During his “My Take” Wednesday, “Varney & Co.” host Stuart Varney addressed the president’s “dubious” claims about the economy and “Bidenomics,” arguing the rise in gas prices, mortgage rates and credit card debt indicate the Inflation Reduction Act is not doing much to help middle America.
STUART VARNEY: The president took his “Bidenomics” road show to Wisconsin.
That’s a key electoral state, and it’s the site for the first Republican debate one week from today.
The event marked the one-year anniversary of the Inflation Reduction Act. It did not get off to a good start.
REP. GWEN MOORE: “Uh oh, I am a little underwhelmed aren’t you all? I think I messed up.”
After that, the president made some dubious claims.
BIDEN TOUTS ‘BIDENOMICS’ DESPITE TERRIBLE POLL NUMBERS ON THE ECONOMY
He used his signature whispering tone to claim inflation is down and going lower.
Has he seen gas and diesel prices recently?
Interest rates are moving up again, 7% mortgages and that’s got the housing market stalled.
Youngsters kept out. The average age of a home buyer these days is 36, the highest in years.
HOMEBUILDER SENTIMENT PLUNGES AS MORTGAGE RATES SURGE AGAIN
To deal with inflation consumers now have over a trillion dollars in credit card debt.
Hardship withdrawals from 401(k)’s are rising rapidly.
In short, one year of inflation reduction has not done much for middle America.
For the future? First, understand that the Inflation Reduction Act is really a climate bill.
Biden is trying to convince us that spending hundreds of billions on the transition to green energy will cut prices.
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That’s quite a gamble.
One last thing. I watched the president deliver his speech and again, he lacked energy and focus.
It was an unconvincing performance. I just can’t see this president holding down the job for another six years.
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