While President Biden wants Americans to be proud of his economic plan, Brian Brenberg, a Fox News contributor and professor of economics at King’s College, warned that the “political policy error” will reach every corner of the country.
“Wherever you are in America, it’s going to hit you,” Brenberg said during “Fox & Friends First” on Wednesday. “You can’t escape this inflation.”
Brenberg’s comments come after Biden boasted on Twitter that his administration’s economic policy “has worked — and is still working,” citing job creation and improving unemployment. But Brenberg pointed to the highest inflation levels in the United States in 40 years.
The Labor Department released a report earlier this month showing that consumer inflation, propelled by soaring gas, food and housing costs, jumped nearly 8% over the year – the biggest increase since 1982.
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“It doesn’t work,” Brenberg shot back at Biden. “It doesn’t work for small businesses, it doesn’t work for blue collar workers, it certainly doesn’t work for families. I don’t know why the president keeps saying that stuff.”
According to the business and economics expert, President Biden gives the impression that he wants Americans to learn to live with inflation.
“We don’t have to deal with that,” Brenberg said. “It’s a political policy mistake that the administration made, and there’s no way to start adapting to that and giving in to the problem.”
First and foremost, Biden should “get together” on gas prices and prioritize energy independence, Brenberg noted.
“If we keep the nickel and shrink the middle class, will there be a middle class left? ” He asked.
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Even if energy and consumer prices continue to rise, Brenberg warned that the biggest risk is an impending stagnation situation.
“That’s where it really hurts,” he explained. “When there’s no growth, when companies aren’t hiring as much, when wages aren’t increasing as much. That’s the problem we’re going to have in this country very soon.”
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Bradford Betz of FOX Business contributed to this report.