Biden’s Inflation Blues: More Than Just Pocket Change

US-POLITICS-BIDEN US President Joe Biden speaks at the North American Building Trades Unions 2024 Legislative Conference in Washington, DC, on April 24, 2024. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)
U.S. President Joe Biden speaks at the North American Building Trades Unions 2024 Legislative Conference in Washington, DC, on April 24, 2024. (Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)

Tim Doescher
Wednesday, May 15, 2024

At this point, it’s clear that President Biden is completely out of touch with the American people when it comes to the devastations of inflation – both in rhetoric and now the actual data. But no, it’s not just because he’s a forgetful old man, it’s because of his very intentional and devastating policies.  

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A prime example is the recent interview with Erin Burnett on CNN

Biden claimed, “No president has had the run we’ve had in terms of creating jobs and bringing down inflation. It was 9% when I came to office — 9%.” In the next breath, Biden immediately pivoted to something totally unrelated, talking about how he reduced fees on bounced checks, with Burnett saying virtually nothing to counter his staggering claim (hard-hitting journalism, right there).  

If Burnett were prepared, she could have reminded the president that inflation was actually lounging at a low 1.4% (the Fed’s maximum inflation target is 2%) when Biden entered the Oval Office in January of 2021, then shot up to 9.1% in mid-2022.  

But the question remains: How could he get this so wrong?  It took almost a year and a half into his presidency to climb nearly 8%. 

Many people are quick to dismiss Biden as a silly old man mixing up his numbers. But we all know that he has played fast and loose with claims LONG before his old age caught up to him.  This is classic Biden, not a doddering old fool. 

He knows that the only way he can claw back the ground he has lost on the economy is to try and say: “Hey look!  I dropped inflation from 9% to 3.5%.” If it were actually true, that would be a great accomplishment and our country wouldn’t be in the dire economic mess we’re in.  But it isn’t, and he knows his friends in the media and the left won’t call him out on his (I believe) intentional error.

Ok, so we call President Biden out for making a massive “whopper”of a claim.  Great! But the reality is still the same whichever way you look at it. We are still paying BIG TIME for Biden’s fumbling of the economy.  

But it’s not just a 19% overall increase of prices per the CPI that’s making the grocery store and the gas pump more expensive. Virtually everywhere you turn, Bidenomics is hurting working families hard.  

Even car buying is not the same as it used to be. Remember the good old days when $25,000 could get you a shiny new car? Well, kiss that dream goodbye. According to Edmunds’ consumer analyst Joseph Yoon, the $25,000 car is now as elusive as a unicorn. Instead, if you want to roll in a new set of wheels, prepare to cough up an average of $744 per month—thanks to the dizzying heights of current car prices and interest rates.

The news isn’t any cheerier for those hunting in the used car market. The average buyer is now forking over $549 a month for a set of pre-owned keys. That’s 40% higher than what the average American’s budget can handle. But don’t worry, you can get a $7,500 tax credit to purchase a $50,000 electric vehicle that may or may not hold a charge. Not to mention, have little to know environmental benefit.

As a result of Biden’s failed policies, we see consumer confidence dropping. The latest numbers from the University of Michigan showed  that consumer confidence plunged by nearly 13%, the biggest point drop since August 2021. It also showed both current conditions and future expectations plummeted as inflation is expected to keep climbing.

But don’t worry, Biden says things are just fine.    

As we navigate Biden’s inflation landscape, it’s clear that economic strategies are needed to be recalibrated. This administration needs to tune into the reality of everyday Americans, who are struggling with rising living costs that are outpacing their paychecks.

A more grounded, transparent approach to managing both the economy and the energy transition is essential. After all, if the government doesn’t start matching its pace with the public’s ability to pay, voters might just hand out pink slips at the next election.

President Biden says inflation is down under his administration from the peak in 2022. That’s true, but let the record speak for itself, his policies are the reason it was so high in the first place, and the American people know it. He owns this!

Inflation isn’t just a number, it’s groceries, gas, and working a job that pays a decent wage. Biden’s age and errors have nothing to do with the consequences that his bad policies have created. He must take responsibility for it, no matter how devastating the reality is. 

Tim Doescher is the Executive Director of the Committee to Unleash Prosperity (CTUP), a group co-founded by Art Laffer and Stephen Moore. CTUP is dedicated to educating policymakers and the public about policies to maximize economic growth and prosperity in America and around the world. For more information: www.committeetounleashprosperity.com

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