Bidenomics Equals Stagflation and a Bleak American Future

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Bidenomics equals stagflation.  That’s America’s sober economic reality after more than two and half years of a Joe Biden presidency pockmarked by profligate government spending, soaring interest and mortgage rates, a precipitous loss of strategic energy dominance, a southern border invasion, a new and expensive endless war, and a rapidly expanding trade deficit.

Stagflation is a “tax” crueler than inflation alone, which eats away at our purchasing power.  This is because the “stag” part of stagflation also entails recession or slow economic growth.

As the 2024 presidential election approaches, Bidenomics is conjuring up the ghost of a 1970s stagflation past that ended in a landslide victory by the Republican Ronald Reagan over Democrat Jimmy Carter. In the final 1980 presidential debate, with polls surprisingly close given the grim economy, Candidate Reagan asked the American people “are you better off today than you were four years ago?”  That question – and its obvious “no” answer -- triggered a decisive break in undecided voters to the Reagan camp.

Will this Reagan-Carter past be prologue to a resounding Biden defeat?  The answer to this question must begin with this observation: Biden’s Democrat Party is supposed to be the party of America’s working classes and wage earners.  Yet, American labor is now bearing the heaviest burden of Bidenomics.