Before inflation reached its highest since President Biden took office, three months ago, in a rare sitdown interview, the President denied a recession was “inevitable.” Despite the fact that more than half of top job creators are bracing for a severe recession, President Biden is still in denial, this week saying:
“I don’t think there will be a recession. If it is, it will be a very slight recession. That is, we’ll move down slightly. […] Look, it’s possible. I don’t anticipate it.”
Bottom Line: The same Administration that failed to heed experts’ warnings about accelerating inflation is continuing to dismiss experts’ warnings about the cruel recession.
Under Biden’s Cruel Economy, Americans are Suffering and Job Creators Are Bracing for a Recession.
- More than half of American workers’ paychecks have fallen behind – the highest share of workers since 2011, the last time President Biden was in the White House.
- Biden-Flation has robbed workers of a whole month of wages – the steepest pay cut in 25 years, according to analysis from the Dallas Federal Reserve.
- More than 90 percent of chief executive officers (CEO) believe there will be a recession in the next year, according to a recent survey. Only a third believe it will be a “short” or “mild” recession.
Democrats Created the Biden-Flation Crisis – Despite Many Warnings.
- Democrats insisted on passing a $2 trillion so-called “stimulus,” despite warnings from former Obama-Biden Administration officials like former Director of the National Economic Council Larry Summers and former Chairman of the Council of Economic Advisers Jason Furman that it would stoke inflation.
- The Administration dismissed these warnings as “a high class problem,” and claimed that inflation was “transitory.”
- In August, Democrats passed the so-called “Inflation Reduction Act,” which adds $700 billion to the inflation fire and raises taxes on working families and Main Street.
Republicans Are Committed to Creating a Strong Economy.
- One of the central tenets of the Commitment to America is “an economy that’s strong” – one where families benefit from increased take-home pay, good-paying jobs, and stability through pro-growth tax and deregulatory policies.
- Ways and Means Republicans have introduced a bill to make permanent the very tax reform that succeeded in helping lower-income families.