Biden’s list of excuses for inflation

April 12, 2024

Bidenomics is not working: Inflation is still stubbornly high, the national debt is soaring, and wages are not keeping up with prices.

President Joe Biden proudly pushes policies that are making the economy worse—so proud he even named them after himself—and whenever it is clear his ideas are not working, he starts pointing the finger and blaming someone, anyone, for his own economic failures.

He accuses businesses, Russia, and Republicans of the tough economy his administration has presided over.

Biden’s irresponsible public spending frenzy —$5.5 trillion and counting— injected too much into the economy in a short time. The market was flooded, and the value of the U.S. dollar plummeted, making goods and services much more expensive.

To make matters worse, Biden’s regulatory onslaught on American energy has made it more difficult for businesses to produce reliable, affordable energy for all Americans, keeping energy prices higher than they were before Biden took office.

The president has spent his entire term trying to avoid accountability for his poor economic record. Unluckily for him, he’s not fooling anyone.

Here’s a short list of the excuses Biden has used to deflect the blame for his own failed economic policies:

Excuse #1: Blame businesses, not the government

During his State of the Union address this year, the president said “We know prices are still too high because of what I call ‘greedflation’ and ‘shrinkflation.’ I’m calling on corporations to pass their savings on to consumers, for God sake.”

The president has blamed corporations and businesses for high prices during his entire time in office.

This is false.  

Businesses did not cause high inflation; the government’s decision to inject trillions of dollars into the economy did. Businesses are not responsible for high prices; they are just adapting to the high inflation economy Bidenomics created.

Excuse #2: Inflation is from Russia with love  

“Make no mistakes, inflation is largely the fault of (Vladimir)Putin,” the president said in March 2022, just a month after Russian troops launched a vicious full-scale invasion of Ukraine.

Again, not true.

Putin’s unjustified attack on Ukraine has brought tremendous pain to thousands of innocent people. However, inflation was already rising before Russian tanks rolled into Ukraine.

In January 2022, a month before Putin ordered his army to invade Ukraine, inflation was already at a record high of 7.5%, and prices really started to skyrocket during 2021, when a Russian invasion of Ukraine was still speculation.

The Russian invasion of Ukraine did have an effect on the global economy, especially on the price of commodities like oil and gas. However, saying that Putin almost single-handedly caused inflation is disingenuous, to say the least.

Thankfully American energy industry — despite Biden’s continuous regulatory attacks against it—saved the U.S. from the high energy prices Europeans had to pay soon after the war on Ukraine.

Excuse #3: The Republican party is making inflation worse

“House Republicans campaigned on inflation.  They didn’t say, if elected, they planned to make inflation worse.” Biden claimed in January 2023.

Rather than accepting that out-of-control government spending is fueling our inflation crisis, Biden continues to widen the partisan divide by blaming his Republican colleagues on planning to make inflation worse.

The reality is totally different.

House Republicans passed legislation that would have helped the economy get back on its feet. H.R.1, the Lower Energy Costs Act, would unleash the potential of American energy, making life more affordable energy for all Americans. Regretfully, Democrats decided not even to consider the bill on the Senate floor.  

If anything, Biden’s proposed 2025 budget request would spur his reckless government spending spree: delivering higher taxes, more government control and more of the same failed Bidenomics that made American families worse off than they were 3 years ago.  

The American people deserve good economic policy, not political excuses

Americans are tired of feeling the pain of “Bidenomics” – they’ve had enough of government overreach at the pump, the check-out counter, and in their home.

We’re paying the price daily for President Biden’s economic policies. And yet, the president has blamed everyone but himself in a desperate attempt to side-step his negative approval rating.

Presidents should take the ultimate political responsibility for their actions. As Harry Truman used to say, “the buck stops here.” President Biden, however, is trying to do the opposite. For him, the buck stops anywhere else.

What Americans deserve is for Washington to pursue policies that will lower inflation, control government spending, unleash the full potential of the American economy, and raise wages.