Forbes Media Chairman Bashes Biden Admin: ‘These People Are Not Good for the Economy’

January 30th, 2024 3:08 PM

Forbes Media chairman and editor-in-chief Steve Forbes believes the average American can see through leftist propaganda about the true state of President Joe Biden’s economy.

Forbes panned the Biden administration and The Washington Post during a conversation with Fox Business host Stuart Varney on the Jan. 29 edition of Varney & Company. After Varney mentioned a Post article headlined “Falling Inflation, Rising Growth Give U.S. the World’s Best Recovery,” Forbes brought up the role of reckless government spending in artificially inflating GDP. Forbes said that Democrats hope this spending “will get them through the election,” but suggested that voters will not be fooled. After mentioning that this spending was actually damaging to America’s future, Forbes said, “I think most voters will realize these people are not good for the economy. Look at the border. Look what they're doing with green policy.”

Forbes clarified that this Post headline was only possible since “the rest of the world is doing so poorly,” including Germany, which he called “the weakest developed country in the world.” Forbes pointed out that Germany was suffering from ill-advised climate change fanatical policy moves, “which have tripled the price of their electricity.” Forbes went on to list major economies, pointing out that the Post had essentially given America an award for being the least terrible ailing economy. 

However, Forbes did not stop there but questioned the underlying data as well. 

Forbes compared the media’s method of reporting economic growth to the propaganda of the East German and Soviet governments during the Cold War. Forbes ripped the practice of counting government spending as somehow contributing to growth. 

Forbes said, “The crazy way they do GDP is they count government spending as a plus, so that’s why the Soviet Union looked so good for so long and East Germany looked so good for so long is government spending counts as a positive thing like private investment. We know that’s nonsense.” 

The Forbes Media chairman warned against continued government spending to hide the condition of the economy, saying that relying on government spending can lead to inflation at the levels experienced by Argentina. Argentinian inflation was so brutal in August 2023 that Reuters reported: “The August monthly inflation reading of 12.4% - a figure that would be eye-watering even as an annual figure in most countries worldwide - is pushing poverty levels past 40% and stoking anger at the traditional political elite ahead of October elections.”

In fact, massive government spending in the United States has not only led to a national debt of over $34 trillion, but will also lead to debt interest payments of over $2 trillion a year by 2030, according to Heritage economist E.J. Antoni. 

In the short term, Americans continue to live with the consequences of runaway government spending. The Biden administration oversaw an average of 5.9% inflation a month from Feb. 2021 after his inauguration through October 2023. 

Conservatives are under attack! Contact ABC News at 818-460-7477, CBS News at 212-975-3247 and NBC News at 212-664-6192 and demand they report on how massive government spending leads to interest payments that threaten America’s ability to ensure Americans' safety and live up to her obligations