Biden gets angry in labor union speech, rants against critics of his ‘reckless spending’ habits

Basic economics teaches us that price inflation typically stems from an increased supply of money circulating in the economy, usually in the form of freshly-created fiat currency from the Federal Reserve as well as government spending, and often in tandem.

President Joe Biden apparently doesn’t understand that fundamental concept and angrily accused critics of telling “lies” about how “reckless spending” has resulted in the current period of soaring price inflation.

Biden lashes out at critics of his “reckless spending”

President Biden delivered a speech Monday at a convention in Philadelphia, Pennsylvania, for the preeminent labor union known as the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO).

The president spoke at length about the supposed achievements of his administration in economically recovering from the coronavirus pandemic-related economic catastrophe and touted major spending legislation passed by Congress and signed into law such as the American Rescue Plan and Bipartisan Infrastructure Law, among other things.

“And, by the way, Republicans like to portray me as some kind of big spender. We have spent a lot of money, but let’s compare the facts,” Biden said at one point before blaming his predecessor, former President Donald Trump, for raising the annual deficits during his tenure while also disingenuously claiming that he had reduced the deficit.

“Ladies and gentlemen, this year, by the end of the fiscal year, we will have cut the federal deficit by another $1.6 trillion — in one year. One year,” he continued. “So, when they come to you and talk about big spenders, let them know. Almost $2 trillion in deficit reduction.”

“I don’t want to hear any more of these lies about reckless spending. We’re changing people’s lives,” Biden yelled angrily. “And because of the fact, this year, we’re delivering the biggest drop in the deficit in the history of the United States of America.”

Biden’s disingenuous claims and straight-up lies

President Biden’s claims there are not exactly true, however, as libertarian-leaning Reason explained back in March how excessive government spending actually further fuels price inflation by increasing the monetary supply greater than the economy demands.

In this case, the federal government injected more than $6 trillion into the economy in response to the pandemic — far, far more than was necessary to bridge the shutdown-caused gaps between supply and demand — and proposals from Biden and his fellow Democrats for even more spending will only serve to make the situation even worse.

Separately, Reason also recently debunked Biden’s oft-repeated but “definitively false” assertion that he has somehow, through his own actions and despite the continued spending, managed to bring down the federal deficit.

That is a lie that assumes credit for the fact that the insanely high pandemic-related emergency spending of 2020 and 2021 has now expired and is no longer included in the budget baseline, creating the illusion of a massive drop-off in government spending. However, a look ahead at the next 10 years shows that the excessive spending from Biden and Congress will increase the deficit more than it would have otherwise grown without all of the additional spending.

Share on facebook
Share To Facebook

Welcome to our comments section. We want to hear from you!

Any comments with profanity, advocacy of violence, harassment, personally identifiable information or other violations will be removed. If you feel your comment has been removed in error please contact us!

Latest Posts