A top US economist has criticised Joe Biden's efforts to improve the American economy as he warns the US president is moving in the "opposite direction".
Dr. Arthur B. Laffer stated that since Trump was succeeded by Biden's administration, inflation and public spending have soared.
Latest figures show that inflation has grown to 5 per cent since 2021, an increase of nearly 4 per cent compared to Trump's inflation rate of 1.4 per cent.
However, unemployment rates almost halved under Biden's government, seeing a plummet from Trump's 6.4 per cent to Biden's 3.5 per cent.
Dr Arthur B Laffer said Biden is moving 'in the opposite direction' for the US economy
GB News
On August 16, 2022, Biden brought the Inflation Reduction Act into law, the most significant action the US has taken on clean energy and climate change in the nation’s history.
Speaking of the new law at the time, Biden declared the bill "finally delivers on a promise that Washington has made for decades to the American people."
Speaking to Jacob Rees-Mogg for GB News America, the former member of Ronald Reagan's Economic Policy Advisory Board said the five major pillars of prosperity are being "manipulated" incorrectly by the President.
He added that Biden's predecessor Trump had the US going "in the right direction".
Dr Laffer explained: "There are five areas you want to look at. You want to have low-rate, broad-based, flat taxes. Biden is moving in just the opposite direction.
"You want spending restraint, Biden is moving in just the opposite direction. You want sound money again, Biden is moving in the opposite direction. You want minimal regulations, Biden on energy has just been the worst on regulations.
"And you want freer trade, which is also against the Biden policy. So all five of the major pillars of prosperity are being manipulated in the wrong direction, and Trump had them all going in the right direction.
"We're very much looking forward to the next election in the US to see what which direction the country is going to go."
The US inflation rate rose from 1.4% to 5% under Joe Biden's administration
Reuters
More recently, at the Cop28 Summit, Joe Biden was one of the member nations who signed a fresh climate agreement, one of the key pledges being to cut down on the production of fossil fuels.
In reaction to the US efforts on climate change, Dr Laffer claimed: "The US is the worst on this. We've basically prohibited a lot of the drilling and the pipelines here in the US, we could be producing a lot, lot more clean energy in the sense that we are the best producers of that energy.
"It's amazing how we've gone in the wrong direction on regulations and especially on energy. I remember long ago working with Keith Joseph on deregulating the British economy, getting rid of coal and railroads and iron and all of that.
"It worked magnificently for Britain back then, and it still would work for Britain and the US. The more we deregulate, the better off the economy people will be."