President Joe Biden's massive deficit spending sparked a 40-year-high inflation that has devastated all Americans and has particularly been a burden on the middle class, says Sen. Ron Johnson, R-Wis.
"When he came into office our economy was roaring back from the COVID recession, we didn't need additional stimulus dollars," Johnson said Thursday during an appearance on Newsmax's "Chris Salcedo Show."
"We probably already spent too much anyway but his massive debts of spending sparked a 40-year high inflation, and the metric I like using it is, a dollar you held at the start of the Biden administration? It's now worth 86 cents.
"That is devastating for everybody. That is a tax on every American; it's a particular burden on the middle class, so that pretty well summarizes 'Bidenomics' in a nutshell. And of course government services have paid off handsomely for the Biden family, hasn't it?" he added.
Biden on Wednesday touted a broad economic plan he said would help restore the American dream as he prepares for a 2024 presidential run.
"The trickle-down approach failed the middle class. It failed America," Biden said while in Chicago, Illinois. "I knew we couldn't go back to the same failed policies when I ran. So, I came into office determined to change the economic direction of this country, to move from trickle-down economics to what everyone at [The] Wall Street Journal and Financial Times began to call 'Bidenomics.'
"Guess what? Bidenomics is working. When I took office the pandemic was raging and our economy was reeling," he said. "Today, the U.S. has the highest economic growth rate, leading the world economies since the pandemic — the highest in the world.
"This vision is a fundamental break from the economic theory that has failed America's middle class for decades. It's called trickle-down economics," he added.
Biden also took credit for decreasing prices over the last year, saying "inflation is less than half of what it was a year ago."
Johnson said Bidenomics has "been a disaster."
"I mean everything this administration has done has weakened this country, from open borders to their war on fossil fuel, high inflation, the embarrassing dangerous surrender in Afghanistan, all these things have weakened America and emboldened our enemies," he told Newsmax.
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