Like FDR’s New Deal, Biden’s Tax-and-Spend Policies Have Been an Economic Wrecking Ball

The economic gaslighting coming out of Washington is astounding, even by D.C. standards.

Former Virginia Gov. Terry McAuliffe recently praised the Biden administration for its handling of the economy, ignoring failures on inflation, boondoggle spending, and energy taxes.

McAuliffe even compared fellow Democrat President Joe Biden’s failed American Rescue Plan to former President Franklin D. Roosevelt’s New Deal.

The unprecedented interventions of the New Deal included wage and price controls, so-called jobs programs, and a tripling of taxes to fund bloated government budgets. Far from ending the Great Depression, the New Deal prolonged it and created several bouts of inflation in the 1930s.

McAuliffe’s comparison of Biden to FDR is right, however, though for the wrong reason.

Both presidents initiated massive interventions in the economy, and neither improved economic outcomes. Far from an accomplishment, handling the economy like FDR is a sign of failure.

The numbers prove Biden’s policies have made people’s lives and livelihoods worse.

Massive federal deficits, funded by the Federal Reserve, have caused skyrocketing inflation under Biden, who took office when inflation was only 1.4% and real wages were rising. In just 18 months, Biden managed to push inflation to over 9% and prices were rising nearly as fast in a single month as they did in the entire year before Biden took office.

The prices that businesses pay have risen even faster than prices for consumers. This wholesale inflation hit 13 new record highs under Biden and has been stuck in double digits for more than a third of Biden’s presidency.

More