Biden Denies Growing Economic Crisis He and Senate Democrats Created
Washington, D.C. – The inflation crisis in America is historically bad and poised to get worse.
From the New York Times:
“Now, the economy appears poised to slow — potentially sharply — in ways that could limit wage growth and cause job losses even as prices remain elevated.…
Pay gains have been falling behind inflation for months. Credit card balances, which fell early in the pandemic, are rising toward a record high. Subprime borrowers — those with weak credit scores — are increasingly falling behind on payments on car loans in particular, credit bureau data show. Measures of hunger are rising, even with unemployment still low and the overall economy still strong…
“It’s a grim picture already,” said Elizabeth Ananat, an economist at Barnard College who has studied the pandemic’s impact on low-income families. “Families are doing much worse than they were a few months ago.”…
“I think we are starting to see indications that the good times are coming to an end for some people,” said Karen Dynan, a former Treasury Department chief economist who is now at Harvard University. “There will be some generalized pain.”
For many families, that pain has already arrived, and it feels very specific.”
Meanwhile, President Biden is still trying to spin his way out of this mess to the Associated Press, saying a recession (which most economists predict is inevitable) is “not inevitable.”
So how will the White House fix these issues, like national gas prices sitting over $5/gallon? Well, they haven’t the faintest idea after spending a year pushing their anti-American energy agenda.
As Senators like Mark Kelly, Catherine Cortez Masto, Maggie Hassan, Raphael Warnock, and Michael Bennet fight for their political lives, they too will have to reckon with their near-lockstep support for the Biden inflation agenda that is causing financial hardship to countless Americans.
Statement from NRSC Spokesman T.W. Arrighi: “At this point, there is little dissent among economists and everyday Americans alike: The Biden Agenda, supported by Senate Democrats, has worsened inflation and the nation’s economic outlook. The White House is frozen with inaction, scared to face their past mistakes and the wrath from the Left that any needed policy reversal would bring. The economic alarm bells have been ringing for a long time, but Washington Democrats have tuned them out. Now, we’re all paying the price.”
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