July 15, 2024
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ECONOMY WHAT'S UP IN WASHINGTON?

Shocking: How Biden’s Economy is Hurting The Middle Class

Shocking: How Biden’s Economy is Hurting The Middle Class

The economic landscape under President Joe Biden’s administration mirrors economist Milton Friedman’s definition of inflation – “too much money chasing after too few goods.” Biden’s policies flooded the marketplace with federal stimulus while constricting the supply of goods and services through increased taxes and regulations. The result? A cost-of-living crisis and a declining economy, shunning the principles of free enterprise that once thrived in our nation.

Here are the critical points that illustrate the grim reality of Bidenomics:

  • Biden’s signature legislation, the mislabeled “Inflation Reduction Act,” actually imposed tax hikes on job creators, expanded Obamacare subsidies for the wealthy, and bestowed wasteful tax breaks onto green energy corporations.
  • Policies incentivized people to stay at home, gutted work requirements in welfare programs, and unleashed a wave of rules and regulations on small businesses, costing billions.
  • A government-led assault on domestic energy raised production costs, stifling economic growth and prosperity for Americans.
  • Inflation peaked at 9.1% in June 2022, with prices steadily climbing, forcing families to shell out thousands more each year for the same essentials.

The numbers are staggering:

  • Federal deficit spending is projected to hit $1.9 trillion in fiscal 2024.
  • $7 trillion was added to the federal debt under Biden’s administration, the highest level in history.
  • Interest rate hikes have soared, hindering people’s ability to buy homes or cars, and stifling the American dream.

It’s evident that Bidenomics is sending our economy into a downward spiral, with GDP growth plummeting and consumer confidence waning. Families are drowning in increased household debt, marching towards a bleak financial future.

However, there is hope on the horizon. To reverse this economic downturn, we must implement the following:

  • Reduce spending and grow the economy to bring down inflation and interest rates.
  • Reverse Biden’s spending spree, reform healthcare and welfare, and crackdown on waste and fraud in entitlement programs.
  • Reignite growth by maintaining low taxes and cutting unnecessary regulations.

Restoring economic freedom and fiscal responsibility is crucial to securing America’s prosperity and maintaining our global leadership. The time for change is now, before it’s too late.

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