The problem with refusing to take ownership of a failure is that you eventually run out of things or people to blame. President Joe Biden has spent three years blaming former President Donald Trump, the war in Ukraine, and the pandemic for America’s painful and unending financial difficulties. You would think the Biden administration is running out of scapegoats, but he has one more target to pin his failures on.
On Monday, Biden passionately pleaded with retailers to “give the American consumer a break.”
“Any corporation that has not brought their prices back down, even as inflation has come down, even as the supply chains have been rebuilt, it’s time to stop the price gouging,” he lectured.
In theory, his argument that inflation has “cooled” is valid. When the Biden administration proudly claims that the annual inflation rate has slowed, it means that prices are still increasing, just slower than last year.
Aggressive interest rate hikes primarily drove the decrease in the annual inflation rate this year. However, increased interest rates have resulted in more challenges for consumers. There was a significant rise in average credit card rates to 27.81%, approximately double the 14.6% rate 14.6% consumers faced when Biden began to take the country down the rabbit hole in 2021. Additionally, average 30-year home mortgage rates have surged from 2.65% to 7 to 8% in 2023, reflecting the broader impact of these interest rate hikes on Americans.
And it’s important to understand that Biden is basing his entire argument on a comparison to 2022’s inflation rate, which, under his leadership, skyrocketed to near historic levels. In other words, it’s still an out-of-control fire, but compared to the wildfire he started in 2022, it’s more of a dumpster fire.
Tone-deaf Biden points to this as “proof” that his signature “Bidenomics” is an unprecedented success. Unable to own up to Bidenomics’ role in creating the current economic disaster, he constantly finds other circumstances to blame. From his predecessor to COVID and Ukraine, nothing is his fault. But now, time has removed some factors, and his failures should stand alone.
Fortunately for Biden, his handlers have found a new source of blame. It’s time to point the finger at greedy corporations that stubbornly refuse to accept his reassurances that the economy is fine; there’s nothing to see here.
President Biden acknowledged Monday that consumer prices are still “too high,” highlighting an 18% cost increase since he assumed office. He argued that companies should take steps to lower prices, addressing concerns about the impact of inflation on the overall cost of living for citizens. He seems to forget that corporations stay in business when they turn a profit, something that his administration has made impossible to do without charging consumers more.
His admission that consumers suffer at the cash register significantly changed from his original position of denying Americans were experiencing financial duress.
In the past, he has expressed regret over his 2022 “Inflation Reduction Act.” Not over the legislation, per se, but over naming it the “Inflation Reduction Act.” As far as the Biden administration was concerned, the legislation accomplished everything it needed to. It was a massive “investment” in wasteful Green New Deal policies and, even by his admission, had nothing to do with lowering inflation.
His disastrous bill instituted a natural gas tax, earmarked $27 billion for liberal pet projects, gave a $1 billion investment for “energy efficient” school busses and garbage trucks (which were abandoned because of their lack of reliability), gave an estimated $250 billion to rush-to-green liberal projects, and increased reliance on China for drug innovations, ultimately allowing drug manufacturers unlimited power to charge more for drugs and a decrease in research and development in pharmaceuticals.
But it’s Walmart’s fault, according to Biden.
Biden’s policies have resulted in higher fuel prices, making costs for shipping goods skyrocket. The same fuel increases mean farmers pay more for fueling the equipment they use to plant and harvest crops. Meanwhile, burdensome regulations and “green energy solutions” force manufacturers to pay more to produce goods. Even rising utility costs, like electricity and water in the stores, play a part in corporations’ current economic challenges.
But again, it’s Walmart’s fault.
Democrats breathed life into the disastrous “Affordable Care Act,” somehow believing that insurance companies would swallow the financial burden. Instead, insurers passed the deficit to policyholders, forcing millions to drop their insurance because it was no longer affordable. And now, they blame retailers for not shouldering the burden of Bidenomics’ failures.
Biden has dug a hole that will take America decades to fill, and it’s debatable if prices will ever reach pre-Biden levels again.
But Americans can take comfort in knowing it’s Walmart’s fault.