By John Ubaldi, “Ubaldi Reports”

The mid-term elections are always a referendum on the party that controls the executive branch; in this case it’s the Democrats. If polls are any indicator Democrats will be facing a tsunami of a red wave which will turn the House and the Senate over to the Republicans.

The top concern for voters across America is inflation and its impact on the economy. The Bureau of Labor Statistics reported that for the month of March inflation rose 8.5% compared to the same time last year.

All of last year, President Biden and his administration touted that inflation was only transitory, but inflation continues to rise each month, and the president’s only response was to increase spending further which exacerbated the inflationary crisis.

The president used every excuse in trying to pin the blame of Inflation on greedy corporations, the coronavirus pandemic and Russia’s invasion of Ukraine, instead failing to examine his own economic policies for the rise of inflation.

Biden was warned that his economic policies would cause inflation to rise with former Treasury Secretary Larry Summers who served in Clinton administration and was a senior economic advisor to President Obama stated before the passage of the $2 trillion “American Rescue Plan” in March 2021that more spending would only lead inflation to grow out of control.

With energy prices spiking to historical highs Biden continued to pin the blame on Russian President Vladimir Putin’s invasion of Ukraine, but former economic advisor to President Obama Steve Rattner stated otherwise as the blame sits squarely on Biden’s shoulders.

“Well, no,” Rattner tweeted, quoting Biden’s statement. “These are Feb #’s and only include small Russia effect. This is Biden’s inflation and he needs to own it.”

The American public is feeling the effects of higher inflation when they go to the grocery store and when they fill up at the gas pump.

Throughout the 2020 presidential race, Biden adamantly stated that he would end fossil fuel as we know it if he became president. He has kept his word with one of his first official act as president was to cancel the Keystone XL pipeline, cancelling all leases and permitting on federal lands, and placing financial and other burdensome regulations on the energy sector.

Just this past week the Commerce Department released that for the first quarter of 2022, the Gross Domestic Product contracted 1.4%, the first contraction since the pandemic impacted the economy in 2020.

This comes at a time when Biden continues to preach that the economy is doing great because of his economic policies, even though data says otherwise.

As the president’s poll numbers are cratering among those 18-31 years old, Biden is potentially taking a different approach by forgiving student loan debt. During the campaign Biden spoke of forgiving of upward of $10,000 but wanted it to be through congressional legislation.

The progressive wing of the Democratic Party led by Senate Majority leader Chuck Schumer, Massachusetts Democratic Senator Elizabeth Warren, Democratic/Socialist Senator Bernie Sanders and the progressive/socialist House squad members want the Biden to forgive up to $50,000.

Many economists have stated if this is done this will raise inflation even further.

The Committee for a Responsible Federal Budget has stated that given the current state of the economy, we estimate cancelling all $1.6 trillion of student debt would increase the inflation rate by between 10 and 50 basis points (0.1 to 0.5 percentage points) in the 12 months after repayment is scheduled to begin. This would represent a 4 to 20 percent increase relative to the median Federal Reserve inflation rate forecast.

Even the left leaning Brookings Institute reported that forgiving student debt up to $50,000 per borrower (as Senators Elizabeth Warren and Chuck Schumer have proposed) would cost about $1 trillion. Limiting loan forgiveness to $10,000, as President Biden has proposed, would cost about $373 billion.

The question which needs to be asked is what do you say to those Americans and by the U.S. Census Bureau around 63% of the American public do not have a college degree, what do you tell these people that they are paying for the debt of college student, many coming from an affluent background.

What about the millions of blue collar workers, or those that paid off there student loan debts, or families who sacrificed everything to send their child to college, that they are suckers!

Ironically those that want to forgive student loan debt are responsible for this crisis in the first place! Biden was Vice President under then President Obama when the Affordable Care Act was passed, and with its passage was the rider called the Student Aid and Fiscal Responsibility Act that nationalized the student loan program by having it administered by the federal government, removing it from the banks.

This rider nationalized the student loan program, which virtually absolved colleges/universities of any responsibility for the debt student incurred thus freeing them to raise tuition as much as they want fully knowing that students wanted to get an education and the federal government would back the loans.

This is only a small sampling of how Biden’s economic policies continue to harm the U.S. economy.