The American economy is experiencing a relative uptick, but all that is not impressing GOP Senate members. Their poise is still to poke holes in President Biden’s rising economic hot-air balloon.
For example, during a Senate Banking Committee hearing on Thursday, GOP members tore into Janet Yellen, Biden’s Treasury Secretary. During her presentation on the slight rebound of the US economy, all the GOP Senators could hear was someone trying very hard to whitewash the situation of things.
According to Secretary Yellen, it may be quite difficult to bring down the price of some commodities from their post-pandemic highs. However, the final straw was when she said, “We don’t have to get the prices down, because wages are going up.” That sole statement inspired an outburst from GOP Sen. John Kennedy, who responded by asking, “We don’t?!”
Kennedy then proceeded on a diatribe in which he outrightly pointed out his disagreement on the alleged ‘boom’ of the US economy. Rep. Dan NEWHOUSE also acknowledged that the US economy is experiencing some improvements on paper. However, he feels middle- and lower-class citizens have yet to experience an ease in their everyday living expenses. He said, “Inflation is cooling down, no doubt. But prices have gone up on everything.”
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Similarly, Sen. Kevin Cramer of Rolla, North Dakota, accuses the Biden administration of willful economic blindness. He argues that the slight reduction of the American inflation rate is a terrible credential for Biden and his emissaries to brandish. According to Cramer, the per capita income of the US is still far lesser than it should be.
However, the Democrats’ campaign train does not seem to wane in parading these same economic achievements. While ignoring naysayers, they are quick to point out that things could have been worse. They continue to affirm the position of the US as the strongest economy in the world and the lowest unemployment rate (4%) in the past 50 years.
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This inconsistency of narrative continues between Republicans and Democrats. According to Michael Kikukawa, a White House spokesperson, Republicans are merely playing their role as the opposition party by not acknowledging President Biden’s economic achievements.
During an official statement, Kikukawa said, “The results speak for themselves: 3.1 million jobs created last year—more than any year under the previous administration, a record 16 million small business applications, gas prices under $3.00 at most gas stations, the stock market reaching all-time highs, and wages rising faster than inflation.”
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However, even if many of the economic claims of achievement by the Biden administration are true, public sentiment is not under the influence of that pill. How so? In a recent NBC poll, many constituents voted in favor of Donald Trump as the better person to get a handle on the US economy.
Some Republican politicians are, however, quite liberal in their assessment of the economy’s performance. For example, GOP Rep. French Hill, representing Arkansas, agrees that things are improving. Nonetheless, he feels it would be counterproductive for Democrats to exploit that as a selling point during the next elections. Yes, the economy is growing, albeit not significantly.
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