(TargetLiberty.org) – Even President Biden’s strongest supporters would admit, these days, he’s not exactly a ball of energy. Now it looks like he risks being totally overwhelmed by the demands of the job. Our elderly president struggles to cope with one crisis at a time; now he’s facing three at once.
— Reuters (@Reuters) March 14, 2022
Once the outrage at our disastrous retreat from Afghanistan started to fade, the Biden administration was left to deal with the coronavirus pandemic. Then people started to notice increasing prices as inflation escaped from the White House’s control. Before Biden could work out how to deal with those two issues, Russia started Europe’s biggest war since 1945, piling a third – urgent – crisis on top of the other two.
Now, Biden is stuck. His own party is reluctant to undo the remaining COVID restrictions, which are still holding our economy back, leaving many citizens in limbo about their jobs, and encouraging the government to spend more money it doesn’t have. Meanwhile, he’s being forced to consider another interest rate hike – which is designed to slow down spending, but will cause even more economic damage as he attempts to get inflation under control. Now, sanctions against Russia are pushing the price of oil and gas through the roof, turbocharging inflation right at the moment Biden was about to deploy his last weapon against it.
On Wednesday night, the Federal Reserve is almost certain to add another quarter percent on interest rates. Mortgages will be even more expensive and Americans will be deterred from spending and saving and likely have to dip into any existing savings to make ends meet.
Saving our economy is going to need bold action – and Biden might not be the man to make it happen.
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