UPDATED 7:40 PM PT – Monday, February 8, 2021
Economists are warning that Joe Biden’s policies may cause double-digit inflation, unseen since the late 1970s.
“Unfortunately, the Biden administration may be about to repeat the same mistakes as Jimmy Carter, only this time it will be far worse,” Kevin Freeman, financial terrorism expert at the Center for Security Policy said. “In the four years of Jimmy Carter, the annual inflation rate rose from 5.7 percent before he took office, to 13.5 percent when he left.”
Economists said Biden’s crackdown on U.S. oil production would drive up gas prices at the pump and hurt U.S. consumers, while benefiting Iran and Russia. They also warned Biden’s $1.9 trillion stimulus plan would devalue the U.S. dollar, making consumer prices higher.
“President Trump slashed regulation, but Biden promises to increase it,” Freeman stated. “So a 30 percent increase in regulation, which is something we can expect, would add 2 percent to the inflation rate just by itself.”
President Trump showed how to lower unemployment and increase wages – by cutting wasteful regulations, letting taxpayers keep more of their money, and promoting U.S. energy.
Biden wants to increase regulations, raise taxes, & attack energy. The result will be a weaker economy.
— Ronna McDaniel (@GOPChairwoman) February 5, 2021
However, Biden Cabinet officials are downplaying such warnings as they seek near-term political gain from money handouts at the expense of taxpayers.