Yahoo Finance columnist claims America is 'doing better than you think' under Biden
Rick Newman of Yahoo Finance is always a treat as he campaigns for Democrats and their policies.
Even with inflation at 40-year highs because of Democrats' profligate spending (with the help of the Federal Reserve printing money and keeping rates artificially low), and because of Biden's intentional destruction of the fossil fuel industry, Newman still says that Americans are better off than we think.
But Beverly Herzog of U.S. News points out:
Around 64% of Americans are living paycheck to paycheck, according to a May 2022 LendingClub survey.
You might think that this is an issue only for those who have low incomes. But it can happen to anyone at any income level. In fact, an earlier version of the study also revealed that 48% of those making in excess of $100,000 a year lived paycheck to paycheck.
Thirty-five percent of families having full-time jobs can't afford basic needs. The situation is worse for Black and Hispanic families, where more than 50% of working families can't afford their basic needs. But, according to Rick Newman, Americans are better off than they think.
As inflation sits at 40-year high, the savings rate is at a 14-year low, but according to Rick Newman, Americans are better off than they think.
Worker productivity fell the most in 75 years, and labor costs increased the most in 40 years, but we are doing better than we think.
- Worker productivity fell 7.5% in the first quarter, the fastest decline since 1947.
- At the same time, labor costs as measured against productivity soared 11.6%, bringing the increase over the past four quarters to 7.2%, the fastest rise in about 40 years.
The average retail gasoline price the day Biden was elected was $2.10 per gallon. Today it is $3.72, up 77%. Diesel fuel was $2.38 per gallon; today it is $5.08, up 134%. The natural gas price was $2.61 per thousand cubic feet. Today it is $8.81, up 275%. That is what happens when a president named Biden campaigns on the policy to destroy the fossil fuel industry and blocks a pipeline the day he takes office.
The poor, the middle class, and small businesses are being intentionally destroyed by these radical leftist policies. But according to Rick Newman, Americans are better off than we think.
Contrast the results of Biden's first 21 months with Trump's first three years before COVID hit:
With Trump's smaller government; fewer regulations; and lower taxes; the U.S had low inflation; energy independence; more secure borders; reasonable gas and utility prices; increasing real wages, especially for those at the bottom; and record low unemployment for all races and all education levels. The United States even had the lowest poverty rates on record.
We also had the Abraham Peace accords, NATO was paying more for its defense, and Putin did not attack Ukraine as it did during Obama's term and as it has done during Biden's term.
Biden's and Europe's energy policies have given Putin much more power and money to finance the war.
Despite Trump's exceptional economic and foreign policy success, Newman says Biden deserves credit for getting America back on track after Trump's tumultuous years and restored professionalism to the office.
So why were the Trump years tumultuous? It was clearly because the media and other Democrats colluded to spread lies and have endless investigations based on the fake Russian collusion story. They also continuously said he stole the election and was an illegitimate president. Yet they were not called election liars or deniers and accused of being extremists who wanted to destroy our country.
Anyone who looks at Biden, Harris, and the Cabinet and says they restored professionalism has lost their mind. Harris and others look at the porous border and flat-out lie that it is secure. They can't even keep baby formula on the shelves.
I do agree with Newman that Trump would not have passed the climate change slush fund or infrastructure bill.
Why would Trump want to destroy our fossil fuel industry, especially since there are no scientific data that show it changed the climate, nor are there any data that indicate that wind, solar, and electric cars will change the climate?
He also would never agree with an infrastructure bill that required abiding by racist prevailing wage laws that have oppressed minorities and taxpayers for over ninety years.
Biden deserves some credit for getting the United States back on track after the tumultuous Trump years. He has restored a measure of professionalism to government after Trump used it as a bureau of personal enrichment. Biden also shepherded infrastructure and climate legislation Trump couldn't have, or wouldn't have.
Newman is also clearly mixed-up. Trump's policies were lifting all boats, especially minorities. Biden's policies are harming the poor and middle class, whom Democrats only pretend to care about. It is the Bidens, Obamas, Clintons, and Pelosis who used the government to enrich themselves, not Trump.
Every American has the right to be unhappy, so fuss if you must. Biden is old and out of step, and the Democrats are still beholden to socialists like Bernie Sanders. Republicans are Trump puppets obsessed with white male patriarchy. Big business doesn't care about the little guy and the system is rigged. Yet things can be okay, if you want them to be.
Most of the media care little about facts or results as they campaign for radical Democrat policies and against policies that clearly worked.