Former Republican presidential candidate Steve Forbes said Monday that Americans know President Joe Biden’s economic policy “ain’t working.”
“‘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.” (RELATED: ‘Hear This And Weep’: Former Trump Econ Official Picks Apart ‘Bidenomics’ Point By Point)
Biden signed the Inflation Reduction Act, which allocated nearly $370 billion to combat climate change, into law in August 2022. The legislation is loaded with green energy provisions, including a $7,500 tax credit for electric vehicles and expanding the Environmental Protection Agency’s control over the energy industry.
“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.”
“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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