Republicans Blast Biden For Banking Crisis, Despite Trump Hypothetically Facing Same Problem

Republicans are blasting Biden specifically for the banking crisis occurring at this time. President Biden has witnessed three of the four largest bank failures in the history of the United States, with experts cautioning that the Federal Reserve's interest rate policy could result in more difficulties throughout the sector. Three significant banks, with a total asset value of over $500 billion, have collapsed since March, with high interest rates and poor management decisions being cited as reasons. The FDIC predicts that resolving the failures will cost taxpayers approximately $36 billion.

The same type of crisis could have occurred under President Trump because he also had the authority to set interest rates through the Federal Reserve. Trump's tax cuts and deregulation policies may have contributed to a lack of oversight in the banking sector. The rapid growth of the economy could have given banks the impression that they could take risks with little or no repercussions. It's conceivable that if interest rates were set too high under Trump, the banking sector would have struggled as well, potentially resulting in failures and taxpayer bailouts. In the event that Trump was currently sitting in the presidency right now, he almost assuredly would have had the exact same problem to face, and if not it almost assuredly would have been even worse under his administration

Despite this, Republicans have at large refused to stop critiquing Biden, nor to realistically recognize the reality of the situation at hand had Trump still been in office