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For many Americans, the Biden presidency has brought with it a sense of deja vu. Iran is back in the headlines, pump prices are causing a sticker shock and inflation is on everyone’s mind. The last time inflation was this high was shortly after the departure of President Jimmy Carter, elected by Americans who were tired of seeing the value of their paychecks dwindle every month.
Joe Biden’s presidency has often been compared to the malaise of the Carter era. In the 1970s, Americans felt that our country was doomed to decline forever from its former greatness. Today, America is overwhelmed by the crises created by President Biden and the Washington Democrats – record inflation, runaway violent crime, high gasoline prices, record illegal southern border crossings, and the list goes on. .
Despite these comparisons, the truth is that Joe Biden is giving Carter a run for that money when it comes to causing the worst inflation crisis in living memory.
Reckless spending by President Biden and the Washington Democrats ignited and then added more fuel to the inflation fire, where inflation has now risen more than twice as fast as under Carter. To put it in perspective, inflation is now 500% higher than it was when Biden took office. Even at its peak, inflation under Carter was only up 200% from when he took office.
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The comparison between Biden and Carter gets even worse if inflation were measured the same way as when Carter was president. Beginning in the 1980s, the federal government gradually but significantly changed its method of calculating inflation, including excluding house prices and changing the relative weights of various goods, as people bought less of what they can no longer afford due to inflation. This new measure does not take into account the full impact of inflation on families. For example, it completely ignores the fact that the average mortgage payment on new homes has increased by 50% since last year. If we were to use the Carter-era measure, Biden’s inflation crisis is even worse. Inflation today would be around 16.4%, not 8.2% and headline inflation since Biden became president would be 29.7%, according to estimates by economist John Williams.
President Biden thought he could avoid comparisons to the Carter presidency if he simply ignored the warning signs of inflation that were obvious to any American who set foot in a grocery store. Instead, Biden chose to blame a new villain each month for his failings — COVID, supply chains, greedy corporations, and even Vladimir Putin. At the same time that his administration was burying its collective heads in the sand, it was also pushing trillions in new spending that made matters even worse. As Biden’s excuses continued to pile up, prices continued to skyrocket and Americans were being forced to pay the price.
President Biden has set records for the largest increase in spending and debt in a president’s first 20 months in office. Under one-party rule, Democrats who control the government have increased spending by $10 trillion more than expected when Biden took office.
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Carter’s inflationary malaise forced the Federal Reserve to raise interest rates and the US economy fell into recession, just as the Federal Reserve must do today – and it started to take its toll. Since March, the Federal Reserve has raised rates by 3.75%, the fastest rate hike in 40 years and bigger than the last 15 years combined. As a result, millions of potential buyers have now been shut out of the market. Americans have lost $2.1 trillion in retirement savings since President Biden took office. This year alone, the average 401(k) retirement account has lost 25% of its value, making it harder for seniors to pay for medicine and heat their homes this winter.
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With all the chaos unfolding in America, there is no doubt that President Biden has earned his place in history, but for all the wrong reasons. In an attempt to shape his presidency after FDR and LBJ by spending trillions to reshape the country, Biden left a different legacy — one he shares with the last one-term Democratic president. When Republicans regain a majority in Congress, we will end Biden’s political vanity project and deliver solutions to build a strong economy for the millions of American families who have been left behind by the Democrats’ failed policies.
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