The stark differences between former President Donald Trump and Joe Biden grow abundantly apparent with each passing day. The Republican strongman exceeded every campaign promise made during the run-up to the 2016 elections. By contrast, the Democrat weakling currently in office ranks among the worst liars ever to hold public office. Perhaps more concerning than basic honesty is the fact Joe Biden’s handlers have plotted an economic course already proving disastrous for working families.
“There’s nobody suggesting there’s unchecked inflation on the way — no serious economist,” Biden reportedly said.
Wide-reaching fact-based reports indicate that inflation has reached a 30-year high. The Biden Administration has only exacerbated the problem by shutting down fracking, the Keystone XL Pipeline, and proposing massive spending packages certain to escalate taxes to a generational high. Yet, White House insiders continue to make excuses such as log-jammed container ports or blame the previous administration. But truth be told, everyday Americans enjoyed unprecedented prosperity during former Pres. Trump’s tenure.
Before the pandemic upended global economies, U.S. poverty rates dropped to their lowest point in recorded history at 10.5 percent. The 2021 poverty rate is projected to surge above 13.7 percent, and unchecked inflation could cause even more American families to fall. During the Trump years, Americans enjoyed the lowest unemployment rates in more than 50 years, with African-Americans and Latino-Americans experiencing the lowest jobless rates in history. But with America supposedly fully back to work in August, unemployment hovered around 5.2 percent. Ironically, that number is consistent with the failed economic policies of the Obama-Biden administration.
It’s important to understand these statistics represent the real impact of White House policies on our community members. Since Joe Biden took the oath of office, his string-pullers have relentlessly rolled back the most successful policies of the Trump Administration. These include Trump-era tax cuts and leading the country into energy independence and then energy dominance. The country became a legitimate net exporter of crude oil.
Ending reliance on foreign oil produced by OPEC and other anti-American entities saw the cost of gasoline, diesel, and home heating oil decline. Lower fuel costs have an undeniable impact on the cost of goods and materials transported across the nation. In other words, the wrong-headed policies of the Biden Administration are directly responsible for a recent 5.4 percent spike in the cost of living.
“Not only have forecasters been very wrong about inflation this year, they have been very overconfident,” former Obama-era economic advisor Jason Furman reportedly said. “Inflation from February to July was extraordinarily high: core CPI (Consumer Price Index) rose at an 8.0 percent annual rate.”
Reports indicate that wages and salaries increased by a stagnant 0.5 percent, meaning inflation has effectively overtaken paycheck gains. During Trump’s first year in office, wages increased by a robust 2.6 percent with below-average inflation. Working families effectively experienced the most significant bang for their buck since 2007, according to Bureau of Labor and Statistics data.
Although Joe Biden and his handlers continue to make excuses and falsely claim the Trump Administration is to blame for America’s economic woes, nothing could be further from the truth. The liberal extremists running the country upended every successful Trump-era policy, and the current death spiral was predictable. Adding trillions in deficit spending and raising taxes will likely thrust the country into another major recession.