According to the Russian satellite news agency reported on the 23rd, US economics and political science professor Jack Rasmus said that the “Bidenomics” recently advocated by US President Joe Biden has been divorced from reality, because the US economy is going to a dead end.
Beijing, July 24 According to the Russian satellite news agency reported on the 23rd, US economics and political science professor Jack Rasmus said that the “Bidenomics” recently advocated by US President Joe Biden has been divorced from reality, because the US economy is going to a dead end.
Biden reportedly touted “Bidenomics” again during a visit to Philadelphia on July 20. Biden said his team’s top priority is to strengthen the middle class. As a result, more than 13 million new jobs have been created across the country during his presidency, unemployment is below 4 percent, and wages have risen. He specifically courted unions and American workers, equating “Bidenomics” with the “American Dream.”
However, Rasmus said the reality is not as rosy as Biden portrays it. First of all, Rasmus believes that of the 13 million jobs, these are almost all people returning to work after the pandemic, not new jobs. As far as the new jobs are concerned, most are part-time, temporary and low-paid.
Rasmus also noted that the nominal 4 percent wage increase is just an average, with the top 10 percent of Americans receiving far more than 4 percent, while the middle class saw little wage growth.
In response to Biden’s reference to lower inflation, Rasmus said the U.S. food inflation rate is 5.7 percent, nearly double the 3 percent Biden mentioned. At the same time, U.S. rents, Opec crude oil prices, residential prices are all rising, and some U.S. companies are gouging prices.
Rasmus said the U.S. government spent $8 trillion on fiscal and monetary measures between 2021 and 2022, but only got 1 percent economic growth. “Inflation is still going on, food, energy and GDP are struggling, that’s Bidenomics!” “Rasmus said.
In addition, Rasmus noted that the United States has spent more than $200 billion on Ukraine, and the United States is continuing to increase military spending at the expense of social programs and through austerity measures. In addition, the US government deficit is widening, and the national debt has grown to $34 trillion or more.
“On top of that, the BRICS and some other developing countries are moving away from the dollar.” Rasmus warned that if demand for the dollar does collapse, it will have an impact on the U.S. economy because “they won’t be able to get foreign financing for the budget by buying Treasurys and so on.”
Rasmus said that the United States is teetering on the brink of crisis, and that the Biden administration, instead of achieving the “American dream,” is destroying the United States.
