Daniels: Bidenomics cause ‘dangers to our country’

Our president and his effervescent vice president are traversing the country to tout just how wonderful “Bidenomics” has been for the middle class and our country in general. Unfortunately, I do not believe either of those individuals have sufficient enough gray matter to truly understand the dangers to our country caused by the fiscal and monetary policies of Bidenomics. Joe Biden thinks the country is in great shape, but a review of a few key economic indicators tells us another story.

First and foremost, inflation was at 1.5% when Joe took office in January 2021. Fortunately, it’s down to around 3%-plus; however, that’s still a 100% increase in inflation since he took office. The rampant and unnecessary government spending initiated by Joe got inflation as high as 9%, forcing the Federal Reserve to raise interest rates to the point where it was able to bring inflation down. However, raising the rate, among other economic concerns, is making it incredibly difficult to buy a house. In January ’21, the 30-year mortgage rate was 3.132%. As of today, that rate is 7.3%. That increase causes a monthly payment on a $250,000 loan to go from $1,072 to $1,714 or an increase of approximately $642 a month, all due to interest. Over the life of that 30-year mortgage, the increased interest cost is approximately $231,120!

The wild government spending under Joe has increased our national debt. In January ’21, the debt was approximately $26.9 trillion. Today, it’s at $32.6 trillion, an increase of $5.7 trillion. Even with that increase, Joe has the unmitigated gall to tell us that he’s reduced the deficit by $1.5 trillion. I guess he’s forgotten his arithmetic. Unless Congress acts, that debt will one day prove to be our downfall.

The price of a gallon of gas in January ’21 was $2.419. Today, that same gallon of gas costs $3.759, a 155% increase. Based on current economic conditions, it would appear that that $3.759 is going to go higher.

When you go grocery shopping, please find me a staple has that decreased in price since January ’21. While inflation is touted currently at 3%-plus, that number does not include the cost of groceries or the cost of gasoline. Include those two factors, and I suspect “real” inflation is probably somewhere in the 5%-6% range.

Our effervescent vice president laughs and jokes that Bidenomics is great for the country. However, in another interview, she states that many Americans are a $400 bill away from bankruptcy. Which is it — are all Americans better off due to Bidenomics or are many just a $400 bill away from bankruptcy? A slick political comment but one indicating a dull set of gray matter.

Another indicator that our economy is in trouble is the interest rate curve inversion. In simple English, the interest rate the government pays to borrow money for two years is more than it pays to borrow money for 10 years. In normal economic times, the 10-year rate is higher than the two-year rate. Given this inversion, it doesn’t pay to buy a 10-year note when you can make more money by buying a two-year note. This means it costs the government more in interest when borrowing money for a shorter period of time. That only adds to the deficit.

Lastly, if you really look at all the new government regulations concerning how we live, especially the regulation to rid us of gas stoves, we are slowly being governed by policies that want to control our everyday lives in the name of climate change.

The Democrats and Joe are taking us down a path of virtual economic destruction with their radical fiscal and monetary policies. They don’t care about the country; the only thing that matters is their political agenda and maintaining power. Unfortunately, Americans will not read or hear about the destructive powers of Bidenomics because the publicity arm of the Democrat Party, our national print and news media, only touts the great things Biden and Kamala Harris have done to move our country forward.

If you agree with Bidenomics and want more of the insane government spending, vote for a Democrat in 2024.

Retired U.S. Army Reserve Col. Frank Daniels

Dover