By Connor O’Keeffe

On Thursday evening, President Joe Biden is set to give his third State of the Union address. The political press has been buzzing with speculation over what the president will say. That speculation, however, is focused more on how Biden will perform, and which issues he will prioritize. Much of the speech is expected to be familiar.

On top of all that, the administration is dealing with the consequences of their chosen inflation rhetoric. Since its peak in the summer of 2022, the president’s team has talked about inflation “coming back down,” which can easily give the impression that it’s prices that will eventually come back down. But that’s not what that phrase means. It would be more honest to say that price increases are slowing down.

Americans are finally waking up to the fact that the cost of living will not return to prepandemic levels, and they’re not happy about it.

The president has made some clumsy attempts at damage control, such as a Super Bowl Sunday video attacking food companies for “shrinkflation”—selling smaller portions at the same price instead of simply raising prices. In his speech Thursday, Biden is expected to play up his desire to crack down on the “corporate greed” he’s blaming for high prices.

In the name of “bringing down costs for Americans,” the administration wants to implement targeted price ceilings—something anyone who has taken even a single economics class could tell you does more harm than good. Biden would never place the blame for the dramatic price increases we’ve experienced during his term where it actually belongs—on all the government spending that he and President Donald Trump oversaw during the pandemic, funded by the creation of $6 trillion out of thin air—because that kind of spending is precisely what he hopes to kick back up in a second term.

If reelected, the president wants to “revive” parts of his so-called Build Back Better agenda, which he tried and failed to pass in his first year. That would bring a significant expansion of domestic spending. And Biden remains committed to the idea that Americans must be forced to continue funding the war in Ukraine. That’s another topic Biden is expected to highlight in the State of the Union, likely accompanied by the lie that Ukraine spending is good for the American economy. It isn’t.

It’s not possible to predict all the ways President Biden will exaggerate, mislead, and outright lie in his speech on Thursday. But we can be sure of two things. The “state of the Union” is not as strong as Biden will say it is. And his policy ambitions risk making it much worse.

• About the author: Connor O’Keeffe (@ConnorMOKeeffe) produces media and content at the Mises Institute. He has a master’s in economics and a bachelor’s in geology.
• Source: This article was published by the Mises Institute