Guy Reschenthaler (R-PA), House Deputy Whip, has blasted President Joe Biden’s economic performance, calling it “terrible” and highlighting the impact it has had on ordinary people’s lives.
Reschenthaler claims that President Joe Biden’s administration has had a negative impact on inflation and wage increases because the GDP has only exceeded expectations once out of the seven quarters of his administration.
He said it’s remarkable, Joe Biden’s abysmal and horrible record. He told Joe Biden has managed to let down not only Wall Street by not meeting or outperforming expectations in seven or eight quarters but he’s also let down Main Street.
Reschenthaler said if you go to a grocery store, you’ll discover that many people struggle to buy the basics. They are experiencing issues at gas stations when attempting to fill their tanks.
According to projections, the average American family has lost $7,000 to $8,000 in purchasing power yearly due to inflation.
Inflation has risen during President Biden’s office, but recent data suggest it has decreased. According to the Consumer Price Index, inflation fell to 5% in March, the lowest level since May 2021. Since inception, this rate has represented a record low. However, underlying inflation rose 0.3% from February to March. This rate takes into account only long-term trends in food and energy prices.
Former President Trump also criticizes Joe Biden on economic policy. He argues that the current president is to blame for the collapse of a “booming” economy and the rise in inflation that has followed.
On Thursday, Trump said in New Hampshire that when he left office, he handed Joe Biden the fastest economic recovery ever recorded — all with no inflation. He used the prosperous environment of the time and then tore it to shreds.
The Democratic National Committee responded negatively to Trump’s assessment of their party, saying that not since the great depression has there been a worse record on jobs. They say that Trump rigged the economy in favor of the “ultra-wealthy.”
The pandemic killed jobs. Trump was not responsible for that. When people returned to their jobs, Biden claimed he “created them.”