President Joe Biden’s administration’s policies are weakening the standing of the U.S. dollar and threatening America’s global influence, according to economists who spoke to the Daily Caller News Foundation.
Economists told the DCNF about the potential repercussions of Biden’s policies, expressing serious concerns that the U.S. dollar’s global reserve currency status is at risk. The result could be hyperinflation, spending cuts and other severe consequences for the country; economists concurred that the actions taken by the Biden administration and the Federal Reserve have contributed to the depreciation of the U.S. dollar, but there was a divergence of opinion regarding the extent of the risk.
“The Biden administration has taken so many actions to dethrone King Dollar that it would be difficult to rank them all by their destructiveness,” Heritage Foundation economist E.J. Antoni told the DCNF.