If you get fewer presents for
Christmas
this year, thank President
Joe Biden
.
It is easy to blame all of the world’s problems on the president, regardless of whether or not he had any role in them. However, nearly three years of bad policies from the sitting president have left the nation worse off, meaning tens of millions of people will receive fewer Christmas presents this year.
OATH OF OFFICE: BIDEN TOOK OUT TRUMP ONCE, BUT DID HE RESTORE THE ‘SOUL OF THE NATION?’
Half of parents plan to buy fewer gifts for their children this year than in previous years due to the increased cost of living, according to a WalletHub
study
published earlier this month. It also found that 28% of people plan to spend less than they did last Christmas season.
A holiday spending survey from the Conference Board
found
that despite consumer goods being more expensive, consumers, on average, plan to spend just 2% less on the holidays this year than last year. But to keep pace with inflation and get the same amount of presents as last year, they would need to increase their spending by
3.1%
, making this cut bigger than it seems.
Many people are cutting back to save money thanks to the Biden administration failing the country, especially on financial issues. Since Biden took office less than three years ago, the U.S. dollar has lost
about one-sixth
of its value. Under Biden, inflation
peaked
at over 9% in 2022, hurting consumers.
We can
thank
Biden’s big government spending agenda and the loose monetary policy from the Federal Reserve for that inflation. Biden signed the wasteful $1.9 trillion American Rescue Plan into law in February 2021. It may have raised inflation by as many as 3 points, a March 2022
study
from the Federal Reserve Bank of San Francisco found. The bill contained multiple wasteful provisions, including giving $350 billion to state, municipal, and tribal governments, many of which had massive surpluses already. In response, many spent this money on
wasteful pork projects
as their constituents struggled to pay bills.
Although Biden passed a so-called Inflation Reduction Act, the bill did nothing to reduce inflation. It was mostly
corporate welfare
for the green energy sector, similar to how the CHIPS Act was
corporate welfare
for multinational corporations in the semiconductor industry.
So whether you want a new car or a
Pikachu
Squishmallow, you can thank Joe Biden, in part, if you don’t get what you want. Perhaps if we elect a new president next year (or, not ideally, a
former president
), our country will have better Christmases ahead.
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Tom Joyce (
@TomJoyceSports
) is a political reporter for the New Boston Post in Massachusetts.
