Bidenomics Versus the American Family – By Akash Chougule (Real Clear Wire) / March 8, 2024
This story originally was published by Real Clear Wire
The President may be proud of “Bidenomics,” with its massive, seismic transformation in the size and scope of government, but to voters, it is raw pain. Like a runaway train that has smashed into a small town’s railyard, everywhere you look, no part of the life we knew remains as it was before. Our life plans – well-laid and requiring hard work with just a little luck – no longer fit. Every time we open our wallets and we are hit by these new, hard choices – delay our child’s braces, forgo our teen’s college contributions, and pray the minivan tires hold up another month. This daily struggle of millions of families sitting at their kitchen table trying to make their hopes, dreams, and numbers work, is far more difficult because of Bidenomics.
How did this new bout of inflation start? The President blames corporate greed, but most Americans know better. Many recall how the inflation of the 1970’s disappeared only after two hard recessions in 1980 and 1981 and President Reagan’s spending cuts. For almost forty years, Americans enjoyed low-inflation prosperity.
Yet both in and after the pandemic, federal spending took the opposite trend it did under Reagan – it exploded. Federal spending that had averaged 20.5% of GDP since 1982 instead totaled 60.5% of GDP for the two years of 2020-21 – an extra 20% of GDP. President Biden enacted $6.2 trillion of new ten-year spending on top of the $4.8 trillion in 2021 spending projected before the pandemic hit.
CONTINUE > https://www.thegatewaypundit.com/2024/03/bidenomics-versus-american-family/
