In a recent statement, the Trump campaign has shared their perspective on President Joe Biden’s economic policies, redefining it as ‘inflation, taxation, submission,’ and ‘failure.’
According to their statement, Biden has been boasting about the state of the U.S. economy and crediting himself for its success under the term ‘Bidenomics.’
However, the public seems to have a different view. They perceive Bidenomics as a combination of inflation, taxation, submission, and failure. Polls indicate widespread rejection of Biden’s attempts to mask his underwhelming economic record by blaming his predecessor, Donald Trump, for the country’s current state.
The Trump campaign insists that Americans were financially better off during Trump’s presidency. They claim that Trump not only saved the U.S. economy from collapse but also facilitated the fastest and strongest recovery ever recorded, without any signs of inflation.
According to them, Biden and his team, labeled as radical left zealots, squandered the thriving economy they inherited from Trump.
From the moment Biden assumed office, he allegedly made detrimental decisions such as shutting down the Keystone XL pipeline, fighting against American energy, implementing burdensome regulations costing each household over $10,000, imposing substantial tax hikes, and allowing an influx of illegal migrants across the southern border.
Furthermore, the Trump campaign highlights an alarming overspending trend by Biden’s administration.
Disregarding warnings from President Obama’s top economic advisor regarding catastrophic inflation, Biden spent an unprecedented $11.5 trillion, even in the absence of a national emergency or war. They specifically mention three large socialist spending bills, worth over $4 trillion, packed with far-left ideas.
Taxpayers bore the brunt of this excessive spending, averaging over $30,000 per household.
As a result of these ill-advised economic decisions, the inflation rate has climbed to nearly 20 percent since Biden took office, real incomes have declined for three consecutive years, annual family take-home pay is down by over $7,000, and poverty and crime rates have soared nationwide.
The dire economic situation is not the only issue brought up in the statement. The Trump campaign also highlights the soaring federal deficit caused by Biden’s policies.
Biden’s own budget proposal projected a deficit of 4.2% of GDP by FY2024, but the current projection from the Office of Management and Budget (OMB) stands at nearly 7% of GDP. They place the blame for this fiscal calamity solely on Biden’s administration. The deficit is expected to double this year alone.
Additionally, the campaign criticizes Biden’s Electric Vehicle mandate, stating that it poses a significant threat to the U.S. auto industry, with American autoworkers refusing to support him due to this burdensome regulation.
The Trump campaign argues that Joe Biden is responsible for what they consider the most disastrous administration in American history.
They accuse him of distorting facts in an attempt to conceal his dismal record. They emphasize President Trump’s achievements in building what they claim to be the greatest economy in the history of the world, not just once but twice.
According to them, Trump will accomplish this feat a third time when he defeats Joe Biden in the 2024 election, starting on Election Night.