Joe Biden keeps wailing that “Bidenomics is working.” Well, it isn’t working for Americans as, like nearly everything else, gasoline has risen 63 cents a gallon just this year.
According to Just The News, Biden’s claims of economic success seem to be flat out lies.
Biden’s claims of success may be undercut by important individual numbers, which paint a much more grim picture than just the CPI aggregate. Gas prices, for example, are up almost 20% this year alone at $3.823/gallon, and are 71% higher than three years ago, according to AAA archives.
The Bureau of Labor Statistics data shows that during the past 12 months, food costs have risen 4.9%, rent is up 8%, and transportation services are up 9%.
The Inflation Reduction Act, which was signed into law last year by President Biden and has been heavily touted by the administration has been ineffective in reducing inflation, according to several leading economists. This month, President Biden said the Inflation Reduction Act didn’t have much to do with reducing inflation, adding that “I wish I hadn’t called it that” because “It has less to do with reducing inflation than it does providing for alternatives that generate economic growth.”
The Tax Foundation said in a recent paper titled “Inflation Reduction Act One Year After Enactment” that “the law’s complicated tax increases on large corporations, particularly the minimum tax on book income, have resulted in extraordinary implementation challenges and taxpayer confusion, with many questions left unresolved. Payments for both the minimum tax and the stock buyback tax are currently on hold until the IRS issues further guidance.”
There isn’t a single American family that hasn’t seen its monthly expenses soaring.
Just the News concluded its longer report saying:
A survey published in July found that 72% of Americans say they’re experiencing financial insecurity, and many are living paycheck to paycheck. Americans are increasingly going into more debt, and the country’s national debt is currently over $32.8 trillion, translating to an excess of $253,000 of debt per U.S. taxpayer.
Joe Biden’s policies are destroying every sector of this country.
Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHuston
Tags: Commentary
Join the conversation!
We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse.