And why should he change anything? Biden has been given a constant pass by the media for two years now on his terrible policies. Record inflation, pushing Russia into invading Ukraine, and an ongoing economic malaise, none of that seems to be giving Biden a second thought. Then again, it’s rare for Biden to have a first thought.
Instead, it will be more of the “unity” message that offers a glimpse of the country where Americans turn on each other over policy differences rather than iron out the middle ground, something Biden himself has been unable and unwilling to do.
According to the President, when asked if he plans on changing course in response to Republicans winning the House, he shrugged it off:
Speaking to reporters the day after the midterm elections, Biden was asked what he might do differently to address voters’ concerns about the economy and the widespread sentiment that the country is generally moving in the wrong direction.
Biden replied: “nothing.”
“I’m not going to change anything in any fundamental way,” he added.
While Republicans didn’t fare as well as expected in Tuesday night’s elections, exit polls showed that inflation, the cost of living, and crime, which have all worsened under Democratic leadership, weigh heavily on voters.
In other words, likely thanks to abortion and Democrats turning out in greater numbers than expected, Biden has been given a “do-over” on his policies to once again try and tamp down inflation after fanning it for two years. One way to accomplish that is by knee-capping consumers and pushing the economy into recession, a move that will inevitably drive down demand for products and even gasoline.
While Biden’s recession plans take shape, consumers are running out of money and running out of credit as well thanks to rising costs and flat wages while the economy tanks:
Decades-high inflation has weighed heavily on Americans, outpacing wage gains and forcing consumers to rely more heavily on credit cards and savings.
In the second quarter of this year, credit card balances saw their largest year-over-year increases in more than two decades, according to separate data from the New York Federal Reserve. The third-quarter household debt and credit report is set to be released Nov. 15.
The personal savings rate, which is the percentage of disposable income allocated for saving, not spending, was 3.1% in September, according to the Bureau of Economic Analysis. That’s the second-lowest rate in more than 14 years.
Credit card use is at a high not seen for twenty years, an indicator that households are strapped to stay within their means. The end result will be lower demand because there simply isn’t as much disposable income hanging around anymore.
When Biden says he sees no reason to change anything, it’s these types of economic stats that remain alarming and continue to show a complete disconnect between the way the White House behaves and the way the state of the economy.
Hilariously, Biden says he won’t sign any bills from a new bi-partisan congress that would make inflation worse. Wait, what?
Touting his administration’s alleged accomplishments so far, Biden also signaled that he’s willing to work with Republicans in Congress. “We signed over 210 bipartisan laws,” he said. However, he clarified that there are some dealbreaker GOP proposals he will veto: measures that will raise the cost of pharmaceutical drugs and “make inflation worse,” a national ban on abortion, and Senator Rick Scott’s plan to curtail Medicare and Social Security enhancements.
Democrats have done a fine job of making inflation worse all by themselves, they should continue to run the ball on that topic. As for worrying about inflation, Biden signed the Inflation Reduction Act, a bill that does nothing for inflation, then turned around and announced hundreds of billions of dollars in student loan debt forgiveness, a policy that will drive up inflation. Then again, his student loan plan might get shot down in court, another indication that it was nothing more than bait-and-switch for college-age and millennial voters.
It’s an almost comical disconnect between a President that can do no wrong in his opinion, and a country that just turned the House and quite possibly the Senate over to Republican control for some balance.
