Former Speaker of the House Newt Gingrich has suggested President Joe Biden’s “economic failure” may well be his downfall in November’s presidential election.
The long-run consequences of Bidenomics on inflation is “staggering,” Gingrich wrote Thursday, and the prices Americans are paying have “skyrocketed” from the time Joe Biden took office.
In just three-and-a-half years, “the price of eggs is up 49.3 percent, gasoline is up 47.5 percent, peanut butter is up 40 percent, butter and margarine are up 32 percent, electricity is up 28.3 percent, air fare is up 32.7 percent, used cars are up 20.9 percent – and the list continues,” Gingrich wrote in reference to this week’s bad economic news that inflation persists while jobs are decaying.
Inflation continues to build even after the Federal Reserve pushed interest rates to their highest point in 23 years, Gingrich noted, because the Fed’s restrictive private sector policies are being more than offset by “the Biden administration’s massive deficits.”
“While the Fed is trying to take liquidity out of the system and force a slowdown to lower inflation, the Biden administration keeps pumping borrowed money into the economy,” Gingrich added.
The American people “feel these price increases, and they are unhappy,” he argued, citing polls showing that most Americans rate the economy as poor, while only 38 percent believe the economy to be in good shape.
If voters are downbeat about the economy, persistent inflation is a good reason,” the Wall Street Journal editorial board wrote Wednesday. “Price increases across the Biden Presidency are unlike anything Americans have seen in recent decades.”
Moreover, Gingrich noted, over the past 12 months, employment among U.S. natives is down by 651,000 while employment among foreign-born individuals grew by 1,266,000 in the same period.
Perhaps even more damning, unemployment among Black or African American individuals has risen from 5.1 percent to 6.4 percent in the past year, he added.
“So, Bidenomics means rising prices, fewer jobs, more part-time employment, and a desperate sense that things are just not working,” Gingrich summarized, and despite efforts by the mainstream media to sugarcoat the situation, everyday Americans know that “life has gotten harder under Biden.”
“Simply put: Bidenomics means you get less for more,” Gingrich concluded, and if this situation persists, “Bidenomics may be Biden’s downfall” come November.
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