Biden’s Inflation Stays Hot: the Risks for Republicans
The dismal economic handoff…and the necessary reckoning
The handoff to President Trump’s second term includes a dismal Bidenomics inheritance of slowing growth, rising inflation, and a frustrated citizenry, especially for households of modest means.
As part of Biden’s awful “curtain call,” the last inflation report of his presidency came in this week – and it was scorching, described by Reuters: “ Hotter January Inflation Jolts Markets.” Similarly, the Wall Street Journal headline reported that "Inflation Heated Up in January…as the fight against inflation continues to face headwinds.”
This awful “goodbye kiss” from Biden only adds to widespread disapproval of his job performance, especially regarding the economy. For example, as Biden left office, by a nearly 2/1 margin, Americans with middle class incomes ($50-75,000 annually) reported that Biden’s economic policies were “hurting” rather than “helping their families, 57-31%. That finding was part of a national poll commissioned by my League of American Workers and conducted by respected firm TIPP Insights just before Biden left in disrepute. The poll used a sample universe equally split between Trump and Kamala Harris voters.
Regarding polling, CBS News just published a survey that was overall outstanding for President Trump. For instance, by a 70/30% margin, voters nationwide say that Trump is “doing what he promised on the campaign.” On his signature issue of immigration enforcement, by a +18% margin, Americans also support mass deportations, 59-41%.
But the CBS poll also included a potential warning sign for all national Republican officeholders. The network asked about “Trump’s focus on lowering prices”…and 66% said he is doing “not enough.”
As impressive as Trump’s momentum is right now, this issue presents the biggest potential risks for the administration and for the GOP majorities on the Hill.
It is vital that we populists detail the horrible and lingering legacy of Bidenomics. But we must also realize the gravity of the situation. Before long, if inflation persists, voters will stop blaming Joe Biden, because they understandably demand constructive action on prices, and they demand it right now.
In this regard, many GOP leaders in the Congress simply do not yet embrace the sense of urgency that this moment requires.
For instance, House Appropriation Chairman Tom Cole (R – OK) said that the appetite was “growing” for a stopgap funding bill, a CR Continuing Resolution to fund the government at current Biden levels through at least the Fall. Cole claims: “I would say that there’s a significant portion of our Congress that would rather us just CR until we get Trump’s stuff.” Similarly, on the Senate side, establishment dinosaur Lindsey Graham actually proposes a budget that raises Defense spending by a whopping $150 billion.
Memo to both the fine gentleman from Oklahoma and the esteemed gentleman from South Carolina: read the national room!
Americans have had it with inflation that’s been fueled by exactly this kind of tawdry insider Washington chicanery. If these charlatans on Capitol Hill pursue a “business as usual” agenda and kick the fiscal can down the road, sending America even deeper into debt, with spiraling inflation and interest rates, then the voters will quickly turn against them and against the White House.
We are spending $100 Billion every single month just to service our existing debt , and we are adding $1 Trillion in new debt every 100 days. This destructive fiscal cycle devolves into an economic road to perdition.
Unless we arrest the Biden trajectory of stifling inflation, with immediate urgency, then the current political momentum will dissipate. Speaking of a troubling trajectory, see this chart of the CRB Commodities Index since Biden first took office:
When it comes to markets, price is truth. Clearly, financial markets sound the alarm, especially Commodity and Bond markets. As polling proves, Americans demand action, and deserve swift reform. President Trump is up to the task…but every Republican in Washington needs to get deadly serious about this dire necessity.
Steve Cortes is former senior advisor to President Trump and JD Vance, former commentator for Fox News and CNN, and president of the League of American Workers, a populist right pro-laborer advocacy group.
Steve hits the fricking nail on the head again: Prices need to come down faster or...fair or not... voters will take it out on Trump in 2026. While we're at it: Let's stop with Musk REQUESTING [and being denied] Treasury Department records. I don't want to hear another dumbass federal judge telling Musk he doesn't head an actual "agency." If these judges want to deal with "agencies" let's get Patel confirmed ASAP and hit Treasury with search warrants. There's enough available online to satisfy probable cause requirements. I remember the City Controller of Los Angles asking for records kept by a wayward City Agency and being told to stick it up his ass. I tried that agency head for contempt of Controller subpoena and got nowhere. We would have been much better off if we just went by way of search warrant.... avoiding all the privacy and notice issues that accompany polite "requests."