This new push by Biden’s minions to coin the phrase “Bidenomics” is just spin, a way to divert the nation’s attention from the corrupt family’s graft and grifting. It’s an attempt to hit a “reset” button on Biden, who is the second most unpopular president since job approval ratings started, hovering around 39%. Only Jimmy Carter had worse numbers.
After two years of Biden-flation and two quarters of negative GDP, the Biden camp knows the economy will do better, as it always has. We have been through fifty-eight recessions in our history, and we have always come out of them. The Dems are trying to claim credit for what the economy always does naturally: recover.
Biden’s policies have helped neither the economy nor Americans. Shutting down the Keystone-XL Pipeline and curtailing domestic drilling permits ran fuel prices sky high. China sends us the COVID virus and slaps us around economically like Will Smith did to Chris Rock. The one positive thing you can say about Biden, Inc. and his handling of the U.S. economy is that his family members are the only ones running a trade surplus with China.
Workers and American companies have been sold out by “the swamp” to China, Ukraine, tech oligarchs and big Pharma for years. The regulatory onslaught of liberal Democrats has cost the United States jobs and caused inflation. And draconian COVID measures set education and the economy back years.
Thus, we had a recession last year, though the media never admitted it. A recession is traditionally defined as two successive quarters of the GDP falling. In the first and second quarters of last year, we had exactly that. But Biden told his sycophants in the media to call it “an economy in transition.” This administration is woke and is all about anything that “transitions.”
The economy has shrunk in the last two quarters; last year it was down 1.6% for the whole year. To give some perspective, the average growth per year for the U.S. economy has been 3.2%. Almost all presidents have at least one year of 4 or 5% growth. But Biden is like his mentor, Barack Obama, who gave us another “historic first” as the first administration that never had a whole year of 3 percent growth. It is hard to grow an economy with the shackles of big government holding you back.
To justify big government, the leeches have to act like they are doing things. Modern Dems have glommed onto “climate change” as their virtue-signaling mechanism for grifting. They jam electric cars down our throats as they fly on private jets. As Sen. Rand Paul just found out, Anthony Fauci still has a government-paid driver and big limo – in retirement. John Kerry, the “Climate Czar,” is flying around in a huge jet. But they are so hard on us and want us to suffer for their God: carbon reduction. I could totally see them outlawing the Electric Slide.
Inflation has hurt the pocketbooks of all Americans. It is disingenuous for Biden to crow about “his” economy when he inherited a raging economy, a booming stock market and low interest rates. He caused inflation and, now that it is subsiding, he somehow thinks he can take credit for bringing inflation down with his “woke” economic policies. The only quantifiable area where you can say that the Dems’ policies have reduced inflation is that now Bud Light costs about half what it cost six months ago.
Three woke U.S. banks went under (Silicon Valley Bank, Signature, and Republic; all were in the top 25) when rates went up and the economy softened. And I am told 70% of downtown L.A. commercial buildings are underwater now. That meltdown is pending.
The economy under Biden has been good for the Bidens. His son took in millions and refused to pay taxes. He also refused to pay child support to his stripper girlfriend for their Arkansas-based love child. Joe Biden has even gotten heat from the left for not acknowledging the baby as a Biden. This is because when the Bidens divide up the grifting booty, they take a page from the Indian tribes divvying up casino money: you have to be considered a member of the tribe to get a cut.
Aside from promoting “Bidenomics,” Joe has ballyhooed his “family man” persona to rehabilitate his image, saying no matter what he is doing, he will always take a call from any of his six grandkids. In fine print, his declaration reads “Certain restrictions apply, not valid in Arkansas.”
A libertarian op-ed humorist and award-winning author, He is ex-Goldman Sachs, and retired as a Managing Director of Morgan Stanley. He can be contacted at Ron@RonaldHart.com or @RonaldHart on Twitter.
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