Bidenomics or Bidenflation

For the longest while, Biden and those Democrats who push to raise taxes have always maintained that the rich don’t pay their “fair share.” This is another fictional Democrat talking point in an attempt to gaslight the voters who truly have no idea who really pays how much in taxes. “To the best of your knowledge,” asked a new poll, “how much do you think the top 1% of taxpayers by income account for in terms of share of total federal income taxes paid: 1%, 12%, 42%, or 64%?” According to the IRS, the correct answer, as of 2020, is 42%. But less than a quarter of those surveyed guessed right. Twenty-two percent, including more than a third of Democrats thought the top 1% of taxpayers paid only 1% of income taxes, which just misses the mark. Twenty-five percent suggested it was 12% of revenue. Nineteen percent said they weren’t sure. To counteract the Democrats’ campaign rhetoric, Republican candidates simply need to state the IRS statistics.

Since SlowJoe was unfortunately sworn as POTUS, the United States, and the world, have seen a marked upswing in chaos, with conflicts on two fronts(which includes sending an $8 billion ransom to Iran and having removed the Trump oil sanctions); supply chain shortages; ongoing attempts to shove the green energy agenda down our throats and the push for expensive electric vehicles; the shutdown of the domestic energy sector and restricted energy production as Biden tapped the Strategic Oil Reserves, but never replenished what was used. Why?…too expensive! The SOR is supposed to be used in times of extreme emergency, not to lower gas prices as he did during the 2022 midterm elections.

And let’s not forget the indoctrinated, corrupt radical socialist progressive Democrats pushing for higher taxes. Then there’s the rise in crime and the anti-law enforcement stance taken by the radical, progressive Democrats. Lastly, there’s the attack on American Sovereignty with the open borders, especially with illegal aliens from over 160 countries sneaking into the US, and taking up residence in Democratic run sanctuary cities. Then there’s the possibility of terrorism…just ask FBI Director Christopher Wray!

Two of the biggest concerns for the middle class American citizen are illegal immigration and the economy. The Democrats are trying to create “controversial” items for their weak, socialist, progressive agenda. They got nothing!! And they distract, distort, deny and deflect the invasion at the southern border, which has destroyed the economies of the sanctuary cities and states. Who is paying for the unlimited entitlements that the illegal aliens receive? The American taxpayer.

During Inauguration Day in January, 2021, the inflation rate was 1.4%. Within two years, the Consumer Price Index spiked to 9.3%, with the wholesale rate at 10.6%. The domestic energy sector was pumping out gasoline at a cost of $1.95 per gallon. Within two years gasoline ranged in price from $5.00 per gallon to over $7.00 per gallon in California. Home heating oil cost me $2.80 per gallon. Within one year I was paying $4.99 per gallon. My oil tank holds 200 gallons…so do the math. And while the current inflation rate is approximately 3.5%, the price of food continues to rise. So, what does a family of four do? Food, clothes or car? Joe Biden? Aloof and out of touch as he claims the inflation rate is historically low. Bidenomics or Bidenflation? Take your pick!

Realistically, “volatile items,” including gas prices, jumped 3.8% just from February 2024 to March 2024, but are still below their level of a year ago. Air fares surged 3.6% after two months of much smaller increases. Clothing prices rose 0.6% after three months of declines but are slightly higher compared to a year earlier. Housing and rental costs experience changes more gradually, having slowed in March, after they rose 0.4% from February, yet slower than the 0.6% increase the previous month. New apartment leases, which have also slowed, are expected to included into the government’s inflation data in the coming months. Then there’s the prices of living in major cities! Ouch!

Consumer prices in the United States continue to rise, a sign that inflation remains a nonstop issue for the Federal Reserve and for Biden’s re-election campaign, both of which were counting on a steady easing of price pressures this year. Not happening anytime soon! According to the US Department of Labor, prices rose 0.4% from February to March 2024, higher than the previous month’s figure of 0.3%. Compared with a year earlier, consumer prices rose 3.2% last month, above February’s 3.1% annual pace. Excluding fluctuating food and energy prices, so-called “core” prices also climbed 0.4% from February 2024 to March 2024, matching the previous month’s rise and a faster pace than is consistent with the Fed’s 2% inflation target. Core inflation is watched especially closely because it usually provides a better gauge of where inflation is likely headed.

Wholesale prices during March 2024 saw their sharpest year-on-year increase in 11 months, one day after a better-than-expected US inflation report sent stocks tumbling and stoked fears that the Fed won’t cut interest rates anytime soon. As reported by the Labor Department, The Producer Price Index, the metric that tracks the prices of products sold as they leave manufacturers, rose 2.1% in March versus a year earlier, its steepest gain since April 2023. Bidenomics or Bidenflation? Take your pick!

Prices for dental care, car repairs, and other services are still rising faster than they did before the Wuhan pandemic. Car insurance is higher, reflecting rising costs for repairs and replacement parts. Along with substantial pay increases for nurses and other health professionals, hospitals are passing their higher wage costs on to patients in the form of higher prices. Just wait for the $20.00 per hour minimum wage in fast food restaurants in California!! And as for Biden’s promise to cut the cost of insulin?

Well, as usual Biden lied and was out of touch. The promised $35.00 cap doesn’t work chronologically or through usage. If it’s $35.00 per month, one pen doesn’t last the month. Furthermore, I called Medicare and two Biden supporting big pharma companies and they couldn’t, or wouldn’t, clarify whether the so-called $35.00 cap covers a one pen prescription or the standard three pen prescription. So, if the script is three pens, the price is $105.00 and up. A case in point is that I use Humalog and the script is three pens for $105.00…not the so-called $35.00. As for the synthetic and newer diabetic medications, those are not covered. Ozempic is under the most demand and up there in price….approximately $1200.00 per pen. No $35.00 for this one. By the way, Ozempic supplies run short because the people who have money use it for weight loss. This deprives the people who actually need it to live…like me!!! And I just reordered Ozempic and Tujeo. My out of pocket cost was $767.64…not anywhere near the bogus $35.00 promise.

Finally, under Bidenomics, like his disastrous Inflation Reduction Act, the results continue to demonstrate a constant rise in inflation, which is reflected in the prices of the aforementioned groceries, gasoline and pretty much every commodity. Gasoline will increase to at least $3.59 per gallon due to the switch to the summer mix, which will be 20 cents higher. The interest on the federal debt was $1.06 trillion in the first six months of FY 2024. That’s higher than the entire defense budget for the year of $825 billion. The Federal budget is sinking faster into a sea of red ink and Biden is doing everything he can to accelerate it. SlowJoe wants to keep spending recklessly, as seen by his new student loan “forgiveness,” that will cost the taxpayer hundreds of billions of dollars. Bidenomics or Bidenflation? Take your pick!

Moreover, Biden is desperately fishing for votes as he gaslights college graduates who floated loans they had signed as promissory notes to repay Federal loans, but end up in Starbucks. This is happening even after the SCOTUS told Biden he didn’t have any authority to “forgive” student loans. Biden is defying the law, but that’s Biden’s modus operandi. And even Representative Nancy Pelosi(D-CA) said DementiaJoe lacked the authority, as he is attempting to sneak around the Congress employing Executive Orders.

It’s not student loan forgiveness. Biden is just making other people…the American taxpayer…who never took out any loans financially responsible for them. This financial transfer has no real legal basis nor the approval of Congress, who drives the budget.

As for the employment numbers, yes job “creation” has increased. Yet, many of these jobs being filled remained vacant during and after the Wuhan pandemic. So, the jobs were readily available and not all are filled, even now. What people forget is that under former President Donald John Trump, the economy was booming and the Black Community, the Hispanic Community and the Asian Community experienced record high employment. The employment numbers for women were also at record levels.

Even when inflation numbers slowing down, prices still go up. That spells trouble for consumers. A recent Fox News poll found that 55% say they are not financially better off, while 22% say they are better off. Additionally, the pole found the economy, the most important issue for voters. And despite his pontificating and support of Bidenomics, SlowJoe, and his failing administration, remain out of touch when it comes to nationwide issues and needs. At one time the Democratic Party was the party of the middle class. Now? The Democratic Party is the party of the elitist class, while adhering to a socialist ideology. Just look at the $25 million he raised, while ignoring the funeral of Detective Jonathan Diller, not one hour distance. Bidenomics or Bidenflation? Take your pick!

In a recent New York Times poll, a larger share of voters see Trump’s term as better for the country than the current administration, with 42 percent rating the Trump presidency as mostly good compared with 25 percent who say the same about Biden. Unbelievable that the NYT actually gave former President Donald John Trump long overdue kudos!

So, look at Biden’s failing, and failed political scorecard, and then add on that he is cognitively delinquent, uses crib notes, doesn’t take questions during pressers unless they are scripted, uses a teleprompter and still screws up, needs constant attention and is obviously feeble and weak…while lying about family members and their finances…and leaning so far left…Bidenomics or Bidenflation…I think that’s enough!

“There are two chances for a June rate cut…slim and none and slim just died.” Phil Orlando, Federated Hermes Chief Equity Market Strategist.