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Bidenomics: the endless reserve of bad economic thinking

Jun 11, 2024 by AFP

President Biden is selling the future prosperity of America for his political present.

On May 22, Biden announced the release of a million barrels from our Northeast Gasoline Supply Reserve just in time for the 4th of July. A transparent political ploy from the President to get gas prices down and get a small bump for his abysmal poll numbers.

A bad decision made by an administration that is an expert at making the wrong call.

Just as the $5.5 trillion in new spending he approved, this decision might help Biden for a couple of weeks, but it will harm our country’s prosperity for years.

Whenever Biden must choose between America’s long-term health and his short-term political objectives, he consistently goes for the latter.

Biden’s polls-based economics means more inflation, slow growth, and less prosperity for all Americans.

Depleting our strategic energy reserves risks America’s prosperity

The primary goal of the Northeast Gasoline Supply Reserve is to protect the regional economy from the effects of hurricanes, natural disasters, or other disruptions until companies can restore regular service.

However, for Biden, his flailing poll numbers are more than enough justification to dip into this gasoline reserve. Even if that leaves America vulnerable for actual emergencies in the future.

This is not the first time Biden has depleted an energy reserve.

The government has stored millions of oil barrels deep inside salt caverns in the Gulf of Mexico coastline for decades. This Strategic Petroleum Reserve serves as our national energy rainy-day fund, ready to protect the economy from a drastic supply shock caused by wars or emergencies.

Well, that is the theory, at least. In practice, Biden irresponsibly uses these reserves to pay for his short-term political ambitions.

During his time as president, Biden has sold almost 270,000,000 barrels of oil, nearly half of our strategic petroleum reserve. For reference, between 1985 and 2011, the U.S. stockpiled a net of 280,000,000 barrels into the strategic petroleum reserve. In three years, Biden threw away what took us 26 years to stock.

If Biden keeps selling America’s strategic oil reserves as he has, and there is no reason to believe he will not, our oil reserves will be at a critical point.

Bidenomics spends like there is no tomorrow

Bidenomics is economic nonsense and waste.

When Biden took office, the economy faced inflation due to the money the government printed the year before. A responsible president would have stopped Washington’s runaway spending to prevent inflation from garnering steam.

Biden did the opposite, he pushed the pedal on excessive spending.

His administration added $5.5 trillion of new spending by signing the American Rescue Plan, the Inflation Reduction Act, the CHIPS Act, the Infrastructure Investment and Jobs Act, and other pieces of legislation.

Bidenomics added fuel to the inflation fire.

When the president took office, inflation was at 1%; 18 months into his presidency, prices were at a historic high of 9.1%. Thanks to Bidenomics, life is almost 20% more expensive today than in 2021.

Americans pay the toll of Bidenomics’ shortsightedness

Instead of spending responsibly or unleashing America’s energy potential, he swelled government spending and is draining our strategic energy reserves.

The result? Inflation runs rampant, our national debt is as high as the president’s disapproval numbers, and our country’s future energy security is at risk.

It’s time for Washington to put Americans ahead of their political fortunes.

© 2024 AMERICANS FOR PROSPERITY. ALL RIGHTS RESERVED. | PRIVACY POLICY