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Biden’s Crashing Economy

Posted on Tuesday, October 10, 2023
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by AMAC, Robert B. Charles
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73 Comments
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president Biden speaking about the economy.
President Joe Biden delivering remarks on the economy.

As kids, we used to do flips off local sand dunes, head over heels until we crashed, shook ourselves off, and got back to work. Ground comes up fast. If risks are good, blind leaps are bad. Biden’s blind leap – overspending, overregulation, cutting energy, mass debt – had us tumbling for a mighty crash.

Biden’s economy – senseless policies pushed through a Democrat Congress – is about to produce a hard landing, unnecessary pain for average Americans.

We have now seen three years of gluttonous, unaccountable spending – led by spendthrift Democrats, joined by shrugging Republicans. That has driven our national debt, money owed, to 33 trillion dollars. We now pay half a trillion in interest each year, just lost money, hard earned and wasted.

Democrats harangued Ronald Reagan for raising defense spending to put the Soviets away, but even with entitlements and discretionary spending, the debt was one trillion. Last year’s national debt, driven by excess, was a 3,300 percent higher.

To put a fine point on it, Biden’s economic polices – supported by Democrats who think they are buying votes – is a tumbling disaster. Non-subsidized technologies and stable sectors – including energy – have seen near-record hits, dissolutions.

Consumers are suffering a dramatic erosion in buying power, watching their life savings plummet in value. Inflation spiked in 2022, never returned to 2020.

Since the Fed interprets inflation as a “hot economy,” even though this inflation is driven by energy cuts and overspending, they raised interest rates – on everything.

What did that do? It raised the cost of borrowing, for everything from homes and fix-it projects to credit cards and cars. So, on top of higher energy costs, we now have high interest – highest rates in 22 years.

And what has that done? Slowed consumer purchases and investment, raised the cost of debt, and led to cutbacks in private employment as supply follows demand.

Now, we have potential rollbacks in jobs, wages, and benefits, unions grousing, tense negotiations and strikes. The endgame is clear, job cuts or higher wages, which will mean higher prices.

This would be bad enough, but is exacerbated – made stomach-churningly worse – by overregulation, top-down, climate-obsessed mandates defying economic reality.

Democrats, while holding power, are trying to squeeze the life out of some sectors, punishing those who believe in consumer choice, free markets, and fossil fuels.

The irony is, beyond making people mad, these top-down mandates put people at risk of life and limb, while raising prices. Going “all electric” is illogical. Gas is more reliable, consistent, packs more punch. Electricity is generated – at the grid – by fossil fuels anyway, so the footprint is the same.

Finally, driving all things to the grid is a formula for disaster – longer term. Why? The aging grid is likely to collapse, and adversaries get a one-stop-shop for terror. Shut down the grid, out go lights, cars, heat, communications, stoves, done.

Near term, things are simpler. Biden’s economy is headed for a crash, and those in government know it. So does the stock market, which lost all 2023 gains last week.

The word recession is overused and underused, but amounts to a slow-motion crash of the economy, as growth stalls under the weight of economic mismanagement, overspending, overregulation, and loss of trust in leaders.

You begin to see pressure on consumers, persistent inflation, high interest, reduced confidence, employment, and sense of well-being. And what are we seeing?

If that does not describe the present flipping economic indicators, it will soon. Interest rates are bound to stay high, wage inflation will drives price inflation, federal benefits induce people not to work, businesses shrink, and people get fearful.

Why is all this happening? Is it inevitable, ground coming up fast? Are we in a dizzying “end of times?” No, we are not. We are in a time of ugly, avoidable government mismanagement.

We are on a rollercoaster, a bad leap, head over heels flipping, crashlanding coming, results of irresponsible, uninformed, indifferent federal leadership.

How do we get on track? Listen to the Founding Fathers. They spoke of limited government – no debt, no unnecessary undertakings, entanglements, dependency. 

What we need is simple: Responsible leaders who take The People’s will into account, our interest in freedom, free markets and limited government.

We need leaders who stop spending, borrowing, and creating dependence.  We need leaders who know history, respect it. Then we can stop tumbling, get up, shake ourselves off, and get back to work.

Robert Charles is a former Assistant Secretary of State under Colin Powell, former Reagan and Bush 41 White House staffer, attorney, and naval intelligence officer (USNR). He wrote “Narcotics and Terrorism” (2003), “Eagles and Evergreens” (2018), and is National Spokesman for AMAC.

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David Millikan
David Millikan
9 months ago

Excellent article.
Our economy failed on 1-20-21, and will continue to fail until President Trump is back in Office.
Meanwhile, Dictator Beijing Biden and his Fascist liberals are working hard to Tax our income at 70% so he can give it all to Communist China and every other country on the planet including supporting his Illegal Alien Terrorist Invasion (MILLIONS UPON MILLIONS UNACCOUNTED FOR) so Americans will be supporting their livelihoods while Americans are put LAST just like we have been since 1-20-21.
Remember, not only is Dictator Beijing biden putting America LAST but also OUR children are being put LAST too.
Don’t forget that Dictator Beijing biden has the same policy as obama when it comes to the USA being attacked; he will NOT retaliate if we are attacked by Nuclear Weapons. They BOTH stated that on Communist News Network (cnn).
So as the economy continues in the drink we are so close to WWIII that you can smell it thanks to Dictator Beijing biden.
NONE of this would have ever happened under President Trump.

Rik
Rik
9 months ago

Under Trump, I paid $2.46 gallon of gasoline. NOW I PAY $6.40 gallon of gasoline. . . . I call him Jackass Joebama because HE’S EARNED IT!

Scott L
Scott L
9 months ago

To me, the worst part is that a bad economy so unnecessary. It’s not like the 70s, when the oil embargo was imposed upon us. This time, our own government is sabotaging us.
It’s like a bunch of spoiled eight-year-olds are in charge:
“Oil bad — ban oil!”
“Police bad — criminals good!”
“We’re always right– conservatives are always crazy!”
“Climate changing — we can adjust it like a thermostat!”
“Americans bad — ‘migrants’ good!”
Hoo, brother. Batten down the hatches, folks.

Paul W
Paul W
9 months ago

I couldn’t possibly agree more with RBC’s assessment. I would add that the millions of unvetted invaders that have poured, virtually unchecked, across an intentionally open border for the last three years has added another very large, and yet almost totally avoidable, burden on the economy. I most especially agree with RBC on the course of action that is absolutely mandatory if there is going to be any chance of getting this country back on track and start mending this deliberately created disaster.
The only thing is, that solution requires both free and fair national elections and an intelligent, informed electorate…unfortunately I haven’t seen either in quite some time.

Carol
Carol
9 months ago

Democrats don’t care about anyone but themselves! They just want power and if the citizens of the country die, so be it! It’s easier to control a smaller, uneducated, indoctrinated population than an educated, prosperous, and free one! And while we suffer, they sit in their ivory towers raping the country of its resources for themselves! Tyranny at it’s finest!

Steven
Steven
9 months ago

If the Devil wanted to destroy America he would put Democrats in charge and let them ruin the country’s economy, social and moral systems. He succeeded. Biden has returned to the 8 years of recession under Obama. He has reversed everything that President Trump did to revitalize the economy. I hope that the American people have seen the difference between the two political parties and remove the Democrats from office and keep them away from ever regaining power again as their agenda is totally opposite of what benefits Americans.

Gillyanne Baker
Gillyanne Baker
9 months ago

Hate to say it, but this article is just one more “Beating Your M–t” article about what HAS taking place, what IS taking place, and what SHOULD take place to “fix” it — but WITHOUT this caviat:
BIDEN (and his handlers) are not going to do ONE DAMNED THING to fix anything for the next 14 months! It is THEIR INTENT on FULL POWER OVER THE PEOPLE. Not unless Donald J. Trump is elected PRESIDENT of this Nation in 2024 will ANYTHING CHANGE. The article was right about THIS — BIDEN ETAL are engaged in the TOTAL DESTRUCTION of the United States of America and are determined to see that SOCIALISM reigns for the continual power of ONE REGIME and ONE REGIME ONLY — the Progressive, Socialist, Communist, Marxist Democratic Regime of the United States of America from NOW until FOREVER.
EVERYONE — DO NOT FORGET TO VOTE IN 2024 !!!!!!

J. FARLEY
J. FARLEY
9 months ago

While Joe Biden pads his bank accounts from foreign money too many Americans are hemorrhaging their life saving like my wife and I to the tune of $600 a month or more and the low life Joe Biden and his lying bunch of Slime-Balls don’t give a fling flip if the Americans lose everything they have, in fact that’s what they want, they want people to depend on big government for their ever need.
The 2nd worst president to want that, the first was Bidens handler, Obama, and now some want Obamas buck tooth wife to replace Biden. How’s that going to work out for you?

Robert JR Salinas
Robert JR Salinas
9 months ago

I’m 74 years old and looking for a job so I can make ends meet.

Robert Zuccaro
Robert Zuccaro
9 months ago

Just back from picking up some “essentials”: a pound of Imperial margarine, Cherry Kool Aid mix, 24 pk of Coke, and two Pay Days= $36.58. Yeah, it’s “working”, Brandon. Meanwhile, Iran has made $50B off sanctioned oil sales… think that mighta bought some terrorism?

Gloria
Gloria
9 months ago

It’s not Biden’s economy, or anyones in that joke of an administration, and his and the administrations’ goal is to do exactly what they are, and crush and destroy America.That’s why they took Trump out in the first place, and why they went after him at every turn, because it is just like Trump said “They are not coming after me [Trump],they are coming after you (us)”. They will continue doing this until U.S is no longer, or until we somehow, by the Grace of God – get them totally out of our government.

anna hubert
anna hubert
9 months ago

We are in the state of disrepair because we are too busy helping and developing other more deserving countries and paying for their oil We do not produce or manufacture Our airports and infrastructure are on the level of third world

Thinking
Thinking
9 months ago

The current regime has nothing with the people or America. All have to be destroyed to start a country they want to control for eons to come.
Why call half of the citizens terrorists. Why mandate everything from the White House. The cost of the migrants the cost of the war in the Ukraine, supporting the criminals, allowing the imports of drugs and terrorists from terrorists countries. Paying student loans without consent from the congress and against the Supreme Court decision. The White House doesn’t tell how many from these countries have come and will continue coming. MSM won’t investigate it. But due to an investigative journalist we have seen the numbers. We don’t know what these people are because their country won’t share their database with the US. Ole Joe keeps ignoring all this till America has more terrorists than actual asylum seekers. Only he misreads these terrorists group. They want to dominate America and kill all Americans. Collapse of our economy is a good start for these groups.

Timothy
Timothy
9 months ago

The Federal government is completely out of control. Spending will kill this nation. But beyond that the total lack of honor and integrity by those elected to office makes us the evil of the world

Elena
Elena
9 months ago

Someone works in healthcare and they are cutting jobs, doubling up people’s work responsibility on jobs, and have cut some dept. areas out altogether. Just recently, they almost cut their labor/delivery dept. All due to the economy. May God bless and watch over the people we still have. They are working so hard. May God be with our Country and her people. Pray and put your hope and trust in Him.

Joe McHugh
Joe McHugh
9 months ago

Where has Robert T. Charles been? He States: “We need leaders who stop spending, borrowing, and creating dependence. We need leaders who know history, respect it.”
Mr. Charles might as well call himself “Captain Obvious”. What he fails to address beyond saying that it’s simple to understand, is a credible plan to correct the spending problems. He touched on it when he mentioned the word “dependence”. There are tens of millions of American citizens who receive some form of government support. Any candidate who calls for smaller government will automatically lose the votes of those who are now getting such welfare.
Additionally, the three big programs, Social Security, Medicare and Medicaid are the big anchors on our society. Again, the candidate who even talks about reforming these very popular programs becomes toast in the next election.
The majority of the voters simply don’t want to hear about what it will take to restore appropriate stewardship of the people’s tax money. A balanced budget amendment would do the trick but that is about as likely to happen as the Congress passing a term limit law.
Is there really that many citizens who don’t understand why the National Debt is growing like Topsy? The majority of the voters WANT the spending of borrowed dollars to continue even though it causes inflation. These people know that Inflation is bad, but they also consider that what it would take to balance the budget to be worse.
Talking about the causes of deficit spending is one thing, actually getting the Congress to do something about it is something else altogether.

Ralph S
Ralph S
9 months ago

We need to take a page from the ancient Romans. WE NEED a DECIMATION!
We do not need to kill every tenth soldier or government employee, but it would be advisable to ELIMINATE every tenth department or position of our bloated government bureaucracy.

Robert Chase
Robert Chase
9 months ago

How do we get on track? Listen to the Founding Fathers. They spoke of limited government – no debt, no unnecessary undertakings, entanglements, dependency. “
In a nutshell! FED is way too large, anti Constitution, and growing worse by the day. We need to seize control via elections and turn the tide. Those who understand need to work on those who do not. These political parties are not your parents traditional political parties. They have been distorted by Dark Money puppeteers to erase our country. These evil doers have us at each others throats and we have lost sight of our former country. We need a leader going in the direction necessary to put the ship right before we flounder.

Nick Patriot
Nick Patriot
9 months ago

I have to laugh how most of the commentor’s on this forum are afraid to name the cancer that has infected this country. They seem want to believe a feckless demented Joe is running the show when it is really Obama and his minions infecting the FBI, DOJ, IRS and ALL agencies. America is under siege!! Americans FEAR to even mention his name!!

WJS
WJS
9 months ago

Where are your facts on this. Common you have to give us data on the stupid statements you make. All he wants to do is prevent using tax dollars to pay for abortions for military personnel. I personally don’t want any tax dollars to be used for abortions. What he wants is a strong military leadership and not a WOKE leadership military.

M.B.
M.B.
9 months ago

The Republicans are in bed with Obiden also. There are only a handful of Republicans that actually try to fight this total corruption and collapse that our country is experiencing. Americans are paying for 2 wars now that could have been avoided if this administration had a clue. This would not have happened if the election wasn’t rigged and stolen from Trump. We have another year of these asinine policies and I’m sick of all talk and no action. God help us.

NIcholas Elder
NIcholas Elder
9 months ago

It would be wonderful if every adult American would read and digest this article with an open mind.

Nanc
Nanc
9 months ago

Question
Explain to me how Biden can spend our money? I was under the impression that only congress can spend our money.
Something does noted up.

Stephen Russell
Stephen Russell
9 months ago

Been Crashing day 1 in office or after

JayA
JayA
9 months ago

Go back to bed, you haven’t got a clue! Dumb troll

Barbara Turner
Barbara Turner
9 months ago

Fk Biden! He’s nothing but a feeble old fool!

Elaine
Elaine
9 months ago

Reply to ttt is like talking to a 2 year old….hands over ears, eyes shut, and blah, blah, blah. This 2 year old mentality needs to get out his picture books and read up on the subject that he is stuck in denial. Such a dislike to Trump (as with Biden and Admin.) that ttt refuses to listen to any information that does not agree with said viewpoint.
TTT you need to get a job, pay housing expenses, and be a responsible citizen and then your opinion may be open to what the real economy is doing to your income.

John Beach
John Beach
9 months ago

Biden is, either, so willfully blind, so corrupt, so controlled or so stupid that he does not see the weaknesses that he has caused over the past 3 years. The U.S. is in a terrible position to have to engage on a large scale, militarily, especially, on more than one front. How much oil is in the strategic oil reserves and where is the source of that oil? In wartime, its transportation would be subject to interdiction or destruction and can not be certain. What rational, American citizen would consider our present state of preparedness and not be advising a drastic change of policies in many regards? Yet, Biden continues, as if he is oblivious to the correlative consequences of the things which he has allowed. With the exceptions of military retirees of conservative persuasion, we hear nothing from military leaders that suggests concern about logisticvulnerabilities in the event of war.

HocasPocas
HocasPocas
9 months ago

You hit the nail on the head with this article. Great job! Now if those people in our White House would just heed your advice.

Joanne4justice
Joanne4justice
9 months ago

I am thinking that all the payoff $$$$ from Red China ???????? is succeeding. BIDEN is a HUGE
paid puppet He continues to make bad decisions and promote problems and DISASTERS!

Enuf Said
Enuf Said
9 months ago

If someone ASSumes Biden is good for America and Americans– that person can kiss my ass- he is out behind the barn eating hay at this very moment!

invictus
invictus
9 months ago

President-ish NeoNazi Joe Biden trying to ‘lead’ the US with a candle. Laughable stuff.

Staber
Staber
9 months ago

What has been happening since 2021? Cloward Piven

PapaYEC
PapaYEC
9 months ago

When both the presidency and the Senate majority are globalist Marxist Democrat hellbent on intentionally destroying the US economy and all individual rights, not much short of an act of God can save them.

johnh
johnh
9 months ago

Biden made in clear in speech today : His highest priority is American hostages held throughout the world. What place are the 330 million Americans that preside in the USA at the present time? 2nd or 3rd priority or what? MATA means Make America Think Again

johnh
johnh
9 months ago

Biden released $6 Billion to Iran last month for release of 5– hostages. And traded people for Griner who was inprisioned in Russia earlier. Biden & his Cabinet need to realize the message they are sending to the rest of the world. What happened to people left behind in Afghanistan?

michaelR
michaelR
9 months ago

Wait until the 180 or so banks the Fed’s are propping up come out. That’s going to seal the deal on his ruinous socialist/liberal run economy. That’s another reason he hasn’t said squat about the 8 million “needy” homeless illegal aliens he’s allowed to waltz into the US.

Barrett Smith
Barrett Smith
9 months ago

Joe says it’s working.

JerryD
JerryD
9 months ago

Great article as far as it goes. You’re preaching to the choir! We need informed, intelligent articles giving us names of leadership that will get the job done! If you think Trump can do it all, you’re in a fantasy world!

Hawkeye249
Hawkeye249
9 months ago

The interest on the national debt is NOT 1/2 trillion dollars per year!
It is actually 305 billion dollars.
Yeah, still way too much.
But my point is the attention of readers is stronger when facts are accurate.

heil biden
heil biden
9 months ago

PLEASE ANYONE I CAN NOT FIND A BUILD BACK BETTER HAT ANYWHERE

Robert Zuccaro
Robert Zuccaro
9 months ago

As if Joe Biden needs any help doing that….

Sam
Sam
9 months ago

The Dumbassocrats need a new symbolic creature. The jackass is wasted on them, as sheep would so much more appropriate.

Rich
Rich
9 months ago

Good article but what we really need is intelligent informed voters that will stop supporting socialist/communist ideals. Until we can vote in real Americans fighting for America, we are lost.

ttt
ttt
9 months ago

fair income tax marginal rates
0-50000 0%
50000-100000 10%
100000-500000 50%
500000+ 100%

biden; resign; writing letter at desk
biden; carter, wilson, hoover presidents
trump and vance
Secret Service agents rush Donald Trump off the stage.(AP: Evan Vucci)

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