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It’s the Economy Stupid: Why Biden’s Defense of the Economy is a Sham 

Posted on Tuesday, October 4, 2022
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by AMAC, Bob Carlstrom
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33 Comments
Economy

As the nation inches closer to the 2022 midterm elections both parties are sharpening their messaging and honing in on what’s on the top of people’s minds. After a rough year of record-high 9.1% inflation this summer, record-high gas and food prices, skyrocketing rental/housing costs, and a national baby formula shortage, President Biden and Washington Democrats have shifted their messaging and are now trying to convince Americans that the economy is on the right track. That’s a remarkable thing to hear when 64% of voters think that America is on the wrong track, according to a Real Clear Politics (RCP) average of recent polls. That sentiment echoes what are reportedly the top issues on the minds of voters: inflation, high gas prices, and the economy generally. So why, despite being more vocal, is President Biden’s defense of the economy such a sham? Here’s why.

One of the Democrats’ main arguments early on in support of the Biden economic agenda, was that inflation wasn’t a big concern and was “transitory” in nature. Yet early this summer, Biden’s Treasury Secretary Janet Yellen admitted that her views were “wrong” and that she “did not fully understand” the effect that President Biden’s mega trillion dollar spending bills in Congress would have on a pandemic-struck American economy. 

This summer, economic data of the U.S. Gross Domestic Product (GDP) showed that America’s economy shrank by 1.6% in the first quarter of 2022, followed by a .9% decline in the second quarter. Wall Street has historically defined a recession as two consecutive quarter declines in economic growth, which is usually measured by GDP. President Biden’s response? “It doesn’t sound like a recession to me,” he told reporters. “We are on the right path and we will come through this transition stronger and more secure,” Biden said, pointing to low unemployment and a large number of job openings. Not only is President Biden wrong in his assertion that we’re not in a recession, but his defense is a lie, because Biden’s Federal Reserve Chairman, Jerome Powell, is now saying openly that one of the intentions driving the Fed’s decision to continue to raise interest rates, now targeting a higher than expected 3-3.25%, is to increase the unemployment rate. You heard that correctly. The Fed is manipulating the economy in order to put 1 million or more Americans out of a job, on purpose, when inflation is still high and doesn’t show any sign of declining.

Declining inflation is another one of President Biden’s lies, as he continues to point to Fed and Congressional action, such as the recently passed climate, health, and tax bill known as the “Inflation Reduction Act.” What that bill really does is hire 87,000 new IRS agents, practically doubling what is already the #1 most staffed federal agency, to go after every day Americans and small businesses. It also increases taxes for middle and low-income families who can expect to pay approximately $2,400 more this year. What’s worse, it will likely increase inflation, the very thing it’s supposed to reduce, and it adds to the deficit.

Lastly, Fed Chairman Powell has signaled after last week’s interest rate increase that we should expect one, possibly two more hikes this year, until unemployment rises and the housing market has a “correction.” Stocks had been down in the days leading up to last week’s Fed meeting, however, with these latest remarks, the Dow Jones Industrial Average entered bear market territory shedding nearly another 500 points and closing below 30,000, a new low for 2022 and another sign that a high-inflation, low-growth economy, also known as a recession, is already here.

Instead of working to reduce inflation and put more people back to work, Democrats are getting in our way, passing more spending bills, inflating the size of government, harassing small businesses, and slowing the economy. Add to that a Biden Administration that inherited an energy independent, oil and gas exporting economy and turned us back into an energy dependent nation through excessive regulation and heavy handed mandates. Biden and his administration officials will continue to try to sell us their sham figures and rhetoric but American voters are surely feeling the pinch at the kitchen table and the pump — we’re just not buying the malarkey this time, Mr. President.

Bob Carlstrom is President of AMAC Action

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Robin Walter Boyd
Robin Walter Boyd
1 year ago

No one should be surprised that Joe Biden is being untruthful about the economy, or anything else. Biden is a known serial liar! His lies and plagiarisms are well documented throughout his political career and even before. Biden lies!

Marie Langley
Marie Langley
1 year ago

Yeah right, the economy is on the right track. Right track for what? I just paid $5.55 a gallon yesterday for gas! Don’t tell me the economy is on the right track you liar!!!!!!

tika
tika
1 year ago

the only way to clean out the dem party of the commies is to pass all their nonsense.

GTPatriot
GTPatriot
1 year ago

At the end of the day, I don’t fear the politicians as much as I fear we voters. CItizens who don’t vote, those who believe that the govt will take care of them, those who don’t work, those who choose victimhood ( at least half of us), and those who think they live in a racist nation ( yet don’t
leave) are the dead , useless ( yes, useless) weight of this economy. They do not deserve to
be here. Gets get to the point. How do we get rid of the useless ?

GTPatriot
GTPatriot
1 year ago

Biden’s attempt to tell us that we are not in a recession when at least half ( I think) of the US knows the technical definition of a recession is sad yet hilarious. I realize this statement is hard to understand. Inflation is horrid. Even severe interest rate hikes by the Fed have made no difference
which is frightening. This economy is on life support. Trillions of investment money is groping
with indecision, fear, and uncertainty.
Who caused this ? We did. A nation of Trump haters decided to elect an idiot. We are getting
what we deserve. In Nov we will find out what we have learned. Sadly, I believe we are a nation
that prefers promises to truth. We are slow learners. We must receive substantial punishment
( and we have ) before we learn. Sad, really

Jake the snake
Jake the snake
1 year ago

Biden and the democrats lie all the time.

D G
D G
1 year ago

I absolutely hate this saying. “It’s the economy, stupid!” Along with the equally moronic “Where’s the beef?,as these sayings were used against incumbent President George H. W. Bush and helped B.J. Clinton into office. Mr Bush deserved a second term, he organized a worldwide coalition that helped rescue Kuwait from Iraq. He was a WWII fighter pilot and a world-class statesman. The economy was weak at the end of his first term, but he certainly would have been a better president than Clinton or Ross Perot could ever be. I hope that this is the last time I see AMAC using these dredged up phrases.

Barrett Smith
Barrett Smith
1 year ago

bidum is the new Hoover.

pete
pete
1 year ago

liberalism is a mental condition–they don’t understand cause and effect.

Philip Hammersley
Philip Hammersley
1 year ago

The economy slumped because of the China virus, created by US taxpayer $$$ provide by Dr. Falsie. But Trump had it going back up (at least in states with GOP governors) and it would have continued to do so except the crooked election froze it. Then the senile boob shut down the recovery completely!

Stephen Russell
Stephen Russell
1 year ago

Hey Dems U caused this Inflation with aid from RINOs, U own this

Ralph S
Ralph S
1 year ago

There are lies, damn lies, and statistics. The facts are that President Un-Elect Ron Klain is in control of Puppet Brandon and leading this country into the hands of other unknown devisive operators.

Papa Doug
Papa Doug
1 year ago

What flabbergasts me is that 36% of voters think that America is on the right track! Are they even awake?

Drue
Drue
1 year ago

Biden is just a shill, and the true villains are pulling his strings from behind. Now, more than ever, are the midterms so important. We must take back both houses to curb the destruction of our nation. Please, everyone VOTE!

Patriot Will
Patriot Will
1 year ago

Tragically, Biden is a pathological liar who never gave President Trump any credit for any of the many positive things that President Trump helped bring into fruition. Biden is so full of envy any fury that many of his negative, destructive policies are knee-jerk, anti-Trump, and illogical. Of course, Biden is going to make up a sham defense of his horrible economic policies. There are the simple truths; there are the simple lies; and then there are the epic, farcical fantasies generated by Biden and his goons.

Charles
Charles
1 year ago

You don’t need to be a scholar to see the trend of AMERICA going down the tubes , open border where not only illegal spanish people but from all over the world are coming in by droves , Drugs , weapons & everything short of atomic weapons . Criminals have taken over cities & towns all over AMERICA , religion is set aside , rising prices & unemployment , home prices & interest rising , Rentals too high or none at all , businesses closing – AMERICA is getting to be one giant slum. WAKE UP BEFORE IT’S TO LATE – NOV IS STILL WEEKS AWAY , VOTE FOR AMERICA , CAST OUT EVERY Democrat ON THE BALLOT. ONE NATION UNDER GOD — LAND OF THE FREE BECAUSE OF THE BRAVE — DON’T LET THOSE WHO CAME BEFORE US – DOWN , GOD BLESS

Pete from St Pete
Pete from St Pete
1 year ago

Biden is a sham. He is an obsessive liar. Once in a great while he stumbles into the truth and then his handlers make him walk it back anyway.

Gary J Toth
Gary J Toth
1 year ago

While our illustrious republican “representatives” do NOTHING but make up another worthless contract with their peons. But, this was all foretold in Scripture. I just hope & pray that my King returns for His Bride before the implosion. I love my country. I detest the government.

Max
Max
1 year ago

Again, no surprise here. The economy is in shambles because of the stupidity of the current power in charge. Nobody seems to be on the same page as pointed out by this article. The plan by the elite is still to destroy the foundation of this country and that erosion is continuing.

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