In a recent segment of “Varney & Co.,” host Stuart Varney delivered a scathing critique of President Biden’s economic agenda, which he dubbed “Bidenomics.” Varney’s analysis centered on the role of Federal Reserve money printing, massive government spending, and their contribution to record inflation, which, he argued, has had a detrimental impact on every income group in America.
Varney emphasized that while economists may offer their perspectives and politicians may attempt to shape the narrative, it’s the hard numbers that reveal the true story. He contended that “Bidenomics” has resulted in economic decline for the nation, primarily driven by the inflationary pressures it has unleashed.
The host attributed the root cause of this inflation to the combination of money printing by the Federal Reserve and the significant government spending initiatives undertaken by the Biden administration. He also noted the impact of policies that have led to a reduced emphasis on energy independence.
Varney cited data from 2022 to support his argument, highlighting that inflation-adjusted income for both men and women saw significant declines. Men experienced a drop of $3,620, while women saw a decline of $2,880. Moreover, these economic setbacks affected all income groups, with lower-income individuals bearing a proportionally larger burden, as is typically the case during periods of high inflation.
Middle-income earners, particularly those making between $94,000 and $153,000 annually, were not spared from the economic challenges. Varney noted that this group faced a loss of $4,600 in 2022, underscoring the broad reach of the economic downturn.
In terms of the political implications, Varney suggested that the economic landscape could significantly impact future elections. He noted that the Biden-Harris ticket might face challenges, particularly when Republicans highlight the strong economic performance during the Trump administration.
Varney concluded his segment by raising concerns about the potential consequences of “Bidenomics” part two, which includes initiatives such as the Green New Deal, additional government spending, and mounting deficits. These policy choices, he argued, could further exacerbate economic challenges and inflationary pressures, leaving the nation to grapple with the complex task of balancing economic growth and fiscal responsibility.
Download our app MadbuMax on the Apple App Store for the latest news and financial tools. Interested in getting your finances in order do not forget to check Dr. Paul Etienne’s best-seller book on personal finance. To access more resources, tools, and services please click here. Also, do not forget to follow Dr. Etienne on IG or Twitter.