Republican presidential candidate Vivek Ramaswamy said President Joe Biden has left small businesses “holding the bag” with his policies pushing “green” energy.
Biden signed the Inflation Reduction Act, which spends $370 billion to combat climate change, into law in August 2022. The legislation is loaded with green energy provisions, including a $7,500 tax credit for electric vehicles and expanded the Environmental Protection Agency’s control over the energy industry in response to a Supreme Court ruling. (RELATED: ‘Plagiarize Ronald Reagan’: Former Trump Official Offers Debate Advice For GOP Candidates)
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“Prices have shot up, wages have not. People are feeling the pain, and the answer is ‘Bidenomics’ is really only working in name because of the optical illusion they created by government spending in picking favorites,” Ramaswamy told “Ingraham Angle” guest host Brian Kilmeade. “The number one sector that expanded jobs, Brian, in the first half of this year was actually the government itself. That’s the same government that’s picking favorites in the private sector.”
Biden embraced the term “Bidenomics” that was coined by the Wall Street Journal to describe the president’s economic policies during a June 28 speech in Chicago.
“If you are in the electric vehicle business or in some sort of climate change business, great, they’ll shower government aid on you,” Ramaswamy said. “Small businesses across the country that aren’t playing that game, that can’t afford to lobby for their business from the federal government they’re the ones left holding the bag.”
“What I think I need we need a revival of in this country, Brian, is true capitalism, not the crony capitalism where you see large companies lobbying for special regulations that insulate them from competition from one sector after another, from banking to frankly electric vehicles,” Ramaswamy added. “What we actually need in this country is one standard of the rule of law applied to every company, let them compete. Let capitalism, once again, be the system that lifts all people up from poverty.”
Biden currently has a 38.1% approval rating on the economy compared to a 58% disapproval rate, according to the RealClearPolitics average.
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