Former Hawaii Rep. Tulsi Gabbard warned how Bidenomics is affecting America, its future, and the military-industrial complex.

President Joe Biden's "Bidenomics" campaign platform, which (according to the White House) is the president's spending attempt to "grow the economy ... from the middle out and the bottom up," is "failing the American people," according to Gabbard. Instead, she offered her own definition on Fox News's The Ingraham Angle Thursday.

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"[Bidenomics is] a national socialism where we have government bureaucrats and politicians partnering and colluding with these massive cult corporations and the ultra-rich to make these business deals, picking winners and losers that serve their own self-interest and the interest of the power elite at the cost of the well-being of the American people not only today but in the increasing debt that they are incurring that will affect us for generations to come," Gabbard said.

As a veteran, Gabbard pointed to Biden's military spending as "the perfect example" of his administration's tendencies.

"They have essentially a blank check, an unaccounted amount of spending of taxpayer dollars, and if you or I or anyone else says, 'Hey, is all that you're spending actually strengthening our national security? Is this serving the best interests of the American people? And maybe perhaps we should know where every dollar is being spent.' If we say that, we are at risk of being called unpatriotic," the former representative said. "And so people aren’t even allowed to challenge or question where this spending is going and how it’s benefiting the American people."

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Consumer prices have increased by nearly 16% since Biden took office, according to the Bureau of Labor Statistics. Meanwhile, year-over-year inflation has been on the decline.

The Federal Reserve has intervened, hiking interest rates Wednesday to a range of 5.25% to 5.5%. The housing bubble in 2006 motivated the Fed to issue a short-term rate of 5.25%. The last time it sought a rate as high as 5.5% was in early 2001 during the collapse of the dot-com bubble.