Former Republican presidential candidate Steve Forbes stated on Monday that Americans are aware that President Joe Biden’s economic policies are not effective.
Forbes’ comments come in the context of Biden’s signing of the Inflation Reduction Act, a law that allocated nearly $370 billion to address climate change.
The legislation includes provisions related to green energy, such as a $7,500 tax credit for electric vehicles and an expansion of the Environmental Protection Agency’s authority over the energy industry.
“‘Bidenomics,’ not great. You have an economy that is still faltering and one of the things we have to be on the watch out for, Stuart, is the way they measure GDP,” Forbes told “Fox Business” host Stuart Varney. “Government spending counts as a plus for GDP. So these massive spending projects, green projects that they have in the pipeline, that they’re going to be shoveling out money for, artificially make the economy look better than it is even though it’s draining resources from the private sector and ultimately hurting the economy long term.”
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“I call it walking pneumonia. The economy is stagnant,” Forbes said. “Yeah, the GDP — this is what the thing is. We’re told numbers, ‘Oh, the inflation rate is great.’ No, it is not. We’re told that, ‘Oh, the economy is growing.’ People don’t feel it. They don’t see the prospects out there.”
As of now, President Biden has an approval rating of 38.1% for his handling of the economy, according to the RealClearPolitics average.
Additionally, his approach to addressing inflation has garnered only 33.4% approval of the American population, as indicated by the same average.
“So these theologians can come up with whatever numbers they want, the American people know, this ain’t working the way it should, period,” Forbes said.
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