• April 20, 2024

Debt and Inflation Are Not Equal to Growth: Biden’s Illusion of a Good Economy

 Debt and Inflation Are Not Equal to Growth: Biden’s Illusion of a Good Economy

The White House brags that Americans are prospering, yet only one in seven Americans report feeling better off.

Biden claims economic success with the 3.3% GDP growth, but the number is inflated by government deficits and debt, caused by Biden’s spending on social programs, including money given to illegal aliens.

Under Joe Biden, the U.S. debt has reached a record level of $34 trillion, which is 124% of GDP. Interest on the national debt is crippling the economy. In 2023, the US government had to pay net interest costs of $659 billion. Moreover, with Biden continuing to run a deficit and give away money, both the debt and interest payments will continue to rise.

As the government prints and borrows money, inflation rises. The White House claims to have reduced inflation because it is now lower than its Biden-peak of 9%. However, inflation hasn’t disappeared.

The White House’s assertions about inflation reduction are generally supported by cherry-picked examples, such as gas prices decreasing to only 50% higher than before Biden took office.

However, general price levels for food and other necessities remain ridiculously high, 18% to 24% higher than they were in 2019. In January, the White House touted the fact that inflation was lower than a year earlier, which was true.

However, it had risen compared to December, suggesting that the inflation issue will not be resolved soon.

Unemployment is rising. The White House claims unemployment is only 3.7%, and that it has created 4.9 million jobs, but that was over a period of more than three years and included letting people go back to work after covid lockdowns.

During that time, the Democrats let in about 7 million illegals, and this year alone, about 4 million U.S. citizens will turn 18, many of whom will start looking for jobs. So, we actually have a jobs deficit, and it is just getting worse

Source: The Gateway Pundit

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