Since taking the White House, Joe Biden has long faced heat over his economic policies. For what it’s worth, the president claims his reforms are key to bringing back prosperity to the country.
However, the outcomes tell a different story. For example, both the American Rescue Plan and Inflation Reduction Act have been cited as expenditures that significantly rose inflation.
Republicans warned about this from the onset. However, Democrats railed against the warnings. During the last Congress, Democrats controlled the House and Senate; therefore, they were able to pass many bills that otherwise would have been stopped.
Though with Republicans now having the majority in the House, there are new warnings being released against the president’s economic policies, according to Issues Insight.
Congressional Budget Office Sounds the Alarm
The Congressional Budget Office, one of America’s top economic groups, is stating all that glitters isn’t gold when it comes to the policies of the Biden administration.
Per data from the CBO, policies that the president has chosen to throw his weight behind will worsen the federal deficit by more than $5 trillion in the years ahead.
This is a far cry from what Biden claimed when delivering his State of the Union address earlier this month. Amid his remarks, the president asserted that he actually brought down the federal deficit by $1.7 trillion.
Joe Biden insisted inflation would be “temporary!”
REALITY CHECK: The Congressional Budget Office predicts inflation will remain above the target rate of 2 percent until 2026!
— GOP (@GOP) February 20, 2023
In reality, a CBO report following the State of the Union address showed that since Biden’s time in the White House, he heightened the federal deficit 2022, is doing so this year, and will continue this pattern moving forward.
Part of what Biden’s taken credit for economically is creating jobs since the Trump administration. However, a large portion of the jobs that Biden is counting as being newly created are ones that were simply dormant amid COVID restrictions and then reopened later.
Needless to say, including these jobs in Biden’s “created jobs” pool is extremely misleading.
More Alarming News
Judging from the current trajectory the president is on, the CBO predicts he’s going to add a staggering $447 billion to America’s federal deficit before 2024 arrives.
What exactly did Pres. Biden do to fan the inflation flames?
The Congressional Budget Office says that his illegal student debt scheme, semi-conductor spending bill, and 2022’s $1.9 TRILLION budget buster are going to keep driving prices up for years to come.
— John Kennedy (@SenJohnKennedy) February 17, 2023
Right now, the United States remains in a serious financial hole that will take years on end to climb out of. The only silver lining in all of this is Republicans have broken the power monopoly that Democrats kept in Congress during the last session.
This means House Republicans will be able to prevent Biden from getting similar policies passed that would further wound the country’s economy.
What do you think about the data revealed by the Congressional Budget Office regarding Joe Biden’s fiscal policies and the effects they’re having on the United States? In the comments area below, please feel free to weigh in with your comments, concerns, and predictions.This article appeared in Our Patriot and has been published here with permission.