Washington, D.C. – President Biden’s “Bidenomics” agenda has been unsuccessful for more than three years, resulting in inflation reaching four-decade highs. This has made routine tasks such as grocery shopping, refueling at gas stations, and dining out a financial burden for numerous Tennesseans and Americans.
According to the White House, the trillions of dollars spent by the President on inflationary measures have been a success.
In April, the U.S. Department of Labor reported that annual inflation had spiked to 3.4 percent, which is more than double the 1.4 percent rate that President Joe Biden inherited. In response, the President defended his economic vision by asserting on social media that he is “building an economy from the middle out and bottom up.” White House Press Secretary Karine Jean-Pierre echoed this sentiment during a press briefing, confidently stating that President Biden’s economic plan is indeed working.
I receive countless messages from Tennesseans who are feeling frustrated about the evident disconnect. Despite President Joe Biden’s claims of improving inflation, the cost of basic necessities such as groceries, gas, rent, and clothing has skyrocketed, making it more and more unaffordable for ordinary people. It’s no wonder that people are feeling let down. The White House’s assertion that inflation is only 3.4 percent is misleading and not reflective of the actual impact of Bidenomics, which has been detrimental to the economy and has led to the escalation of prices.
I have created a fact sheet to provide clarity on the actual cost of Bidenflation.
According to the fact sheet, prices have skyrocketed by almost 20 percent in all sectors since President Joe Biden took office, even though year-over-year inflation is just 3.4 percent. Shockingly, food and rent prices have surged by 21 percent, while energy prices have increased by a staggering 42 percent and gas prices have gone up by a whopping 55 percent.
President Joe Biden has been accused of making false claims about the inflation rate when he took office. According to the fact sheet, the President actually inherited an annual inflation rate of 1.4 percent. However, this rate surged to a 41-year high of 9.1 percent over a year into his presidency. Since then, the annual inflation rate has remained significantly high, remaining above the Federal Reserve’s target rate of 2 percent.
One of the crucial points highlighted in my fact sheet is that the inflation surge, which has been greatly affecting hard-working Americans, is a direct result of President Biden’s multitrillion-dollar spending spree. This is something that cannot be overlooked.
It’s no secret that Bidenflation has put an enormous financial strain on families in Tennessee and throughout the United States. To tackle this issue head-on, it is crucial for Congress to reign in the federal government’s irresponsible, inflationary spending. This is precisely why I have taken the initiative to introduce legislation aimed at reducing federal spending for non-defense items by 1 percent, 2 percent, and 5 percent. By taking these necessary steps, we can work towards alleviating the burden placed on families and ensure a more stable financial future for all.
We must also unleash the potential of American energy and reduce regulatory constraints on certain markets. This will help alleviate the burden on businesses and decrease the cost of producing goods domestically.
President Joe Biden is unlikely to take any practical steps to address the issue of inflation, despite the urgency of the matter. Instead, his advice to the people of Tennessee and the rest of the country is to disregard the obvious signs of rising prices and trust in his administration’s assurances.