Joe Biden’s failed agenda has left the country on the verge of economic ruin.
One disastrous decision by the President is costing the country in a major way.
And a leading Republican gave Joe Biden a devastating reality check over this massive failure.
Rampant inflation is delivering a punch in the gut to every American after President Joe Biden went on a reckless left-wing spending spree.
Inflation is at a 40-year high, and essentials, like food, are up well over double digits, making it harder than ever for working class Americans to make ends meet.
Major Wall Street analysts are predicting that elevated inflation could linger for years despite President Biden’s claim that the worst is in the rearview mirror.
Rep. Bryan Steil (R-WI) appeared on Fox News’ Sunday Morning Futures, and laid into President Biden for unleashing rampant inflation.
He said that Congressional Republicans must work to get Biden’s “runaway” spending under control to lower inflation so that American families can afford the things they need.
“The monetary policy passed under two years of Democratic one-party control is the driver of all of this,” Steil said. “The Fed is simply reacting to the fact that trillions and trillions of new spending has come out of Washington over the course of the last two years.”
President Biden flooded the economy with trillions in wasteful spending that was financed with debt, sending inflation spiraling out of control.
Even Democrats like Larry Summers, former President Bill Clinton’s Treasury Secretary, have laid the blame on Biden’s spending for unleashing inflation.
Out-of-control spending isn’t the only Biden policy that’s driving inflation, according to Steil.
He explained that inflation is rising because of “the attacks on energy we have seen under the Biden administration.”
Steil pointed to Biden’s decision to shut down the Keystone XL pipeline on his first day in office.
“What we’ve seen this administration do is drive forward a radical Green New Deal agenda, and the results are American families paying more to fill up their cars with gas but also to heat their home and now buy groceries,” Steil said.
Biden’s war on American energy production is driving up the cost of energy, which is sending the cost of producing all goods soaring.
“Because often it is a diesel tractor that is in the field harvesting; it’s a diesel truck that’s bringing those goods to your grocery store,” Steil explained.
More economic pain could be on the way for the U.S. in the New Year because of the Federal Reserve.
“What we need to do is unleash American energy,” Steil said. “And we need to get the spending under control, because I am very concerned that the Federal Reserve is going to hit the brakes even harder and that is a draconian impact on the American people.”
The Federal government is hiking interest rates in a bid to tame inflation, but those rate hikes have also put the economy on the brink of a major recession.
The economy is teetering on the edge of major disaster after Joe Biden went on a left-wing spending spree that would make a drunken sailor blush.
Stay tuned to Conservative Underground News for any updates to this ongoing story.