President Joe Biden is making it abundantly clear that he intends to seek reelection based on his economic achievements. However, in order to do so, he will likely resort to deceit and hope that voters turn a blind eye to their own financial struggles. If he were to be truthful, he would undoubtedly suffer a resounding defeat. Biden began touting his economic progress during a recent visit to Chicago and has continued to do so ever since. Just last week, he took to Twitter to claim that inflation has dropped to 3%. While this statement is technically accurate, it conveniently overlooks the fact that inflation skyrocketed to a record-breaking 9% last year and took a painstakingly long period of 26 months to decrease to its current level. This undermines Biden’s earlier promises that any price hikes would be temporary and minor. Furthermore, the current inflation rate is still twice as high as when Biden assumed office. The credit for this decline in inflation should be attributed solely to the Federal Reserve, which raised interest rates at an unprecedented pace. On the other hand, Biden’s relentless pursuit of federal spending is contributing to further inflation. His latest endeavor involves advocating for the forgiveness of $39 billion in student loans. Last year, reports indicated that inflation reached a staggering 9%. Meanwhile, the Federal Reserve’s strict measures come at a considerable cost: soaring interest rates have significantly hindered economic growth, resulting in a measly 1.3% growth rate for the first quarter of this year, with potential risks looming in the future. Ironically, President Biden frequently discusses his plans to build the economy “from the middle out and the bottom up.” However, it is these very individuals who have been most adversely affected. With wages rising at a slower rate than prices, the average American family has effectively lost $10,000 under Biden’s leadership. Additionally, homeownership has become increasingly challenging, with mortgage rates more than doubling and home prices increasing by 22%. Despite Biden’s claims of having “created” a record number of 13 million jobs, these figures solely reflect the recovery of jobs lost during the COVID-19 pandemic, rather than the creation of new employment opportunities. Meanwhile, higher interest rates and mounting debt have triggered a severe credit crunch, as observed by economist Philip Pilkington. Economist Desmond Lachman even warns of a potential global economic crisis on par with the Great Depression, given the current worldwide debt of $300 trillion, which is equivalent to 350% of global GDP. The reality is that the economy was already strong when Biden assumed office, thanks to the rapid recovery facilitated by the COVID-19 vaccine developed under the Trump administration. However, Biden and his fellow Democrats in Congress ignored warnings of potential overheating and inflation and injected trillions of dollars into the economy, leading to the negative consequences we are experiencing today. If Republican candidates possess any ounce of common sense, they will focus their campaigns on Biden’s disastrous economic track record, rather than narrow social issues. The American people are well aware of who should shoulder the blame. In fact, a recent Reuters/Ipsos poll revealed that Biden’s approval rating stands at a feeble 40%, with the economy ranking as the top concern among Americans. Another AP/NORC survey conducted last month found that merely 34% of individuals approve of Biden’s handling of the economy. These numbers suggest that Biden may be emphasizing the economy not out of pride in his accomplishments, but rather because he recognizes it as his greatest vulnerability.
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