Downing: Biden’s shifted focus to climate change ignores Americans’ decreasing standard of living

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By SUZANNE DOWNING

Bidenomics and its evil twin, the climate con game, have infiltrated every facet of the Biden Administration. The ramifications for most Americans have felt like a kick in the teeth.

Readers will recognize the substantial shift within the Department of Interior under President Joe Biden. It morphed into a largely conservation-centric agency, rendering Western federal lands inaccessible for oil extraction, mining, and other practical uses. Indeed, even constructing a single-lane, gravel, lifesaving road from King Cove to Cold Bay, Alaska has been delayed by the Administration because it’s viewed as an existential climate change threat.

In parallel, the Department of Agriculture is shifting terrain away from traditional forestry, instead opting to invest in “carbon storage.”

Not even the Pentagon escapes this trend, as it allocates taxpayer money toward making its military killing machines more eco-friendly.

Among these overt transformations, the U.S. Treasury Department’s new direction is a subtle yet profound instance of Bidenomics chaos.

As the second-oldest department in U.S. history, the Treasury was tasked with managing the national debt and financing the Revolutionary War. It initially issued redeemable “bills of credit,” which gave birth to the first national debt. Few could have imagined the United States would permit its debt to spiral out of control.

Yet, here we stand. Even the Treasury Department has deviated from its congressional mandate, pivoting toward climate change as the be-all, end-all. 

This week, Treasury Secretary Janet Yellen appointed Ethan Zindler as the second “climate counselor” for the department. He’s now responsible for leading the department’s “Climate Hub,” a group guiding the department’s climate goals.

In Yellen’s words, “I believe it is imperative that we continue to take decisive action to fight climate change, for the sake of our planet and for the benefit of the global economy.”

There, she said it: The Treasury Department is leveraging its authority to bolster the global economy, even as our national debt is plundering our pockets.

With national debt growing from 52% of the gross domestic product in 1960 to 123% of GDP today, each American taxpayer is now burdened with $253,000 in debt to offset the staggering $32.6 trillion the country owes.

Economists understand that debt exceeding 100% of GDP for a sustained period of time can jeopardize a nation’s ability to repay its lenders. 

The Federal Reserve’s solution is simple: Print more money and elevate interest rates. In the last 17 months, the Fed has raised interest rates 11 times in its 12 meetings, propelling the federal rate to a two-decade high.

The repercussions for American citizens are tangible. For instance, rising mortgage rates are a huge hurdle for first-time millennial homebuyers, many of whom are now compelled to stay under their parents’ roofs.

When Biden took office, the average interest rate for a 30-year fixed mortgage was at a historic low of 2.7 percent. This was the economic climate inherited from President Donald Trump.

Today, a mortgage costs 7.688 percent, marking a 184 percent surge in home loan rates in merely three years—the fastest recorded increase in recent memory.

This is an untenable trajectory.

Credit card debt is also exerting immense pressure on Americans, with interest rates hitting a record high of 20 percent amidst record levels of outstanding credit card debt.

According to a WalletHub analysis, the latest rate hike will cost credit card users an additional $1.72 billion in interest charges over the next year.

Maybe you can just live in your car? The cost of car financing has risen from 5.2% to 7.2% within just one year. For a $40,000 vehicle financed over 72 months, this translates to an additional cost of $2,278, almost a 6% hike on the vehicle’s price.

Under Biden, and in Yellen’s own words, the Treasury Department prioritizes the global economy over domestic economic health. Our Federal Reserve resorts to money printing to manage this conundrum, placing our economy at an elevated risk of inflation.

As President Ronald Reagan asked in 1980, “Are you better off now than you were four years ago?”

For most Americans, the response is a vehement no. 

Despite President Joe Biden’s assertions that Bidenomics is performing as anticipated, it uncomfortably echoes President Jimmy Carter’s advice in 1977 to don a sweater if we couldn’t afford winter home heating. That didn’t fly with the public then, and Bidenomics isn’t flying with the public now.

Suzanne Downing is publisher of Must Read Alaska.

45 COMMENTS

  1. This is clearly the best way to lie about something then cherry pick what to do about it and launder billions of taxpayers money while positioning themselves with power by not staying in the lines of our constitution. They are using a non issue to scare the uneducated masses into comply their commands like sheep.

  2. Climate change really is happening! A quick flight down the west side of the Brady glacier and you can see trees emerging from under the receding ice. Pretty sure this has happened before…

    • The oligarchs who are using the decrepit shell of a person called “Biden” as a placeholder in the executive office are not ignoring the slide of living conditions toward Haitian style poverty. The Climate Crisis measures have no effect or anything to do with the ongoing cyclic warming and cooling periods, they are used to form policies to destroy the American people. Our oligarchs, their politicians whom they own, government managers, most university faculty, corporate board members are incompetent and ignorant. And very purposefully enacting agendas which are resulting in the complete impoverishment and destruction of a Christian based, law based and orderly society of free citizens. The “leaders” in the American Empire’s vassal states, most of the EU, Canada, NZ, Australia and a few Asian countries are following the script in tandem. There is no option to vote your way out, the only candidate with a pulse is Trump and he will be imprisoned or killed by November 2024. Once BRICS solidifies, and the US Dollar is valueless internationally, we will experience what a depression is.

      • Yes and yes but the sheep don’t care yet. When it happens I can’t wait to say told you so to the non voters and the libs that are going to be felt with like the rest of us. Myself and people I know are preparing for it and will be ready.

  3. In Yellen’s words, “I believe it is imperative that we continue to take decisive action to fight climate change, for the sake of our planet and for the benefit of the global economy.”

    That sounds like the obvious sensible approach. Thus Downing opposes it.

    • On that Yellen quote, leave out the “sake of our planet” and just keep the “benefit of the global economy.” That’s it in a nutshell, the global elite will become wealthier while we degrade to 3rd world status.

    • The issue is not climate change. It is the proposals to “fight” it. None of which will do anything about the climate, but will instead destroy economies, move power from the people to the “elites” (otherwise known as the parasites), and result in massive food shortages, starvation, and likely wars.

    • It’s a sensible approach if you deny reality and are progressive, rich, and white.

      For the rest of the world, it’s rank stupidity.

    • Valley chapel- the planet and the sun has been dying since its creation start date just like our bodies as soon as each of us were conceived. This planet will die with or without help to prolong its life. The most certain part to have life after this earth is believe in Christ his life, his death, his resurrection. Who knows how long this world as we know it has. It and we may not be here 70 years later to had seen past leaders like Loki force most of us into using an electric vehicle. I hope not. Cause living around watching my neighbors hearts hardening is making me weary.

    • Yellen is a trogolodite and who resides underground ergo he is as pale as the moon. It would be nice if he too resigns.

  4. The above reply was supposed to be posted under Valley Chapel’s comment. This happens alot, not sure why….

  5. Biden and co simply do not care.

    They want to rule, and they want a payday.

    Nothing else.

  6. As President Ronald Reagan asked in 1980, “Are you better off now than you were four years ago?”

    I say yes for several segments of the population. Anyone with a 401(k) or similar savings plan certainly is better off today. The Dow in July 2019 was approximately 26,000. The Dow closed today at 35,283. Today retirees can earn a reasonable safe return on their savings, not so four years ago.

    • U.S. regular gasoline prices averaged $2.60 per gallon in 2019. It’s $3.67 today. From 2018 to 2022, the all-food Consumer Price Index rose by 20.4 percent. Housing prices have gone up 20 percent — more in some places. Maybe you live in a different world or don’t need food, transportation or housing. Or maybe you are one of the elite not impacted by rising prices. Good for you. Lord it over everyone.

    • I suggest that the American industrials represented by the Dow are healthy DESPITE bidenomics – there simply is no other performing investment so buyers keep bidding the price up. That is a sign of horrible weakness, not something to cheer. Most 401(k)s are programmed to diversify and rebalance – most of them consequently are not doing all that well in terms of the history of the market.
      Biden stole my retirement…

      • How so? A basic money market funds currently yields 5.25% (Vanguard). Seems like a viable alternative to equities. Gold is currently just under $2,000 an ounce. Another viable alternative. What you appear to be describing was the market under Trump. Maybe try your luck at Crypto! However, why not blame it all on Biden.

        • Why is the Vanguard money market fund yielding over 5%?
          Do you know? I doubt it. If you knew how the investment banks set their interest rates, you would realize a high yielding money fund is a sign of a bad economy.
          .
          And… when inflation is running at over 10%, what difference does it make to have a 5%+ yield on my assets?
          .
          Maybe you should try reading Personal Finance for Dummies before you start posting comments like this.

          • MMF yields are based on short-term interest rates. What has the Fed done with short-term interest rates during the past year? FYI, Vanguard is not an investment bank. An interest rate of 5.25 percent is just under the average rate in the US over the last 50 years. You must be one of those ill-informed that believes the artificially suppressed rates we have experience the last 15 years are normal.

    • Clearly you have zero real understanding of economics.
      First of all, the DOW? Seriously, you are using that limited index to represent the market? Do you even know what companies comprise the DOW?
      .
      Next, please explain to me what exactly pResident Briben did to influence the stock market? What executive order did he sign? What legislation did he push for?
      .
      And, why do you only use one personal financial item as your measuring stick? While, yes, the stock market is doing rather well right now, what about other things, like…
      Average household income?
      Cost of utilities and food? Gasoline?
      Overall wages?
      Inflation?
      Taxes?
      And, you outright ignore other quality of life issues, like crime, freedom of expression, etc…
      .
      Am I better off because my 401(k) is up? Sure. But what difference does that make if I cannot afford to retire?

      • Take another gummy and chill! If you actually read and comprehended my post, I pointed out that CERTAIN segments are better off. This DOES NOT mean everyone. Is it my fault you are unable to make a decent living? Get an education or get another job and stop whining that is not your fault. If the gods punish us and tRump is re-elected you my get another handout. You Trumplicans need a dictator to take care of you.

        • Physician, heal thyself, and chill.
          .
          Q: What difference does my 401(k) value make, if it is not enough to retire on? Not because I have a crappy job, but because inflation has eaten away my spending power.
          .
          A from Alaskan man: ???? I don’t understand…

          • Seems like you suck at investing your 401(k). Ok genius. For example the Vanguard S&P Index Fund – Admiral Shares (80 percent of my 401(k) in this until recently) NAV was $231.44 at the beginning of 2019. As of close on July 28, 2023 the NAV was $423.10. I was not a math major, however, this appears to be a cumulative return of 82.81 percent since the beginning of 2019. Over this same time period, according to the Federal Reserve inflation calculator, inflation was approximately 20 percent. Seems like my 401(k) beat inflation. I am sure yours was weighed down by crypto returns and bad advice paid for from Jared Kushner. Sorry I couldn’t use crayons! A word of advice, don’t invest in any fund but for an Index fund where Vanguard is typically the lowest cost provider.

        • Oh, and just to be sure you understand. My reply means no segment of the population is better off. Not one.
          .
          And your first grade level understanding of economics is not going to disprove me.

        • You did not answer the question. Here, I will repeat it for you:
          Q: What difference does my 401(k) value make, if it is not enough to retire on? Not because I have a crappy job, but because inflation has eaten away my spending power.

        • Oh, and do you realize what is used to calculate inflation? Even more importantly, what is not included in the calculation? Take a look into that before you declare you are a winner.

        • AOC economics? I’ll take Trump and 2019 over Biden. A major part of way your economics won’t work is both inflation and dollar devaluation. Inflation kills savings… so one gets 5% return on an investment that is worth 10% less and continues to be eroded. Why not 100% return on 100% inflation? Welcome to Zimbabwe.

    • Hint: The trees didn’t grow under water or in ice. We had an ice age…. climate change…. and gee… it got warmer again. Glaciers were receding prior to the “industrial age”. In Europe, previous buried mines and villages are being found. As for carbon footprint…. reducing CO2 in the atmosphere is literally starving plants of needed nutrient.

  7. The Democrats have finally found the ultimate sucker who will do whatever they ask as long as more money pours into his personal bank accounts. Biden went along with their election fraud just to see what it’s like to have himself and his family reap $$$millions$$$ in benefits.
    .
    The transformation of America into socialism/Marxism at the expense of the middle class and the hard working taxpayers.

    Man-made climate change, the largest hoax perpetrated in the history of man in order to complete the transformation.
    .
    Superbly written article, Suzanne. You deserve an award for shining the Light.of Truth here at MRAK.

  8. Hey thank all of the orange man bad crowd, you know uniparty Globalists, anti American crowd. Grow a hide and quit sticking your head in the sand because your feelings might be hurt. Socialism turns to communism when the socialists run out of your money.

  9. Feel free to check my math here, but $2,278 additional on a 6 year car loan seems way too low. If you make minimum monthly payments of $685.81 the total is $49,378. That’s 23% higher! Let’s go Brandon!

  10. Biden – “hey man, look over there! The Earth is burning up!!” The rest of the USA that has a brain – ” are the Biden’s, and other connected neocons, really going to get away with taking bribes from foreign countries to influence American foreign policy that has led to the USA mired in a war in Ukraine?”

  11. I’m doing my part to fight climate change. I recently went to the store and bought $100 worth of groceries, in the not so distant past that would have been a cart full of groceries and at least ten plastic bags, this time it was only two plastic bags. Bidenomics, saving the environment as planned…a few plastic bags at a time

  12. Biden is NOT addressing climate change and neither are Republicans. More greenhouse gases are being produced than ever. I call BS on all of you partisan posers. Just a bunch of narcissistic and brainwashed chumps that don’t give a crap about anything nut your silly ego’s. You people’s politics is a waste of time. Meaningless.

  13. Every small business owner in America just recieved the US Census Bureau’s annual survey. Answering the survey is required by law. There is an entire section on climate change and what each individual small business is doing to combat it, from reducing CO2 emissions and greenhouse gasses to what they are spending on innovations and technology to combat climate change. Don’t believe me? Check for yourself. Remember when the Census Bureau used to just count people?

    • Yep… filled it out. Only question missing was whether the economy was good or double plus good. We all will come to love Big Brother just like Winston.

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