As midterm elections approach, John Hopkins University professor of applied economics Steve Hanke is sounding a message he hopes will fully resonate with voters.
“Bidenomics has been a disaster,” Hanke said in a post to Twitter. “Biden’s wild spending has fueled inflation and has set the US up for a whopper of a recession. Bidenomics is for the birds. Meanwhile, inflation continues at record-high numbers in Wisconsin, keeping costs unusually high for all.”
Using the term “Bidenomics” to refer to President Joe Biden’s ongoing practice of stimulating the economy with large amounts of money–a course of direction exacerbated by Russia’s invasion of Ukraine, The Economist argues in a recent article that the issue is likely to be at the forefront of many voters’ minds when they formally go to the polls on Nov. 8.
All across the country, SmartAsset.com reports that a growing number of economists have come to agree that government spending is a major driver of inflation, with John Locke Foundation Senior Analyst for Fiscal Policy Paige Terryberry arguing that the current levels of inflation are undeniably impacted by the government injection of cash at the outset of the Covid-19 pandemic.
Sen. Ron Johnson recently took to Twitter to blast Biden and senatorial challenger Mandela Barnes, accusing them of spending money like “drunken sailors”.
In Wisconsin, prices have increased 14.1% since January of last year, with a JEC Republicans report finding that local families are now being forced to pay $688 more to achieve the same standard of living as in January 2021. Of all the categories the various spending categories contributing to the increase, by far transportation costs have increased the most, costing families $261 more than in January of 2021.
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