US journalist Victor Coglianese has blasted Bidenomics, claiming it has done little to quell the buildup of debt in the country.
The US President’s economic plan focuses on public investment and promoting business competition. The 71-year-old points to it as one of the main successes of his tenure in office.
But according to Cognialese, it has racked up more debt and Americans are worse off as a result.
“The government spending by Joe Biden and his Democrat colleagues has led to inflation that has left Americans poorer since the pandemic than they were four years ago”, he said on GBN America.
Victor Coglianese has blasted Biden's economic policy
GETTY / GBN AMERICA
“It’s not a good thing. In fact, we’re at a point where we’re approaching $35 trillion in debt.
“Congress may not raise taxes literally, but it is taxing the American people through inflation, through printing money by way of the Federal Reserve.
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“It’s a bad thing that leaves Americans struggling.”
Attorney Ethan Bearman hit back at Coglianese’s claim, suggesting ex-President Donald Trump is responsible for much of the outlay in recent years.
“Vince conveniently ignores that initial spending when Covid hit was actually under President Trump and his proposal”, he swiped.
“It was continued by President Biden and increased.
Victor Coglianese debated with Ethan Bearman
GBN AMERICA
“Furthermore, let’s talk about President Trump’s economic policies that increased the debt and the deficit spending in a hot economy at the greatest time in US history.
“The data shows and there’s a report that in 2023, 53 per cent of the inflation is attributable to corporate profit taking in excess profits by large corporations, multinational corporations preying upon the consumers.”
Bearman added that he believes the US is the envy of the world with its economic health.
“Of course, you are going to have some people who believe that the economy is in worse shape”, he said.
Biden is keen to highlight his successes with the economy ahead of the electionBiden“However, the United States has the strongest economic growth, the strongest wage growth, and the lowest inflation of all the G7 nations.
“I feel bad for my friends in the UK. We have the best economy of the industrialised world right now.
“Overall, the economy is actually doing vey well.
“That doesn’t mean that individual people aren’t having bad experiences with places closing and whatnot.
“Their experiences are real and absolutely affect them.”
Journalist Victor Cognialese disagreed with Bearman, saying the ‘reality’ is that Americans are poorer after four years of Biden.
“Their wages are up, but prices are up too much in order for them to pay for those things”, he said.
“Additionally, 60 per cent of Americans are now living paycheck to paycheck.
“We’ve got credit card debt that is over $1.1 trillion right now.
“Those credit card interest rates and the vicinity of 25, 28 per cent and Americans are losing full time jobs.”