Indictment of the Biden Administration

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Gov. Wes Moore, and Joe Biden two peas in a pod taking tax and spend democrat policies to new heights

Economic Lies and Policy Disasters

President Biden’s twisted rendition of economic history could win him a top fiction award. In a recent interview, he audaciously claimed that inflation “was 9% when I came into office.” The truth? It was a mere 1.4%. Biden isn’t just lying about the past; his policies have ignited the inflationary blaze we are suffering through now.

The Real Economic Picture

When Biden took office, he inherited an economy rebounding at an extraordinary pace. The GDP was climbing at an annualized rate of $1.5 trillion, inflation was at 1.4%, and 1.5 million people were returning to work each month as pandemic lockdowns eased. Fast forward a year and a half, and Biden’s disastrous leadership led to two consecutive quarters of negative GDP growth, signaling a recession, and inflation skyrocketing to 9.1%. In June 2022 alone, the CPI jumped 1.2%, nearly matching the entire year’s increase before Biden’s presidency.

The Catastrophe of Bidenomics

What sparked such a rapid price surge in just a month? One word: “Bidenomics.” Biden’s reckless multitrillion-dollar spending, funded by the Federal Reserve’s money-printing, pumped trillions of dollars into the economy without any real growth. This devaluation of the dollar—known as inflation—caused prices to rise at the fastest rate in four decades.

Biden’s claim that inflation was 9% when he took office is a blatant lie. Historical data shows that from the end of the Great Recession until Biden’s inauguration, the CPI increased at an average annual rate of just 1.8%, and even less in January 2021. Under Biden’s first year and a half, that average exploded to 8.5%, as he and big spenders in Congress racked up trillions in new debt. Since June 2022, the CPI’s average increase equates to an annual inflation rate of 3.4%, due to the Fed’s reduced money printing.

The Enduring Pain of Biden’s Policies

The current inflation rate is nearly double what it was pre-Biden, and while prices aren’t soaring as quickly as during the worst of his administration, today’s inflation is compounding the pain from previous increases. Under Biden, the CPI has risen almost 20%, excluding major costs like homeownership, which has seen monthly mortgage payments on a median-price home skyrocket by 115%.

A Bleak Future Ahead

Biden’s policies continue to threaten economic stability. He and his allies have already added $6.9 trillion to the federal debt, with plans to borrow nearly $900 billion more in the third quarter of this year alone. The White House’s push for a record $7.3 trillion budget next year means more borrowing and more inflation, exacerbating an already dire situation as inflation begins to reaccelerate.

Orwellian Distortions

Biden’s Orwellian rewriting of history is a blatant attempt to dodge responsibility for the inflation crisis he created. By distorting the truth, he seeks political cover to push for more of the same disastrous policies, ensuring the inflation fire continues to burn.

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