The Scourge of Biden’s Economy
We need to get government spending under control before our economy suffers irreparable harm. Let’s pray for wisdom for our leaders.
From Fox Business. Analysis. It’s bad enough that President Joe Biden held a James Taylor celebratory concert yesterday after a terrible consumer inflation report with soaring prices for food and groceries, electricity, natural gas, cars, medical care—pretty much everything besides a drop in gasoline —with a near 1,300-point stock market selloff and 30-year mortgage rates jumping up to almost 7%, decimating the housing sector.
If all that weren’t embarrassing enough, today in Detroit his new word salad sounded like this. See it for yourself:
BIDEN: “We started with the American Rescue Plan. It’s taken us from economic crisis to economic resurgence.”
Hang on a second, Mr. President. Objective observers using actual factoids might put it a bit differently.
Namely, you inherited a low-inflation boom with economic growth of 6.5% and in a little over a year, you turned it into a high-inflation bust with two consecutive negative growth quarters, a deepening recession likely and your “American Rescue Plan” with all of its excess spending has triggered a relentless inflation that is forcing the Federal Reserve to aggressively tighten the monetary screws on the economy. …
Meanwhile, besides your tax and regulatory prosperity killers, your inflation scourge has given average working folks a 3.4% wage cut over the past year. Around the kitchen table, families are talking about a 16% hike in electricity prices, a 33% jump in natural gas services and a 11.4% spike in groceries and families are still looking for baby formula on store shelves. …
The fact is, you were handed an economic resurgence by your predecessor Donald Trump and in short order, you turned that into a crisis, a real crisis. …
How are you praying for our economy? Share this article to encourage others to pray.
(Excerpt from Fox Business. Photo Credit: Getty Images)
Partner with Us
Intercessors for America is the trusted resource for millions of people across the United States committed to praying for our nation. If you have benefited from IFA's resources and community, please consider joining us as a monthly support partner. As a 501(c)3 organization, it's through your support that all this possible.