#BIDENCOOLEREFFECT
https://thehill.com/opinion/finance/590451-how-biden-torched-the-trump-recovery
The White House celebrated its first-year economic achievements by tweeting: “When @POTUS and @VP were sworn in, our economy was on the brink of collapse.”
That is a flat-out lie.
As Biden first set foot in the Oval Office a year ago, real GDP was growing at 6.3 percent, inflation was 1.4 percent, the price of gasoline was $2.39 a gallon and Michigan’s consumer sentiment index stood at 79. Today, real growth has slowed to just over 2 percent, inflation is at 7 percent, gas is up to $3.31 a gallon and the Michigan Index is 68.8.
In addition, real wages dropped 2.4 percent over the past year, with inflation overwhelming pay hikes after several years of gains under President Trump.
In just one year, Biden has managed to torch an economy that was recovering robustly when he took office. One bad decision after another, compounded, to be sure, by certain events beyond his control, have scuttled the turnaround that was well underway the day he became president.
His major mistakes? Depressing oilfield investment, reversing U.S. oil output and leaving us at the mercy of OPEC and higher gasoline prices; stoking out-of-control federal spending with the Democrat-only American Rescue Plan (ARP), sidelining millions of workers and fueling an ongoing labor shortage; delivering mask mandates that have exacerbated that worker shortage; ignoring the resulting inflation until voters rebelled, demanding the Federal Reserve take what may be harsh measures to change course.
Those are just the high points.
https://thehill.com/opinion/finance/590451-how-biden-torched-the-trump-recovery
The White House celebrated its first-year economic achievements by tweeting: “When @POTUS and @VP were sworn in, our economy was on the brink of collapse.”
That is a flat-out lie.
As Biden first set foot in the Oval Office a year ago, real GDP was growing at 6.3 percent, inflation was 1.4 percent, the price of gasoline was $2.39 a gallon and Michigan’s consumer sentiment index stood at 79. Today, real growth has slowed to just over 2 percent, inflation is at 7 percent, gas is up to $3.31 a gallon and the Michigan Index is 68.8.
In addition, real wages dropped 2.4 percent over the past year, with inflation overwhelming pay hikes after several years of gains under President Trump.
In just one year, Biden has managed to torch an economy that was recovering robustly when he took office. One bad decision after another, compounded, to be sure, by certain events beyond his control, have scuttled the turnaround that was well underway the day he became president.
His major mistakes? Depressing oilfield investment, reversing U.S. oil output and leaving us at the mercy of OPEC and higher gasoline prices; stoking out-of-control federal spending with the Democrat-only American Rescue Plan (ARP), sidelining millions of workers and fueling an ongoing labor shortage; delivering mask mandates that have exacerbated that worker shortage; ignoring the resulting inflation until voters rebelled, demanding the Federal Reserve take what may be harsh measures to change course.
Those are just the high points.
