Fewer Christmas gifts this year? Blame Biden
TL/DR –
The article argues that bad policies from President Joe Biden have left the nation worse off financially, leading many to buy fewer Christmas presents this year. It highlights a WalletHub study showing that half of parents plan to buy fewer gifts due to increased cost of living and that 28% of people plan to spend less than they did last Christmas season. The article also blames Biden’s big government spending agenda and loose monetary policy from the Federal Reserve for inflation, and criticizes his Inflation Reduction Act as doing nothing to reduce inflation.
President Biden’s Policies Might Affect Your Christmas
Expect to receive fewer Christmas presents this year due to President Joe Biden‘s policies.
Three years of less-than-stellar policies from the current administration have led to financial strain for many Americans. This means fewer Christmas presents for millions this year.
Did Biden restore the ‘soul of the nation’ as he promised?
According to a recent WalletHub study, half of parents plan to buy fewer gifts due to increased living costs. Furthermore, 28% of people plan to spend less this Christmas season than last year.
A survey from the Conference Board revealed an average 2% decrease in holiday spending, despite pricier consumer goods. However, to match last year’s gift volume considering inflation, spending would need to increase by 3.1%.
Many attribute this financial strain to the Biden administration’s failures, especially financially. Since Biden’s inauguration, the U.S. dollar has lost about one-sixth of its value, and inflation peaked at over 9% in 2022.
Biden’s spending agenda and the Federal Reserve’s monetary policy are to blame for the high inflation. The $1.9 trillion American Rescue Plan, which Biden signed into law in February 2021, may have spiked inflation by up to 3 points according to a study from the Federal Reserve Bank of San Francisco.
The Inflation Reduction Act passed by Biden did little to curb inflation, serving instead as corporate welfare for the green energy sector, much like the CHIPS Act did for the semiconductor industry.
So, whether your Christmas list includes a new car or a Pikachu Squishmallow, you can, in part, thank Joe Biden if you don’t get what you want. Perhaps better Christmases await with a new president.
Find more articles on The Washington Examiner
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