President Joe Biden has taken repeated criticism for his economic policies since taking office and for good reason.
Unemployment has remained high despite widespread job openings.
Inflation has skyrocketed to incredible levels, and Biden’s own economic officials say it will continue the rest of 2021. (Report continues below.)
Meanwhile, the federal debt grows more every day as Democrats propose trillions and trillions in spending.
With all these factors in mind, the Republicans on the House Ways and Means Committee released a report card for Biden’s economic performance, and it isn’t pretty.
The committee leaders laid out several major issues with the Biden economy:
- Despite huge advantages of the re-opening economy, life-saving vaccines, and trillions in stimulus spending, President Biden created 1.4 million jobs fewer in the first six months of 2021 than President Trump did in the last six months of 2020.
- The Congressional Budget Office now predicts economic growth after the sugar-high of stimulus is significantly slower under President Biden than under President Trump.
- In July 2020, CBO forecast economic growth between 2023-2030 would average 2.1%. Since Biden took office, CBO has now lowered expectations to a mere 1.5% – a nearly 30% reduction in growth.The six-month outlook for the U.S. economy plunged to a five-month low of 50.8. (Reminder: it hit a 14-year high of 57 in February 2020 under the TCJA!)
- Inflation has been caused by massive government spending and President Biden paying people more to stay on the couch than to return to work.
Clearly, Biden the politician has struggled to maintain the economic success of businessman and former President Donald Trump.
“For all these reasons, including his economic attack on American-made energy and proposed crippling tax hikes on workers, farmers, and Main Street businesses–the grade President Biden has earned in his six-month Economic Report Card: an ‘inflation-adjusted’ F,” the committee leaders said.
The rest of the report card can be found here.