President Biden’s economic policy of overspending and deficit spending has sparked inflation.
Since President Biden took office, prices have increased cumulatively by 17.4%, while hourly wages for many Americans have increased only 13%… some far less.
A family of four is paying $15,133 per year, or $1,261 per month, more to purchase the same goods and services compared to the day President Biden took office.
The Average American is poorer today than a year ago.
Bidenomics is hurting people, businesses, and the entire country.
There are 4 forces driving higher prices despite the Federal Reserve’s massive control of the money supply and demand destruction of the economy with high interest rates.
These 4 forces are unseen.
They are unpredictable.
But the results will hurt you and your family.
Force #1: CHIPS ACT of 2021
The CHIPS Act is part of President Biden’s big government giveaway agenda, authorizing roughly $280 billion in new funding for domestic research and manufacturing of semiconductors and electronics in the United States.
The $280 billion is money created out of thin air.
And almost all has yet to be spent.
Force #2: The “so-called” Inflation Reduction Act
The Inflation Reduction Act was sold to the American people as a solution to curb inflation.
Not true. The 730-page bill committed $369 billion to radical green projects. The bill also approved $64 billion to extend Obamacare health insurance subsidies and $4 billion to Western wildfire resilience.
The Inflation Reduction Act promised a lot and delivered little.
It gives billions in tax breaks to the wealthy to help them buy electric cars.
And it raises taxes on those producing energy on public lands. And it gives billions to health insurance companies.
What it doesn’t do is reduce inflation– it raises inflation.
It’s deficit spending, creating money out of thin air.
Even President Biden admitted during a speech at a fundraiser that he “regrets calling it the Inflation Reduction Act because its primary goal was environmental spending, not to lower prices.”
Billions of dollars are still unspent.
Force #3: American Rescue Act– COVID Money
$1.9 trillion allocated for “COVID-relief” went to Democrat-friendly organizations, causes and institutions… and bailing out Democrat states with large deficits.
Over $46 billion of American Rescue Plan funds have been allocated to implement critical race theory into the school curriculum.
$350 billion for states was used to fund health and welfare programs for Illegal immigrants and other radical socialist agendas and local pet projects—over $1 billion worth of federal coronavirus aid on projects that have little to do with combating the pandemic.
“They passed a bill ironically called the American Rescue Act; that’s what started the inflation going crazy,” said Economist John Carney. “We would have had inflation, but we wouldn’t have gone up to 9 percent without those trillions of dollars being spent. And ever since then, it’s just been lie after lie. The Inflation Reduction Act did not reduce inflation.”
Billions are still yet to be spent—It’s all money created out of ideological dreaming.
Force #4: Military Spending
Defense spending accounts for roughly 12% of all federal spending or about one-third of the annual federal budget.
The problem with military spending is that it’s inflationary because it adds to the demand for goods without adding to the supply… As all government spending does.
Even the government’s own economic studies show that over a 20-year period, it’s estimated that a 1% increase in military spending lowers economic growth by 9%.
Billions for Ukraine, now Israel, and the Middle East… and soon for Taiwan and China…are being sucked out of the economy with no end in sight.
No, just a lower amount.
But prices will continue to rise, and you and I will continue to be poorer each month until this economic insanity stops.
1) Send this article to everyone you can so they know why prices are still high and inflation is still bad.
2) Vote for candidates in this election who will stop overspending—Use our voter guide HERE.
3) Help us elect candidates in this election who will stop deficit spending. Help us with our Turn America Around Fund HERE
4) Get my new book ,”The Great Deception: 10 Shocking Dangers and the Blueprint for Rescuing the American Dream”, see chapter 3 about economic solutions
Preorder The Great Deception HERE.