another “great depression.”
As WND reported:
A new economic indicator is now flashing that “hasn’t appeared since the 1930s, during the height of the Great Depression.”
Fox Business noted that the results could be catastrophic if the White House and Congress do not cut inflation-causing government spending soon.”
The report also noted that spending surged at the end of President Donald Trump’s term because of COVID.
The Democrat Congress then handed out “vast amounts of money” to subsidize the economy and the financial system.
The report explained:
“The never-before-seen levels of money creation were fueled by policies set by the Federal Reserve, which encouraged Congress to spend more money and kept interest rates extremely low, despite warnings from economists about the threat of future inflation.”
While indicators suggested the “economic crisis” would soon end, Joe Biden failed to respond, instead choosing to keep spending at artificially inflated levels.
With the Biden administration continuing to send billions to Ukraine coupled with the decision by the Federal Reserve to keep interest rates low, it has created a perfect storm.
As we’ve seen, energy costs have exploded, homes have become unaffordable, and Biden’s economy has pushed families to the brink.
Despite the Fed’s move to raise interest rates slowed inflation, the problem remains.
The result? “Most consumer goods and services, as well as rent and housing prices, remain much higher than before the pandemic started,” the report noted.
So while prices are up, available cash is down, there is now an “unprecedented strain on American families.”
The report noted over the last century, “the only other time Americans have seen the money supply drop this sharply was in the early 1930s, during the height of the Great Depression,” which is not good for Biden is that the news on the economy comes ahead of the 2024 presidential election.
Data reveals that four in five Americans have less savings than before the pandemic, while total credit card debt has reached $1 trillion.
According to Rasmussen Reports, 52% of American adults believe it is likely that the United States will enter a depression within a year.
It’s no wonder Democrats are slowly realizing that the word “Bidenomics” has become synonymous with inflation, unemployment, and soaring gas prices, as Americans largely reject the term.
Democrats told Politico that the White House’s push on Bidenomics is a political failure.
“With all due respect to the president, to the White House, this is not so much about them as it is the people who are benefiting by the policies that they came out and demanded,” Democratic Nevada Rep. Steven Horsford said.
“We have to do a better job framing this not so much for one person — for the office of the presidency — but for the people.”
Earlier this year, Former President Donald Trump warned of a “great depression” and called Joe Biden the Herbert Hoover of the modern age.
“With what is happening to our economy, and with the proposals being made on the LARGEST AND DUMBEST TAX INCREASE IN THE HISTORY OF THE USA, TIMES FIVE, JOE BIDEN WILL GO DOWN AS THE HERBERT HOOVER OF THE MODERN AGE,” Trump wrote Truth Social.
“WE WILL HAVE A GREAT DEPRESSION FAR BIGGER AND MORE POWERFUL THAN THAT OF 1929. AS PROOF, THE BANKS ARE ALREADY STARTING TO COLLAPSE!!!” Trump added.
In August, Trump slammed Biden’s economic policies, characterizing “Bidenomics” as “inflation, taxation, submission, and failure.”
“One of the most important issues in this campaign will be who can rescue our country from the burning records of Bidenomics, which shall henceforth be defined as inflation, taxation, submission, and failure,” Trump said in a video.
“On day one, the Biden economic bust will be replaced with the historic Trump economic boom,” Trump said.
“Any numbers you see that are economically positive in the Biden administration are because they’re running on the fumes of what we created years prior to their taking office.”
“On day one, the Biden economic BUST will be replaced with the historic Trump economic BOOM.”— Daniel Baldwin (@baldwin_daniel_) August 16, 2023
Bidenomics = Inflation & Failure