US President Joe Biden© Provided by The Telegraph

Desperate to bolster his record as election season approaches, Joe Biden is shouting from the rooftops about his handling of the economy. But even with the welcome news that inflation has dropped to 3 per cent and equities rallying, Americans aren’t convinced. His approval rating is at 41 per cent, close to the lowest level of his presidency – and the economy remains the number one issue.

Oblivious and tone deaf to these concerns, as usual, Biden has been trumpeting his economic victories. His critics respond with a litany of policy failures and missed opportunities that have left ordinary working Americans anxious for their finances. The inflation rate was just over 1 per cent when Biden took office; it peaked at 9 per cent last June, the highest level in four decades.

And while inflation has slowed, the price of staple goods is still soaring. Bread shot up nearly 12 per cent, frozen vegetables 17 per cent, baby formula and rents 8 per cent. While Biden brags about his record, families are struggling to feed their children. It’s no wonder Americans think the USA is heading in the wrong direction. 

Part of the blame falls on Biden’s heavy-handed regulation, which has piled vast cost onto American businesses. Another might be attributed to mounting Government debt, which has soared past $32 trillion. The threat of increased taxation as the ranks of the IRS swell is creating a lingering sense of dread.

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Biden can claim little credit for what has gone well. His “Inflation Reduction Act” was effectively a borrow and spend package pouring tax credits into so-called “green” technologies. While it’s likely to add $750 billion to the nation’s debt over the next decade, the University of Pennsylvania found that its impact on inflation was “statistically indistinguishable from zero”. The only real result in the near term is that it’s likely to slightly decrease short-term economic growth; at least something was reduced.

Wherever you turn, Biden’s calamitous presidency is turning into an American horror story. Reading and math scores are at their lowest levels in decades. Worker productivity is plummeting while drug overdose deaths reach record highs. Crime has people living their daily lives in fear.

And what’s Biden’s response to this? To tout his achievements. To preen about his record. Like so much else about his shameless presidency, his economic messaging is utterly out of touch with reality. It is almost unbelievable that this shambling mess is viewed as a re-electable candidate.