How Much More Evidence Do We Need To Prove Biden Knows NOTHING About Economics?

By Greg Moriarty | Saturday, 20 April 2024 03:00 PM
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Image Credit : Joe Biden Economic Plan by [Photographer's Name] for Investopedia

The economic policies of President Joe Biden have come under intense scrutiny, with critics arguing that his lack of understanding of economics is leading to skyrocketing prices and high inflation rates.

Under Biden's administration, Americans are reportedly paying hundreds more each month for everyday items such as groceries. Inflation rates have reached as high as 9 percent, a significant increase from the 1.4 percent when Biden took office. Critics attribute this inflation, at least in part, to Biden's alleged overspending.

For a considerable period, Biden's team denied the existence of inflation, dismissing it as transitory. However, critics argue that the solution to curbing inflation would involve cutting or at least restraining spending, a strategy that they claim is contrary to the Democrats' modus operandi.

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Biden's understanding of economics was further questioned when he was asked about his plans to reduce prices, which have reportedly risen by 19.4% since he assumed office. In response to a question from Reshad Hudson in Scranton about the high cost of items like eggs, Biden stated, "Well, we work to get those prices down by making sure corporate profits are brought under control."

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Critics have taken issue with this response, arguing that it reflects a communist policy. They contend that in America, the government does not dictate price controls or corporate profits. Furthermore, they argue that reducing corporate profits would not lower prices but would instead create economic chaos and drive companies away.

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Biden's critics also take issue with his focus on corporations paying their fair share, arguing that the wealthy already contribute the majority of taxes. They contend that Biden's refusal to control government spending is the real issue, not corporate profits. However, acknowledging this would require Biden to accept responsibility and curb his spending, something his critics believe he is unwilling to do.

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Biden's critics also accuse him of deflecting blame for price hikes onto others, such as Russian President Vladimir Putin, while continuing to overspend, tax the rich, and increase taxes.

Biden expressed confidence in getting his plan passed if the Democrats win the House and Senate, stating, "and God willing with the creek not rising, I’ll be president again." Critics, however, are skeptical of this happening, predicting that the upcoming November elections will result in a change of power.

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When questioned about the legal actions being taken against his political opponent, former President Donald Trump, Biden claimed that Trump's "lack of ethics has nothing to do with me." Critics argue that this is another example of the Democrats' alleged disregard for democracy.

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In conclusion, Biden's economic policies and understanding of economics have been heavily criticized, with critics attributing the current economic issues to his alleged overspending and refusal to control government spending. His plans to reduce prices by controlling corporate profits have also been met with skepticism and criticism.

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