The True Extent of Inflation
October 18, 2024 |
TFR Staff |
Deficit, Federal Government, Inflation, Kamala Harris, Spending
The Inflation Toll: Biden/Harris Policies and Texas’ Economic Struggle
https://www.texastaxpayers.com/the-true-extent-of-inflation/


As Texas grapples with unregulated and irresponsible spending on behalf of state legislators, the economic policies of the Biden/Harris Administration have cast a long shadow over the Lone Star State’s desire for economic freedom. Despite Texas showcasing 4.1% unemployment rate and a GDP growth of 3.5% in Q2 2024, the specter of inflation, driven by this administration’s fiscal insanity, threatens this prosperity.
Inflation Surge: The Result of Bidenomics

Since January 2021, the cost of living has escalated alarmingly. Grocery prices have surged by 21%, and energy costs by 38%. This isn’t mere economic fluctuation; it’s the tangible impact of Bidenomics, where unchecked spending has fueled inflation. Texans now face an additional $11,400 annually to maintain current living standards, a direct outcome of policy choices prioritizing spending over fiscal prudence.

Government Spending: The Catalyst for Inflation

The Biden/Harris approach to post-COVID economic recovery was characterized by mass spending. Programs like the American Rescue Plan flooded markets with liquidity, not matched by productivity, stoking inflation. The “Inflation Reduction Act,” a misnomer, only underscores this administration’s total misunderstanding of inflation’s roots and basic economic and monetary principles, exacerbating America’s economic duress.

Deficit and Debt: A Legacy of Economic Burden

Under this administration, the national debt has ballooned by over $7 trillion in three years, with 2024 projections adding $2 trillion more. This isn’t strategic investment but a debt burden for future generations, translating into higher taxes and costs for Texans, stifling economic opportunities.

Free Market Challenges

In Texas, where markets are relatively more free compared to many other parts of the country, Bidenomics introduces government overreach. Businesses face an environment where government intervention becomes the norm, potentially stifling the entrepreneurial spirit. This direction not only distorts market dynamics but undermines the economic freedom Texans cherish.

The Defense of Bidenomics: A Fallacy

Supporters might argue that inflation was global or recovery measures were necessary. However, the spending scale and regulatory policies tell a different story: Inflation, fundamentally a monetary phenomenon, has been worsened by government expenditure not backed by productivity.

A Call for Fiscal Sanity

There’s a pressing need for a return to fiscal responsibility, where government supports economic freedom through free market principles, not through government largesse.

Texans for Fiscal Responsibility identifies Bidenomics as a deviation from these values, steering towards a future of continued rampant inflation, debt, and government control.-- excerpt, rest at link above --