Joe Biden might not be known as the most honest politician out there, but he’s really gone out of his way this week to describe the poor state of the economy.
He didn’t mean to do so, of course. Instead, the president attempted to tout the state of inflation and economic growth but instead gave the Republicans a major favor. Biden attempted to spin our current economic state as positive but failed miserably.
Big Tech employees overwhelmingly donated to Democrats in 2020.
As a thank you, Joe Biden's economy gave them a pink slip.
— Stephen Moore (@StephenMoore) January 23, 2023
The president stated that he’s proved Republican critics wrong and that the country avoided recession. Unfortunately, the country faced two straight quarters of negative G.D.P., the definition of recession. Observers also see increased chances of a recession in 2023.
Our country’s economy is in trouble, and even Joe Biden must realize it. Inflation decreased slightly in December, which might be a positive note for the White House. This was also met by the fact that consumer spending actually declined the same month.
Joe Biden’s different economic plans have all borne little fruit. The Inflation Reduction Act did nothing of the sort. The 2021 American Rescue Plan Act Coronavirus stimulus instead increased inflation.
The president needs a strong economy if he chooses to run for reelection in 2024. However, recent poor economic data shows just how fragile those prospects are. He knows that his chances of another term are directly tied to the state of the economy.
Americans feel the pain of the Biden economy every day, whether it is at the gas pump or the grocery store. The recent sharp increase in the price of eggs adds insult to injury.
President Biden has options that he would never use. He wouldn’t cut spending or taxes. The pain of the mistakes of Washington D.C. is passed onto the average taxpayer and consumer.
Declining economic growth and poor consumer data are a toxic mix. Hopefully, our economy can hold on until the next presidential inauguration in two years. A Republican president may be able to restore the Trump-era economic growth prior to the Biden bust.