Tag Archive for: Bidenomics

Is this a joke? Biden Holds ‘profound hope’ Trump will ‘preserve’ his ‘strong economy’

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President Joe Biden, during one of his last speeches as commander in chief, said it is his wish that President-elect Donald Trump will “build” on his economic success over the last four years. 

BREITBART — Under Biden’s plan of “Bidenomics,” inflation soared, gas prices spiked, credit card debt exploded, and housing costs skyrocketed.

Gallup’s Economic Confidence Index recently marked Biden’s economy as a -35 on a scale of from -100 to +100.

“We have proof the playbook is, at least now, working,” Biden said during remarks about his economic legacy.

“Most economists agree the new administration is going to inherit a fairly strong economy, at least at the moment, an economy going through fundamental transformation has laid out a stronger foundation and sustainable, broad based, highly productive growth,” he continued.

“It is my profound hope that the new administration will preserve and build on this progress,” he claimed.

Biden then alleged Trump might ruin his economy.

“By all accounts the incoming administration is determined to return the country to another round of trickle-down economics … once again causing massive deficits or significant cuts in basic programs,” Biden argued.

“I believe this approach is a major mistake. I believe we’ve proven that approach is a mistake over the past four years,” he said.

Biden will continue to implement Bidenomics until he leaves office.

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Harris Campaign Leader Admits VP Plans to ‘Keep a Lot’ of Biden’s Economic Policies

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According to the co-chairman of the Harris-Walz campaign, incumbent Vice President Kamala Harris has a plan to fix the American economy — and that plan is almost identical to what she and President Joe Biden are already doing with their White House tenure. Senator Chris Coons (D-Del.), one of the chairmen of Harris’s presidential campaign, addressed Americans’ financial worries in an interview on Tuesday, claiming that Harris has a plan to “open up the door to economic opportunity.”

CNBC’s Andrew Ross Sorkin asked Coons, “Do you think that the American public … deserve to know specific details about her economic plan?” In other words, “Should you know what your tax rate is going to be or at least what she believes your tax rate should be before you go to the polls? Should you know what the regulatory sort of regime in her perfected world would look like?”

Coons replied that Harris has “laid out a broad vision for what are her priorities” in terms of the economy. After suggesting that Americans “look at the chaos, the unpredictability, the sort of careening around the field of the former president,” the Delaware Democrat did admit that Harris intends “to keep a lot of the same policies and agendas” put in place by the Biden-Harris administration.

But those same economic policies and agendas have proven wildly unpopular. For years now, Americans have been worrying about skyrocketing inflation and sharply-increasing housing prices while going into debt just to fund day-to-day necessities like school supplies for children. Noting these concerns, CNBC’s Joe Kernen said, “Americans still don’t feel like it’s a great economy and they prefer Trump — maybe it’s narrowing a little, but they prefer Trump and the way he managed the economy more than the current administration.”

Coons responded, “Part of it is that Americans — when you ask the question, ‘Are you better off today than you were four years ago?’ — many Americans misremember just how bad the economy was four years ago and how strong our economic recovery from the pandemic has been.”

But Americans do remember being able to afford gas and groceries. Immediately following the presidential debate earlier this month between Harris and her rival, former President Donald Trump, undecided and Independent voters overwhelmingly aligned with Trump, largely citing the strength of the U.S. economy under his administration. One voter told The New York Times, “When Trump was in office — not going to lie — I was living way better. I’ve never been so down as in the past four years. It’s been so hard for me.”

In fact, according to voter analysis from Fox News, even Democrats preferred Trump’s vision and plan for the economy, jobs, and inflation over Harris’s. A CNN poll found that Trump maintains a 20-point lead over Harris on economic issues, which have been consistently ranked the most pressing concern for voters ahead of November. He also holds a 23-point lead over Harris on immigration, which voters rank as a close second for crucial issues.

A number of voters also expressed dissatisfaction with Harris’s failure to clarify her plan for the economy. Many said that the vice president was too vague and offered few details. Those complaints have persisted in the succeeding weeks, as Harris has failed to offer specifics in interviews. Even when asked point blank, Harris has opted to reminisce about her “middle class” childhood rather than detail her vision for the economy.

Coons was confronted on this point on Tuesday. Sorkin said that he could only name five specific policies Harris has mentioned over the past months and noted that most voters would prefer to hear of 10 or 15 proposals. Coons grinned and, instead of offering answers, simply asked, “And what do you know about Donald Trump’s tax and regulatory agenda?”

AUTHOR

S.A. McCarthy

S.A. McCarthy serves as a news writer at The Washington Stand.

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Harris-Bidenomics: Massive Layoffs Announced at America’s Biggest Companies Including CISCO, Intel, Paramount, etc.

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Who, in their right mind, would vote for this?

Layoffs announced at multiple companies this summer

Layoffs have been announced at companies in several sectors this summer

By   · FOX Business, August 15, 2024;

The summer has brought announcements of job cuts at a slew of different companies.

The planned layoffs are expected to collectively hit thousands of people who work in industries including tech, media and auto.

Some of the firms that have disclosed intentions to reduce their headcounts this summer include:

Cisco

Cisco Systems Headquarters Ahead Of Earning Figures

Cisco Systems headquarters in San Jose, California, US, on Monday, Aug. 14, 2023. Cisco Systems Inc. is scheduled to release earnings figures on August 16.

Cisco is embarking on a restructuring to “allow it to invest in key growth opportunities and drive more efficiency in its business.” That effort will involve laying off 7% of the company’s workers, according to a Securities and Exchange Commission (SEC) filing.

The company revealed its plans on Wednesday, the same date it released its first-quarter financial results. There had been reports ahead of the release that a possible layoff announcement was coming.

Its workforce was hit by layoffs once already this year in February.

Intel

Intel’s layoffs, announced Aug. 1, will result in some 15,000 employees losing their jobs.

They will arise out of a “comprehensive reduction in spending” that the tech giant said it was pursuing to “resize and refocus.” The company aims to trim costs by $10 billion in 2025 through its overall cost-reduction plan.
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INTEL’S MASSIVE JOB CUTS COME AFTER IT’S EXPECTED TO RECEIVE $8.5 BILLION IN TAXPAYER MONEY

“Our costs are too high, our margins are too low. We need bolder actions to address both – particularly given our financial results and outlook for the second half of 2024, which is tougher than previously expected,” CEO Pat Gelsinger said.

Paramount Global

Paramount Global started cutting some of its workers on Tuesday after previously disclosing late last week it had plans to slash its U.S.-based workforce by 15%.

Co-CEO Chris McCarthy said during the media company’s earnings call last week that the layoffs will be “primarily focused on two areas: first, redundant functions within marketing and communications; second; streamlining our corporate structure, reducing our headcount in finance, legal, technology and other support functions.”

He and fellow Co-CEOs Brian Robbins and George Cheeks told employees in a memo leaked to Deadline and other entertainment outlets that the process “will take place in three phrases … and continuing through the end of the year.” It will largely be done before October, according to reports.

PARAMOUNT BEGINS LAYING OFF 15% OF WORK FORCE, HUNDREDS EXPECTED TO BE CUT

Paramount Global has linked the planned headcount reduction to a “strategic plan” that involves streamingling its organization and other initiatives.

Stellantis

Stellantis plans to stop manufacturing of the Ram 1500 Classic pickup truck at the Warren Truck plant later this year – and that move will result in some indefinite layoffs, Reuters reported late last week.

“With the introduction of the new Ram 1500, production of the Ram 1500 Classic at the Warren (Michigan) Truck Assembly Plant will come to an end later this year,” Stellantis said in a Wednesday statement to FOX Business. “As a result, Stellantis announced today that the plant will move from a two-shift to a one-shift operating pattern in General Assembly. Other operations within the plant will remain on two shifts to support Jeep Wagoneer production.”

“The Ram 1500 Classic has been a great entry point pickup for Ram and the Tradesman model has well represented the needs of commercial truck customers for years. We introduced the new 2025 Ram 1500 Tradesman with incredible value and content,” the company also said.

Another plant in Michigan is tasked with building the new Ram 1500.

Up to 2,450 workers at the Warren Truck plant could face indefinite layoffs. However, fewer workers than that will likely actually be impacted.

Fastly

Cloud platform provider Fastly, looking to streamline and reduce costs, said last week it will shed 11% of its headcount in layoffs. Those cuts will be “substantially completed” by the end of the year, it said.

The company reported a global workforce of 1,200 at the end of 2023.

Axios

Business-Layoffs

Fifty workers at Axios were affected when the media outlet announced job cuts earlier in the month. The company decided to conduct the layoffs to “get ahead of tectonic shifts in the media, technology and reader needs/habits,” according to a memo from CEO Jim VandeHei.

Sonos

Sonos on Wednesday revealed 6% of its workforce was receiving the ax. That amounted to about 100 people, according to reports.

The wireless speaker maker said it committed to the layoffs – and shrinking its real estate footprint more – to “improve the Company’s operating model and cost structure to set the Company up for long-term success,” according to an SEC filing.

AUTHOR

Pamela Geller

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EDITORS NOTE: This Geller Report is republished with permission. ©All rights reserved.

‘Double Down On Bidenomics’: We Asked Political Insiders What Joe Biden’s New Year’s Resolutions Should Be

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With a fresh year ahead and the presidential election in sight, both Republican and Democratic strategists have suggestions for what New Year’s resolutions President Joe Biden should make.

Biden is exiting 2023 with floundering poll numbers that show the president has a low approval rating and is trailing in hypothetical matchups between him and former President Donald Trump both nationally and in key swing states. In an effort to turn things around — or to keep the president on the same decline — Republican and Democratic strategists suggested Biden play into his age, focus on Bidenomics and stay “calm.”

“I think using his age, you know, ‘I’m old, but that means I’m seasoned and wise in the ways of the world. I offer calm. The Republicans offer chaos.’ I think that’s the best contrast he can make,” Brad Bannon, a Democratic strategist, told the Daily Caller, when saying Biden should make it a resolution to stay composed throughout the year.

During 2023, concerns about the 81-year-old’s fitness for office have risen in the polls, partly due to various repeated debunked stories and slip-ups. A majority of Americans believe that Biden is both mentally and physically unfit to serve effectively as president, according to a November George Washington University and YouGov poll.

Biden committed several mishaps throughout the year, including once praising the “Congressional Black Caucus” while giving a speech at the Congressional Hispanic Caucus Institute’s annual gala. While honoring the 22nd anniversary of the Sept. 11 terrorist attacks, Biden claimed that he was at Ground Zero the day after the terrorist attack. The White House failed to provide evidence to back up Biden’s claim, instead pointing to a trip to the site the president made several weeks later.

Leslie Marshall echoed Bannon’s resolution, encouraging the president to play into his age and harness it through the election year.

“Some people will be like, don’t don’t highlight his age. I’m sure they tell him ‘Mr. President, jog up the stairs.’ You know what I’m saying?” Marshall told the Daily Caller.

“We all trip, I don’t care what age you are. Make light of it. Use it. Use it to his advantage,” Marshall continued.

Aside from concerns about the president’s age, Biden and his administration have faced backlash for their messaging surrounding the president’s economic policies, more commonly known as “Bidenomics.” While the White House continues to claim the economy is improving, even saying that Thanksgiving in 2023 was one of the cheapest ever, the American people are not convinced. Seventy-five percent of U.S. adults said in September that the economy is in a “fair” or “poor” state while sixty-one percent of Americans are living paycheck-to-paycheck.

Democrats previously warned the administration that the messaging was not working with some even begging the White House to drop “Bidenomics” out of fear that the aggressive push of a booming economy may be upsetting Americans who are struggling.

“I hope he resolves to double down on Bidenomics,” Sean Spicer, host of the Sean Spicer podcast and former chairman for the RNC’s Temporary Committee on Presidential Debates, told the Daily Caller.

“Keep up the good work with oil and gas production in the United States,” Mike McKenna, GOP consultant and MWR Strategies president, told the Daily Caller.

Other GOP strategists suggested that Biden secure the border or take action against members of the administration who protested the president’s pro-Israel stance.

“Fire all the kids who work for him and protested him on his own front lawn,” Scott Jennings, a longtime GOP adviser in Kentucky and veteran of numerous campaigns, told the Daily Caller. “Fire. Them. All.”

Since Hamas launched a terrorist attack on Israel, Biden has committed his support to the country throughout its war on the terrorist organization. Biden’s unwavering support of the country has come under fire from members of his administration and allies within his own party. Several members of the Biden administration gathered outside of the White House on Dec. 13 to protest the president’s backing of Israel, the Hill reported.

“President Biden, your staff demands a ceasefire,” a sign held by staffers read.

Others thought the president should take notes from the front runner in the 2024 presidential race.

“President Biden’s New Year’s resolutions should be reinforcing the policies from the Trump administration,” Hilton Beckham, communications director for America First Policy Institute, told the Daily Caller. “Reinstating America First principles that empowered citizens economically, ensured community safety, and fortified our porous borders would be a step toward regaining public trust and steering our country back on the right track — away from the chaos created by the Far Left and their destructive policies.”

While seemingly everyone in politics has input on how the president should spend 2024, Biden weighed in Saturday on what his New Year’s resolution is.

“To come back next year,” Biden said while vacationing in St. Croix.

Among serious resolutions touching on hot topics, some offered a bit of humor when suggesting New Year’s resolutions for the president.

“[Biden should] resolve to finally learn which direction the Oval Office is, so when he’s done reading prepared remarks in billboard sized fonts, he doesn’t change directions like a presidential roomba,” Mark R. Weaver, a GOP strategist, told the Daily Caller.

AUTHOR

REAGAN REESE

White House correspondent. Follow Reagan on Twitter.

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EDITORS NOTE: This Daily Caller column is republished with permission. ©All rights reserved.

BIDENOMICS: Homelessness UP 12% from just last year, Homeless FAMILIES WITH KIDS up 16%

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But the invaders storming our border are getting everything they need.

U.S. homelessness up 12% to highest reported level as rents soar

By Kevin Freking, AP December 21, 2023:

WASHINGTON (AP) — The United States experienced a dramatic 12% increase in homelessness to its highest reported level as soaring rents and a decline in coronavirus pandemic assistance combined to put housing out of reach for more Americans, federal officials said Friday.

About 653,000 people were homeless, the most since the country began using the yearly point-in-time survey in 2007. The total in the January count represents an increase of about 70,650 from a year earlier.

The latest estimate indicates that people becoming homeless for the first time were behind much of the increase.

Keep reading.

AUTHOR

Pamela Geller

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BOB EHRLICH: It’s Not All Doom And Gloom. Here Are Some Signs Of Progress Against The Woke Onslaught

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So much has gone wrong over the past three years that it is easy to simply ignore good news, including signs of progress against the woke onslaught.

And so, a brief, happy reminder that inflection points still exist – that there are increasing numbers of people ready, willing and able to contest the Obama/Biden led “transformation” of America. A sampling:

  • A recent Wall Street Journal story (“Sustainable Investing Craze Fades”) informs that the market’s enthusiasm for sustainable funds and Environmental, Social and Governance (ESG) mandates is on the wane. Indeed, some funds are literally dropping “sustainable” from their titles. Here, enough investors are demanding a return to fiduciary duty that even woke investment types are getting the message.
  • The U.S. military has returned to old school patriotism. You know, the “Be all you can be” brand of recruiting pitch with depictions of tanks and field artillery and fighter jets screaming overhead. Seems that while all the woke outreach and PC advertising was plenty good enough for peace time, there is now a realization that potential hot wars in the Middle East and over Taiwan may require actual warriors…rather than the HR police. Jus’ sayin’.
  • The American public (per recent polling results) recognizes the ever-spiraling cost of living, despite the very best efforts of the White House and mainstream media to paint a picture of a Bidenomics-induced era of moderating prices and economic growth. The weekly grocery and energy tabs are simply too high for the average American to buy what Mr. Biden is selling.
  • A federal judge’s decision in Biden vs. Missouri – and subsequent appeals upholding that decision – has given new hope to First Amendment types that the Biden era’s preoccupation with “disinformation” and infatuation with heavy handed censorship has hit a major roadblock.
  • As injuries and lost opportunities for female athletes begin to mount, more women are speaking out about the unfairness of biological men competing in women’s athletics. The really good news: These new critics come from all over the ideological spectrum.
  • Around the world, right-wing and pro-legal immigration parties are on the upswing – a tide seen in recent election results in the Netherlands, Finland, Italy, Germany, and of course the recent shocking presidential election result in Argentina.

Note that I continue to live in the real world, that I understand there remain plenty of negative storylines out there as well. (See, e.g., The “mostly peaceful” pro-Palestinian demonstrations in world capitols and the outbreak of virulent antisemitism in America and Europe and never-ending waves of illegal migrants overwhelming the southern border.) But the fact remains that weak-woke-and wobbly is not standing up to increased scrutiny as election time rolls around.

You see – despite all the positive reviews it receives on American campuses and through left-leaning media outlets around the world – secular progressivism / socialism / Marxism never quite work out. The proletariat never quite rebels. Collectivism never quite produces enough consumer goods. Attacks on the nuclear family never quite overcome biology. And identity politics never quite trumps content of character.

A word of warning: Resist the inclination to get comfortable with this recent outbreak of positive news and common sense. There is no guarantee it will maintain itself for a sustained period of time. Something for nothing and class warfare and the war against the family and biological men playing women’s sports and speech codes on campus are simply not going away overnight. But how satisfying it is to see real progress on the front lines.

AUTHOR

BOB EHRLICH

Bob Ehrlich is a former Governor of Maryland, Member of Congress, and State Legislator. He is the author of five books on American politics and opinion pieces that have appeared in America’s leading newspapers and periodicals. He and his wife, Kendel, can be seen and heard on their weekly podcast, “Bottom Line with Bob & Kendel Ehrlich.”

The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.

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EDITORS NOTE: This Daily Caller column is republished with permission. ©All rights reserved.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

STEPHEN MOORE: Biden’s Killing the American Dream of Homeownership

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In boasting about Bidenomics two weeks ago in Milwaukee, President Joe Biden declared that his policies are “restoring the American dream.” Then he went into his creepy whispering mode and assured us “it’s working.”

Huh?

Isn’t a big aspiration of the American dream owning a home? Biden keeps making first-time homeownership harder for young families for two reasons. One is that the overall jump in inflation and the slower increase in wages and salaries means that homes are more expensive. High home prices benefit those who already own their homes, but much of the increased value is due to general inflation, which reached a high of 9% last year and hurts everyone.

A bigger killer for first-time homebuyers has been the steady rise in mortgage rates under Biden. When he came into office, the mortgage rate was 2.9% nationally. Now it is 7.1%, thanks in no small part to the Federal Reserve’s 11 interest rate increases prompted by the $6 trillion Biden spending and borrowing spree in 2021 and 2022.

So now, according to the mortgage company Redfin, just the increase in interest rates on a 30-year mortgage from 5% to 7% means that a middle-income family that could once afford a median-value home of $500,000 can only afford a home worth $429,000. Great, spend more and you get less house. Or instead of a single-family home, you can only afford a three-room condo or a townhouse. If we compare the rates today versus when Donald Trump was president, the typical homebuyer can only afford a house with a price tag more than $100,000 less than three years ago.

What a deal? Maybe this is one reason the size of a new home is smaller than in the past.

Here’s another way to think about the damage done by Biden policies: If you want to buy a $500,000 home today, which is close to the median price in many desirable locations, your total interest payments will be at least $800 more per month. That means over three decades of payments totaling at least $250,000.

Of course, rents are up nearly 20% as well, so for many 20-somethings, this means sleeping in the parents’ basement.

Biden talks a lot about bridging gaps between rich and poor and blacks and whites. But the group that is most handicapped by these interest rate shocks is minorities. Black homeownership is still less than 50% for black households. The Washington Post calls this “heartbreaking,” but they blame racism, not bad government policies.

There’s one other impediment to homeownership for Generation X and millennials. Many 30- and 40-somethings are hamstrung by their existing and expanding debt. Credit card debt is now $1.03 trillion. Half of all families are expected to have problems paying off this debt each month. Delinquencies are rising, which can mean penalty rates of 20% to 25%.

So, if families can’t afford their existing debt, how will they get a bank to approve a $400,000 or more mortgage loan?

An even bigger question is how in the world can Biden call his economic policies a success?

Perhaps Biden has a secret plan to “forgive” trillions of dollars of mortgage debt, as he has already attempted to do with student loans. But that just shifts the debt burden to taxpayers — hardly a solution.

The Biden administration’s assault on homeownership isn’t just harmful to the families that are being priced out of the market. It’s bad for communities and cities around the country. When families become homeowners and set roots in a town, they are much more prone to care about not just improving their own house and maintaining the upkeep and mowing the lawn and trimming the hedges, but it gives them a stake in the schools and children in the neighborhood and the quality of the public services. In other words, homeownership gives Americans a sense of Tocquevillian civic pride.

Crime is lower, neighbors are friendlier and everyone’s property values rise when they live in a community of owners, not renters.

There is one reason to feel today’s downward spiral can be reversed. Back in 1980 when Jimmy Carter was president, mortgage rates weren’t 7%; they reached above 17%. Voters rebelled against the economic mayhem and chased Carter out of office. Ronald Reagan came into the White House, and with wiser economic fiscal policies, mortgage rates quickly fell in half and then lower still. It can happen again.

Stephen Moore is a senior fellow at the Heritage Foundation and a chief economist at FreedomWorks. He is the co-author of the “Trumponomics: Inside the America First Plan to Revive Our Economy.”

COPYRIGHT 2023 CREATORS.COM

The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.

AUTHOR

STEPHEN MOORE

Contributor.

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EDITORS NOTE: This Daily Caller is republished with permission. ©All rights reserved.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Americans Can’t Afford Homes But Biden Regime Set To Make Illegal Aliens Comfortable with New Housing

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Squashing us like the bugs they think we are.

High treason, I say.

Biden Set To Make Illegal Aliens Comfortable with New Housing as Part of $40 Billion Emergency Funding Request to Congress

By: The Federalist Papers, August 14, 2023:

President Joe Biden has asked Congress for $2.7 billion in border-related funding, including money to create new facilities to house illegal immigrant families as they navigate an “expedited” process to determine whether they will be granted asylum in the U.S. or deported.

The administration has requested $40 billion in emergency funding, including roughly $2.7 billion for the Department of Homeland Security’s border programs, Axios reported.

“We do not view this as family detention,” an unnamed DHS official told Axios.

However, though family members could come and go from these facilities during the day, they would be required to check back in each evening and spend the night at the facility, the official said.

Officials told Axios that the new program would relieve the stress on current shelters located near the U.S. border while also allowing the government to better track families that enter the country illegally.

The facilities may be run by independent contractors, potentially including non-governmental organizations.

Axios contextualized the new initiative as part of ongoing efforts by the federal government to cope with the fact that more families are crossing the southern border into the U.S. illegally.

Keep reading.

AUTHOR

Pamela Geller

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EDITORS NOTE: This Geller Report is republished with permission. ©All rights reserved.

‘Inflation Tax’ Is Higher Than Federal Income Tax

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Americans are paying far more to offset the costs of inflation since President Joe Biden took office than they pay toward federal income taxes, according to data calculated by the Daily Caller News Foundation.

Average hourly earnings rose from $33.60 per hour in June to $33.74 per hour in July, but when adjusted for inflation since the beginning of Biden’s term as president in January 2021, real wages have failed to keep up, resulting in $4.62 less per hour when adjusted, according to data from the Bureau of Labor Statistics and calculated by E.J. Antoni, a research fellow at the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget. At the average hourly rate for Americans of $33.60, workers pay $3.08 per hour in federal income taxes, far less than what inflation has cost the average worker, according to data calculated by the DCNF.

“Bidenomics can be defined by government spending, borrowing, and printing too much money,” Antoni told the DCNF. “That’s also the recipe for inflation, so the Biden administration’s policies are directly to blame for the inflation tax, a clear violation of Mr. Biden’s promise not to raise taxes on those making less than $400,000 a year.”

“But this is ultimately about policy, and not politics,” Antoni continued. “Plenty of congressional Republicans voted for excessive spending over the last three years and must share some of the blame for our current stagflation. Notwithstanding that fact, Biden is clearly the bigger sinner here, constantly pushing for more spending and driving the nation’s finances into the ground.”

Inflation rose to 3.2% year-over-year in July, up from 3.0% in June after steadily declining from a high of 9.1% in June 2022. The largest contributor to that increase was shelter, which rose 0.4% for the month of July, totaling 90% of the increase in inflation.

“The Federal Reserve, which plans and executes US monetary policy, is responsible for the destruction of real wages since 2020,” Peter Earle, economist at the American Institute for Economic Research, told the DCNF. “The Federal Reserve’s massively expansionary policies throughout 2020 had far-reaching consequences. The winnowing of the dollar’s purchasing power is being felt by every citizen, but hits the poor and individuals on a fixed income far worse than most others.”

The Federal Reserve hiked its federal funds rate for the eleventh time since March 2022 in July, bringing the target rate within a range of 5.25% and 5.50%, the highest rate since 2001. Following the rate hike at the Federal Open Market Committee meeting, Fed Chair Jerome Powell remarked that inflation will not return to the target rate of 2% until 2025.

“Inflation is fundamentally a tax because it is a transfer of wealth from you to the government,” Antoni told the DCNF. “You continue paying that inflation tax until your wages catch up to inflation. At that point, your cumulative lost purchasing power will be equal to how much the government implicitly confiscated from you through inflation.”

AUTHOR

WILL KESSLER

Contributor.

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