President Donald Trump criticized Joe Biden over his handling of the economy since entering office, blaming him for what he called “the highest inflation in decades.”
In a video released to Twitter on Tuesday, Trump accused Biden and other Democrats of being “directly responsible” for creating an “economic catastrophe,” while pursuing “the socialist joke known as the Green New Deal.”
“Just a few years ago, I handed Joe Biden the fastest economic recovery in recorded history,” said Trump. “But as soon as he came into office, he quickly blew it all up.”
He continued, “Biden and the radical Democrat Congress single-handedly created the highest inflation in decades. They spend trillions of dollars to wage war on American energy, and pursue the socialist joke known as the Green New Deal.”
Republicans, including Trump, have frequently slammed Biden for pushing inflation from 1.4 percent in January 2021 to its peak of 9.1 percent in June 2022, often blaming his $1.9 trillion American Rescue Act, or $2.4 trillion Build Back Better Act.
Inflation had lowered to six percent in February 2023, though still five percent higher than when Trump left the White House.
“Now the inflation and high interest rates that Joe Biden caused have resulted in the Biden Banking Crisis, a disaster of historic proportions. We are seeing banking failures left and right,” said Trump.
Trump accused “Biden and his enablers in Congress” of being “directly responsible for creating this economic catastrophe,” adding that with “Joe Biden at the wheel, it will only get worse.”
The Federal Reserve and Wall Street economists have already warned that lending standards will become more restrictive, and that interest rates will continue to skyrocket after the collapse of Silicon Valley Bank and Signature Bank.
Biden’s Labor Department also reported earlier this month that the consumer price index rose 0.4 percent in February, and six percent on an annual basis—three times the pre-pandemic average.
“America needs a president who knows how to handle the economy,” said Trump. “Under my leadership, we built the greatest economy in the history of the world—in fact, we really did it twice. Now, we will do it a third time, and this time it’ll stay.”
“I will unleash American energy to get prices down immediately. I will stop the Biden inflation nightmare, and that will go very quickly. I will reverse the Biden tax hikes and regulation hikes, and return to a pro-jobs, pro-growth, pro-worker policy that puts America first,” added Trump.
“Together, we will save our economy from destruction,” Trump concluded. “November 5, 2024 cannot come fast enough.