POMPEO: Bidenomics Has Failed American Families and No Amount of Smoke, Mirrors, and Scapegoats Will Change That Fact

Bidenomics has failed American families.  Never in American history have the occupants of the White House been so disconnected from the plight of ordinary Americans, nor has there been a time when those same occupants have been so prepared to abuse the power of the federal government and ignore the Constitution to advance their radical agenda.  As the price of gas once again begins to rise, expect the White House spin team to do everything it can to blame this mess on anyone but Biden.  They can’t hide the truth, though: American families are worse off under Biden’s leadership.

Gas prices are now almost 50% higher than when President Biden took office.  In that same period, the price index for food consumed at home increased by 21% (in the entire decade prior, it only increased by 18%).  Biden’s response?  To blame anyone but himself.  He recently said that he was “calling on corporations, including grocery retailers, to use record profits to reduce prices.”  His team has also tried to blame Russia’s war in Ukraine on allegedly greedy, profit-seeking corporations for these failures.  Don’t buy it.  Greedy corporations, shrinkflation, and global supply chain disruptions – Biden has used smoke, mirrors, and scapegoats to shield what is really driving this trend: his policies.

Biden’s failed foreign policy helped lead to Putin’s invasion of Ukraine, and Biden’s failed economy and energy policies are the reason for these increased prices.  Biden has demonstrated an outright hostility to our domestic oil and gas industry – remember, he promised to “end fossil fuel” while on the campaign trail – and has discouraged production here at home. Biden began his term by canceling the Keystone XL pipeline and suspending new oil and gas leases, which discouraged growth in our domestic energy sector and impacted prices.

He followed this up with the American Rescue Plan, Inflation Reduction Act, and multiple attempts to cancel student loans, which together provided massive government handouts that greatly increased our national debt and deepened the effects of inflation.  Indeed, the average inflation rate under President Trump was below 2%; it’s nearly 6% under Biden.  The high food and gas prices facing American families are not the fault of the “greedy” oil and gas industry or other corporations.  They are the fault of the Biden Administration’s misguided economic policies that have given us historic levels of inflation.

The Biden Administration and its far-Left intellectual elites claim that a transition to renewable energy will solve all the world’s problems – a claim that it has used to justify throwing massive amounts of taxpayer-funded subsidies at the green industry.  Unfortunately, this is yet another policy misstep that has delivered bad outcomes for the American people.  By embracing green dogma, the Biden Administration has only kept inflation levels and energy costs high.  Indeed, the only beneficiary of Biden’s green “transition” has been the Chinese Communist Party, which is not only building new coal power plants at a record rate but reaping a windfall due to its control over the renewable energy supply chain. The Biden Administration’s energy policies have enriched our adversary and made Americans poorer.

The true energy transition our leaders should be discussing is how our own electric grid will support the massive energy demands of the next 25 years.  In the coming decades, the continued supremacy of the American economy will chiefly depend upon our businesses’ ability to harness artificial intelligence, re-shore critical chip manufacturing, and maintain substantial data centers in order to compete and win on the global stage.  This will require vast amounts of energy – which is why China today contains well over 3,000 coal-fired power plants. The Chinese Communist Party is developing the capacity to achieve dominance in these sectors at all costs; it doesn’t care about climate change, yet America’s leaders today seek to limit our entrepreneurs and businesses for this very reason.

It doesn’t have to be this way.  We can build a prosperous economy for all Americans by unleashing the power of American energy, cutting burdensome regulations, and putting a stop to Biden’s massive subsidies.  We should call on our elected leaders to reject these failed Bidenomics policies and instead create the conditions in which our businesses can prosper, our families can thrive, and our economy can once more fuel an America capable of leading the free world.