Only an economic illiterate could say that Biden’s policies are working well
Here is a headline in Yahoo Finance on December 30th: “This week in Bidenomics: It was a pretty good year.” The author is Rick Newman, whose title is “Senior Columnist”.
Newman admits that the S & P 500 was down 20% for the year, the Dow Jones was down 10%, and the Nasdaq was down 34%. Nevertheless, he brags that gas prices are down from their high to $3.15 per gallon, never acknowledging that gas was $2.17 when Biden won the election. Bragging about prices that are up 45% in two years does not show any ability to think cognitively.
Diesel prices are also down from their Biden-era high. Still, their Biden-era “low” is $4.53, which is 90% higher than the $2.38 price for diesel when Biden was elected. Crude oil is around $80 or up 100% from $40 when Biden was elected. That is what happens when one of your major goals is to destroy industries that provide reasonably priced energy.
Image: Joe Biden. YouTube screen grab.
The economic reality is that the price of energy affects everything we use. The overall inflation rate is stated at 7.1%, which is up from under 2% when Biden took office. Real wages have declined constantly for two years, and 63% of Americans are living paycheck to paycheck. Only 40% of people have enough money to pay for a $1,000 emergency.
With Americans struggling as they are, savings are down, reaching their lowest rate in 17 years—2.3%. At the same time, there’s been a 7% increase in the number of consumers forced to make more and more basic purchases using high-interest credit cards, the fastest increase in 20 years. As for most Americans’ biggest investment, their home, sales have collapsed to recession levels.
There’s no help in the labor market. Jobs are also not increasing despite Biden’s boasting. In fact, the feds added an imaginary 2 million jobs to their estimate of second-quarter job growth. No wonder that, as Biden continually says how great everything is, he also continually delays student loan payments for highly educated people, something that helps buy votes.
In June 2022, 85% of Americans said the country is heading in the wrong direction. Nevertheless, Biden says he doesn’t see the need to change any of his policies:
A significant reason Biden thinks he doesn’t have to change policies that are destroying the United States is that most people posing as journalists, like Rick Newman, write glowing reports about how well he is doing. It is bad enough that Biden is delusional. It is much more dangerous that journalists are delusional or, worse, cynically opportunistic.
Regardless of motive, they are intentionally misleading the public to terrible effect. The media and Democrats claim they care about the poor and the middle class, but their policies are rapidly destroying them.