Amid the ongoing banking crisis, U.S. President Joe Biden decided to spend the weekend posting numerous social media messages in which he touted the so-called American Rescue Plan.
As Breitbart News’ Joel B. Pollak points out, the irony of this cannot be overlooked.
Pollak writes:
President Joe Biden spent the weekend tweeting about the American Rescue Plan — his $1.9 trillion spending plan that many economists blame for triggering the inflation that has led, in part, to the current banking crisis.
It is about as tone-deaf of a response to the banking crisis as one can possibly imagine from a U.S. president.
“Thanks to the American Rescue Plan . . .”
Biden, over the weekend, posted at least 10 tweets directly praising the American Rescue Plan. He appears to have done so because it was the two-year anniversary of the signing of the American Rescue Plan into law.
Two years ago today, I signed the American Rescue Plan into law.
It helped get our economy back on track, vaccinate over 230 million Americans, and keep police on the job—and we’re stronger because of it. pic.twitter.com/9kqQYchIjl
— Joe Biden (@JoeBiden) March 11, 2023
This is one of the numerous tweets. He began many of these messages with the phrase, “thanks to the American Rescue Plan.”
In one, for example, he writes, “Thanks to the American Rescue Plan, the expanded Child Tax Credit cut child poverty in half and gave tens of millions of parents breathing room. My budget would restore it.”
But, perhaps the most egregious tweet from Biden, considering the banking crisis, is the one in which he wrote, “with the signing of the American Rescue Plan, we laid the foundation for the progress we see today.”
He’s not wrong
The one thing that Biden didn’t tweet about for most of the weekend is the collapse of the Silicon Valley Bank.
In economics, it is not always easy to prove a cause-and-effect relationship between two events. But, at the very least, there is a correlation between the passage of the American rescue Plan and the significant rise in inflation.
Then, there is a causal connection between this inflation and the Federal Reserve Bank’s decision to raise the interest rates, which, in turn, caused, among other things, uncertainty for businesses, including technology businesses.
Whether any of this played a role in the Silicon Valley Bank collapse is for you to decide.
The Associate Press reports that, on Sunday, the U.S. government decided to take action in the Silicon Valley Bank situation. Per the outlet:
The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down.
