Joe Biden may desire to grow the American economy and make America a great place to live, but his methods have an adverse effect. The president has pushed for things that have caused inflation to rise to extraordinary levels. High inflation is a killer to growth. And for the first time in several years, the United States economy shrank during the first quarter.
The Daily Wire reported that CNBC found, “The dismal results — which represented the most severe drop since Gross Domestic Product (GDP) plummeted by 31.2% in the second quarter of 2020 — were worse than the 1.3% Dow Jones estimate and a write-down from the originally reported 1.4%.”
People no longer have the disposable income they once had because of the higher prices. People are spending twice as much at the gas pump and even more in the stores. Biden has unbalanced the exporting and importing of goods. And he has crippled the military by cutting its budget.
EJ Antoni is a research fellow with the Heritage Foundation. He stated that “Business inventories have been trending down even as the price of those inventories has been rising. Now, because prices are so high and many businesses are hesitant to pass the full cost increase onto consumers, many businesses can’t afford to replace inventories, leading to the drawdown.”
Former President Donald Trump was able to pull America through the pandemic. His policies and efforts allowed the country to dodge a massive financial storm. But when Joe Biden got into office, he took it upon himself to remove all the growth mechanisms left by Trump. And that has led to high inflation and higher prices throughout the economy.
Biden is proud of his work in hurting the stock market, which has declined rapidly over the months. The Nasdaq lost more points in one day than in 2001. Biden is a drain on the country, and the damage will continue until he is removed from office.
Antoni was very explicit with his report. He stated that there is not a lot of good news for America moving into the second quarter. Businesses will continue to pass the inflated costs of operation to the customers. And in return, people will have to adjust their budgets to handle the higher prices. Biden is a cancer to the country and its growth.
The Daily Wire also noted that Antoni had pointed out that most families have used up their relief funds and savings accounts during the pandemic. And now Biden is punishing people with inflated prices. With Biden at the wheel, the country is ripe for a significant recession.
The president may have the idea of building back the country better than before, but his methods are only tearing it apart. America sits in a stagnated state because the president has taken all growth potential out of the economy.
The slow growth and now shrinkage of the economy mirrors the 1970s. Jimmy Carter allowed inflation to get out of control, and it was at that time that gas prices rose to extreme levels. Under Biden, those two categories are far worse than even Carter could have ever imagined.
The Daily Wire noted that Pershing Square Capital Management CEO Bill Ackman explained that the country has two paths that it can go down to stop the inflation problem. The country can collapse, or the Federal Reserve can get involved and stop Biden from pushing inflation to the brink of disaster.
Joe Biden’s team believes that the economy is not headed for a disaster. But the old man is out of touch with reality. The president may claim he is doing enough to fight higher prices and inflation, but reality dictates a different story.
Biden may have tried to cut gas prices at the pump, but his plan of using up the strategic reserve has done little to help. Prices have climbed even higher since he supposedly opened the reserve tanks. The only way to rid the country of higher prices is to remove the Democrats from power and put a Republican body in their place.