President Joe Biden's economic strategy, 'Bidenomics,' is a failure.
. The Biden administration claims that the Inflation Reduction Act of 2022 fights inflation, lowers healthcare costs, fights damaging climate change, and reduces the federal deficit. Not one of those statements is true. Inflation remains elevatedto pay their medical bills. Households are spending the most on food in over 30 years. Hundreds of billions of dollars are being invested in green energy, but many nations in Asia continue to build new coal-fired plants.
True, the employment market is strong. But economists know that it is easy to generate jobs and stimulate the economy through helicopter drops of money. The problem is that Biden’s so-called Inflation Reduction Act creates jobs through borrowed money. Deficit spending is out of control. The economy of the United States is running a 6.3% federal deficit at a time when the economy is operating at capacity. Large deficit spending.
Top line: when it comes to the household budget, climate change, energy, healthcare, infrastructure, and semiconductor independence, Bidenomics is a clear failure. What is most disturbing is that the bill for all the debt-financed projects has yet to come due. The U.S. net deficit to GDP ratio is around 100%. When the bill comes due and interest rates start to rise, America risks an economic bust.
James Rogan is a former U.S. foreign service officer who later worked in finance and law for 30 years. He writes
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