Staff Reports
President Joe Biden recently took to the podium at the Economic Club of Washington, D.C., to share his thoughts on the Federal Reserve’s decision to cut interest rates for the first time in over four years. Cutting rates by half a percentage point might sound like a big deal, but for Biden, it was just “the first step” toward solving the nation’s economic woes. Perhaps the President is hoping that by throwing around buzzwords like “important,” Americans will forget the astronomical inflation rates his administration allowed to balloon last year, peaking at an eye-watering 9.1 percent.
Biden seemed content to shift the blame for this mess onto the pandemic and the Russian invasion of Ukraine. Meanwhile, Republicans have pointed fingers back at Biden’s own spending spree, including the infamous $1.9 trillion American Rescue Plan that many argue made inflation worse. Those who find it difficult to make ends meet due to rising prices must be thrilled to hear the President’s musings at the Economic Club while they struggle at the grocery store.
Amidst his celebration of the Federal Reserve’s actions, Biden took a moment to praise Fed Chairman Jerome Powell, despite claiming they’ve never spoken directly. This lack of communication raises the question: is the President really as interested in monetary policy as he pretends to be? In his effort to bolster this narrative, he took a jab at former President Donald Trump, who had a certain knack for getting straight to the point. Biden touted his respect for the Fed’s independence, conveniently ignoring how his own policies might have compromised that principle.
Washington Examiner: Biden says Fed rate cut is important but ‘doesn’t mean our work is done’ https://t.co/C59YL5Mlrm
— Ian Hansen News 🇺🇸🇺🇸 (@IanHNewsFeed) September 19, 2024
When it comes to economic achievements, Biden remains steadfast in his claims of creating hundreds of thousands of manufacturing jobs and championing the “most significant climate act in history.” However, this seems more like smoke and mirrors when one considers that many of these claims could easily be challenged by anyone with a calculator and a decent grasp of economics. The President also took a moment to pat himself on the back for the strides made by women in the workforce. His declaration that “there’s not a single job that women can’t do” had more than a hint of irony, given the current state of American job markets.
Finally, Biden couldn’t resist throwing additional shade at Trump, alleging that his tariff policies would burden middle-class households with an extra $4,000 in expenses annually. While Biden insists that America has stability thanks to the “rule of law,” one might wonder how this narrative aligns with the chaotic economic landscape his administration has helped foster. In a speech filled with well-worn talking points and self-congratulations, it appears that Biden is setting the stage for a longer-term economic struggle, leaving many wondering just what the future holds for their wallets.
