While President Biden is celebrating his economic policies, some experts say “Bidenomics” is doing more harm than good.
Today marks one year since Biden’s so-called “Inflation Reduction Act” became law. And though exceptionally high rates of inflation are slowing down, even the president admits the law had little to do with it.
Tuesday in Milwaukee, he made the case that it’s more about investing in new energy sources and new factories.
“Since I took office I’ve seen more than 3 billion in private investment and clean energy manufacturing all across Wisconsin – that’s Bidenomics, that’s investing in America,” he said.
President Joe Biden speaks at Ingeteam Inc. Tuesday, Aug. 15, 2023, in Milwaukee. (AP Photo/Morry Gash)
Democrats are hoping the law will generate political tailwinds as the campaign season kicks off.
But Joel Griffith of the Heritage Foundation tells CBN’s Faith Nation that their confidence is misplaced. He cites hundreds of billions of dollars of Green New Deal subsidies that increased the federal deficit.
“This is the last thing that our already weak economy needed, and if you look back at the last two years, families have seen a $6,000 a year pay cut due to inflation, and this bill that Biden is celebrating will only make things worse.”
One leading economist estimates families are spending about $700 more on their monthly bills than two years ago. And the New York Federal Reserve reports total household debt stands at just over $17 trillion – a new high.
Many Americans are increasingly turning to credit cards to make ends meet. The total amount owed on those credit cards – more than $1 trillion.