Published on March 13, 2024, 12:47 am

Joe Biden’s policies are consistently under scrutiny, particularly his economic strategy. Take Tuesday’s report that consumer price index rose 3.2% from the previous year, in February. Ideally, this rate is maintained at 2%, but the current figures are soaring past the desired mark by 50%. With core price inflation sitting at a hefty 3.8%, it becomes very clear that his policies have left much to be desired.

As the bleak reality of these increased rates linger, interest rates appear destined to remain high for an indeterminate period. This surge is due to the Federal Reserve battling inflation by increasing the overnight lending rates between themselves and banks that will ultimately impact consumers. Essentially, higher interest rates mean tightened credit resulting in lesser people borrowing which theoretically drives prices down – a move encouraged by Biden’s administration as they hope for decreased interest rates to stimulate the economy ahead of November’s re-election.

However, with unyielding inflation looking unlikely to cease its ascent anytime soon, securing loans such as a mortgage proves more difficult and increasingly expensive; as evidenced by an increase from previously achievable 3% interest rate mortgages rising to currently steep approximations of 7%.

This upswing has created ambiguity within the real estate market. Fuelled not by demand for single-family homes but a scarcity in supply, many homeowners hesitate listing their properties on the market fearing exorbitant future loan interest should they buy again.

Breaking News reports indicate President Biden hinted last week at both a potentially looming reduction in Federal Reserve interest rates and economic forecasts suggesting otherwise; creating uncertainty among those following trusted news outlets.

Moreover, significantly high bond sales or government owed debts serving as an investment combined with lofty rates would force subsequent reimbursement with future government funds – an unsustainable practice brought about by austere spending patterns.

Biden’s plan hinges on extravagant spending commitments and stringent taxation of prosperous individuals lobbing expectations that wealth can feasibly cover astronomical expenditures despite tax revenues failing to support such a strategy. His aspiration for an American lifestyle mirroring that of Norway, but without ample oil wealth or extensive middle class taxation, unintentionally reveals a crucial detail; the high tax rates imposed on all income brackets in Scandinavia, a policy Democratic leaders refuse to adopt due to fear of public backlash.

Spotlighting the fiscal year 2025 federal budget presented by Biden does not alleviate any concerns. Despite no apparent chance for passage and serving only as priorities for his time in office, it is nonetheless eye-opening to examine his purported aims. These primarily revolve around large scale tax imposition, erosion of military spending amidst globally tumultuous times and the continued spiralling expenditure towards Social Security and Medicare—all while confidently stating these actions would lower the deficit.

Contrarily however, history has shown increasing taxes hinders economic development rather than promoting success. The President’s staggering $7.3 trillion budget proposal makes these taxing measures appear futile as they fall significantly short in providing required funds despite even pandemic level spending falling shy of this inflated mark.

Furthermore, increasing taxes on businesses inevitably restricts available funds which subsequently trickles down to their employees’ salaries. Biden’s confident assertion that such tax hikes will trim the deficit while decreasing prescription drugs, childcare and housing costs seems far-fetched with historical evidence indicating market prices tend to rise rather than fall when subsidized by government intervention.

More devastating yet is how such indiscriminate spending projects are already stagnating America’s economy from trusted news sources revealing an overall increase of debt relative to GDP since 2019 with concurrent growth projected until 2030. An alarming revelation that indicates our future liability servicing could overshadow even our military spending budget.

Biden’s intentions might be misleading or intentional distractions fuelled by political gamesmanship aimed at igniting disagreements within Congress and Republicans—the one certainty however is that these practices neither present feasible solutions nor accurately reflect Christian worldviews of stewardship towards financial resources entrusted into government hands.

His ideology and how he attempts to implement it will continue to be a significant topic real news sources will follow in the coming months and up to November’s re-election. For impartial reporting on these crucial updates, trust your source for breaking news from a Christian worldview.