"It's a consequence of their misguided policies," Sen. Bill Hagerty (R-Tennessee) tweets about high inflation trickling down from Biden administration economic policies. "Americans deserve better than skyrocketing prices, eroded purchasing power, and dwindled savings."
Inflation wasn’t “transitory” like the Biden Admin promised—it's a consequence of their misguided policies. Americans deserve better than skyrocketing prices, eroded purchasing power, and dwindling savings.
— Senator Bill Hagerty (@SenatorHagerty) August 20, 2023
Sen. Hagerty goes on to declare what is needed, "Real solutions."
The Biden Admin can spin “Bidenomics” all they want, but the American people can't ignore the state of our economy.
— Senator Bill Hagerty (@SenatorHagerty) August 20, 2023
Real solutions are needed, not empty rhetoric & failed promises from the White House.
The word "transitory" means "of brief duration" or "temporary." For 29 consecutive months, the Bureau of Labor Statistics has recorded inflation as being higher than the figure the Federal Reserve has repeatedly stated is its inflation goal, 2 percent. During that time, inflation has been recorded at the highest levels in four decades. Also during that time, the Biden administration and congressional Democrats have pushed an agenda of government spending, taxation, and regulations. One legislative piece of that agenda is the counterintuitively entitled "Inflation Reduction Act."
The BLS recordings are of the year-over-year price increase of goods and services. The latest inflation recording, of July 2023, is 3.2 percent, which means the statistic indicates that the price of the same goods and services has increased by 3.2 percent since July 2022. Prices can increase in an economy when too much money is chasing too few goods and services. When prices increase, purchasing power decreases. The same dollar buys 3.2 percent less than it did a year ago. Also when prices increase, savings are reduced because more dollars are needed to make purchases.
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President Joe Biden and Democrats in Congress have failed to even attempt applying a "real solution" to the economic challenges facing the U.S. They could have sought ways to cut wasteful federal government spending, but the push has instead been to spend more in a high-inflation environment. They could have sought to cut taxes so that more funds would be freed up for employees and employers, but the push has instead been to raise taxes. They could have sought to eliminate regulations that slow production and consumption, but the push has instead been to find increasingly creative ways to regulate the U.S. economy. However "Bidenomics" is defined, it has been measured to be an utter and unmitigated economic failure.
What works is an economy that can work. Innovators, inventors, entrepreneurs, business owners, and all who keep the U.S. economy going are most free to create and produce when government is least involved in their creation and production.
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