Joe Biden / Gage Skidmore / Flickr / August 8, 2019 / CC BY-SA 2.0
The Biden administration continues to make Americans suffer for their incompetence. They’re terrible at everything they do… especially with the handling the federal budget.
America continues to feel the inflation caused by the administration. We’ve seen:
- How we started the year with a 7% rise in consumer prices – the highest we got in 40 years
- Biden led America to a food shortage
- Our country lost its energy independence
- The administration wasted $1.5 trillion on unnecessary domestic programs
Unfortunately, Biden continues to create the inflation we’re experiencing worse than before.
Biden Thinks a Strong Job Market Will Shield the Economy
The administration is betting that a strong job market is what America needs to withstand all economic threats… such as the Russia-Ukraine war, high grocery bills, and spiking gasoline prices.
The liberal’s hypocrisy never gets old.
Let’s not forget how Biden’s Covid unemployment bonus from last year destroyed our country’s work ethic. Instead of helping the unemployed, it only bred lazy Americans.
Corporate layoffs last December also fell down to their lowest in almost 30 years. It’s all because the majority of the workforce never came back to get a job.
Biden has no right to claim that a strong job market can fix most of the economic threats in America. In reality, the demo-rat is the one who destroyed the labor economy with his poor decisions.
Biden Canceling Student Debt Loans May Worsen Inflation
Despite the struggle of our economy… Biden insists on canceling student debt for 43 million Americans.
The demo-rat removed nearly $20 billion in student loans for select borrowers this May. He also paused federal student loan repayment.
However, experts warn that inflation will worsen if Biden continues canceling student loans.
President of the Committee for a Responsible Federal Budget (CRFB), Maya MacGuineas, shared her thoughts about Biden’s move. She said,” [Student] debt cancellation may be an extremely appealing political talking point, but it is not good policy.”
MacGuineas also said that what Biden is doing is not relevant and will only ruin the federal budget. She added, “It is costly, inflationary, poorly targeted, and fails to address the root problems in our higher education financing system. Full debt cancellation would be a massive hand-out to rich doctors and lawyers, would worsen our inflation crisis, and would cost almost as much as the entire 2017 tax cuts.”
Executive Director of Heritage Action Jessica Anderson told Fox that canceling student debt “would raise inflation by up to 20%.”
Then she added, “Make no mistake: this is a handout to wealthy, educated voters that will come at the expense of higher prices for food, gas, and energy for working American families who won’t see a dime of relief — not to mention higher taxes. This is an absurd election-year gimmick that punishes most Americans.”
Brian Riedl of Manhattan Institute said that Biden’s move would only burden American taxpayers. He said, “The problems with student loan forgiveness are that the policy would transfer these liabilities over to the taxpayers (raising deficits and ultimately taxes), disproportionately benefit upper-income attorneys and doctors, and also send a signal to current and future college students that they should borrow even more on the expectation of future loan forgiveness programs.”
All these experts prove a strong job market won’t shield the economy from external threats. The best thing to do is to fix our system from the inside and remove Biden from his position. He is the real cause of why America is suffering from inflation.
