Critics of President Biden say his economic policies remind them of another president: Jimmy Carter.
The U.S. appears caught in a cycle of rising prices and stagnant economic growth. Only 194,000 jobs were added in September. Now, the White House is proposing huge government spending. Does all this sound familiar? Money manager and financial expert Bill Dendy understand why some compare Biden to Carter, who was dealing with hyperinflation in the late 1970's.
“That hyperinflation meant that senior citizens on a fixed income were able to get less every month as their paychecks kept coming in at the same dollar amount,” Dendy said. “We were actually losing ground in lifestyle as wages didn’t keep up with inflation.”
Dendy says there's another Carter comparison: rising energy prices.
“When Biden is saying ‘We’re going to cut our oil production’, yet at the same time we see the rest of Europe increasing their oil production, and then Biden asking OPEC to please increase there’s. So, we’re starting to see the cost of energy go up,” Dendy explained.
Dendy says the U.S. can move in the right direction by decreasing government spending and cutting Biden’s tax increases.
That leads to our poll question.