July 17, 2023 |
Photo – Senator John Barrasso – Bigfoot99 file photo
In a speech on the senate floor Thursday, Wyoming Senator John Barrasso said the Biden Administration is ravaging wallets and wrecking savings by tilting the U.S. economy to favor communist China, not American families.
Wyoming’s senior U.S. Senator said the White House economic plan is “spelling a summer of suffering for every single American family.”
When Joe Biden and Kamal Harris took office, inflation was a meager 1.4 percent. Since the Democrats took office, prices have risen nearly 17 percent. Senator Barrasso said American households are spending $900 more per month to keep pace with prices.
The president is touting the economy as he tries to ramp up his re-election campaign. Polling shows that most Americans believe that former president Donald Trump did a better job at managing the economy. Biden’s job approval rating is under water, with more than half of Americans—around 53 or 54%, according to April and May polls conducted by NBC News—disapproving of the president’s job performance.
Economy and inflation are the main factors driving Biden’s poll numbers downwards. A recent Associated Press poll showed that only 33 percent of American adults say Biden has done a good job managing the economy. The White House, meanwhile, has been touting a healthy U.S. economy.
Here’s the other side of the economic picture that the Biden administration paints. The number of those unemployed longer than 27 weeks has been higher during the course of Joe Biden’s presidency than that of former president Donald Trump.
The unemployment rate has been under 4% for 17 months in a row — the longest stretch since the 1970s.The low inflation rate combined with ongoing inflation has raised concerns about a recession. Forecasters expect the FED to raise interest rates on borrowing by another quarter percentage point later this month. Wyoming Senator Barrasso said the overheated economy is driving Americans into debt.
Barrasso said the solution to getting the American economy back on track starts with less government spending, reducing costly red tape on industry and unleashing American industry. Part of the solution to making life more affordable is reducing energy costs, Barrasso said, is by ending the Biden Administration’s ideological opposition to coal and gas.
