Government Spending

Joe Biden speaks about the nation's economic recovery amid the COVID-19 pandemic in the State Dining Room of the White House on July 19, 2021 in Washington, DC. Biden also reiterated his hope that Facebook will better police vaccine misinformation on their platform. (Photo by Drew Angerer/Getty Images)

Biden downplays inflation, touts economy as markets tumble

Joe Biden has continued to downplay massive inflation and touted a recovering economy even as markets have nosedived. During a speech at the White House on Monday, Biden claimed capitalism was alive and well under his leadership.

Joe Biden delivers remarks on infrastructure spending at McHenry County College, Wednesday, July 7, 2021, in Crystal Lake, Ill. (AP Photo/Evan Vucci)

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IMF economist: Biden’s policies to turn U.S. into Latin American-style economy

A rising number of economist have warned Joe Biden’s policies could turn the U.S. into a Latin American type of economy. On Monday, Former International Monetary Fund Deputy Director Desmond Lachman said Biden’s inflation, money printing and high government spending posed a problem for the U.S. economy.