President Biden’s Clueless Remarks on Inflation Suggest Americans Should Brace for Stagflation and Recession
Washington, D.C. (May 10, 2022) — Today, President Biden held a press conference to discuss the economy, as inflation that has continued to increase month after month. Additionally, the Biden administration recently released their fiscal year 2023 budget, which contained multiple tax increases, and the administration’s small business budget for 2023 did not contain a single instance of the word “inflation.”
“President Biden’s inflation crisis has gone from bad to worse. Bidenflation is causing declining real wages and living standards. This Biden pay cut is making life harder for ordinary Americans and small businesses. Record gas prices are a painful tax on commuters and everyday Americans. Consumers are dealing with widespread supply chain shortages, including for baby formula, putting enormous stress on families. Reckless spending, overregulation, and proposed tax increases — a.k.a. Bidenomics — are responsible for this inflation and the corresponding contracting economy. The economy is entering stagflation and financial markets — off to their worst start to a year since 1939 — predict a recession.
“As Americans’ savings and living standards get hammered, Biden is calling for more of the same spending and taxes that put the economy in this mess in the first place. He is clueless and not up to the task of overcoming this inflation crisis and preventing it from metastasizing into a Biden recession. His feckless and incompetent cabinet risks making the economic situation even worse. Congress must immediately pass — and Biden sign into law — real steps to bring down inflation, including overturning Biden’s oil drilling restrictions and making the Tax Cuts and Jobs Act permanent. More broadly, the American people must recognize that Democrats’ big government economic agenda has been wholly discredited and a new free-market approach that puts small businesses first is needed.”