Amidst concerns about Biden's cognitive decline, Democrats are preparing a narrative to blame former President Trump for any future economic downturn, despite their own role in creating the economic problems.
Amidst growing concerns about President Joe Biden's cognitive decline and the possibility of a Trump victory in the upcoming election, Democrats are laying the groundwork to blame former President Donald Trump for any future economic downturn.
A group of high-profile economists recently issued a letter warning that a Trump presidency would lead to an "inflationary bomb." Notably, several of these economists previously supported Biden's Build Back Better plan, which later became the Inflation Reduction Act, despite their own belief that it would not lead to inflation.
Economists Who Supported Biden Now Set Stage to Blame Trump for Economic Woes
Treasury Secretary Janet Yellen and her husband, who is also part of this group of economists, have downplayed inflation concerns, only to later acknowledge its presence and attribute it to transitory factors.
The reality is that the current administration has employed various tricks to suppress inflation and artificially bolster growth. However, as these tactics run out, the Democrats are positioning themselves to shift the blame to Trump.
Economists Who Supported Biden Now Set Stage to Blame Trump for Economic Woes
The release of oil from the Strategic Petroleum Reserve, for instance, has artificially lowered energy prices. However, this strategy has depleted the reserve to its lowest point in decades.
Furthermore, the Congressional Budget Office has significantly increased its deficit projections for the current fiscal year. This massive deficit raises concerns about the escalating debt and its impact on the U.S. economy.
Economists Who Supported Biden Now Set Stage to Blame Trump for Economic Woes
A recent Wall Street Journal article highlights the CBO's projection that the debt will reduce income growth by 12% over the next three decades.
Financing this massive debt load will be a significant challenge, potentially forcing the Federal Reserve to monetize the debt, leading to ongoing and elevated inflation.
Economists Who Supported Biden Now Set Stage to Blame Trump for Economic Woes
Other Biden administration initiatives, such as the green energy push, have also had an economic drag effect.
The underlying economic current is slowing, and massive government interventions have failed to fully offset this trend.
Consumers are increasingly relying on savings and debt to maintain their living standards, signaling impending economic woes that are largely attributable to Biden administration policies.
In the event of a Trump victory, Democrats intend to lay the blame on him for these economic problems. They are setting the stage today to deflect any responsibility for the consequences of their own reckless economic policies.
If Biden or the eventual Democratic nominee wins, they will continue to downplay the economic troubles. However, if Trump wins, they will capitalize on the predicted economic downturn to claim that they had warned of such an outcome.
This maneuvering underscores the Democrats' recognition of the impending economic challenges and their desire to avoid accountability for their role in creating them.
