by Joseph LoBue
For years, President Joe Biden was flying west to east with the prevailing winds, economically speaking. During Covid, politicians (primarily Democrats) closed down large portions of the economy. When Covid ended, the economy “grew” because that’s what happens when you go from a partially closed economy to an entirely open one.
Why economists fail to recognize this easy-growth environment is befuddling. Now, in rapid succession, we have a weak GDP report, poor jobs and unemployment reports, another terrible fiscal report, and more awful inflation reports. Horrible data that even the pro-Biden media can’t cover up.
The truth is that Biden’s economic numbers were never any good. And now that the easy-growth environment of the post-Covid era is well behind us, Biden — and the country — face a terrible economic reckoning.
Biden’s Economic ‘Growth’ Has Always Been a Mirage
Before Covid, U.S. GDP reached $20.95 trillion and the Trump administration was achieving real GDP growth of about 2.8 percent annually. Had that rate of growth continued, it would today yield a real GDP of $23.56 trillion. The United States is not close to that number. In fact, first-quarter 2024 GDP reflects annual growth of less than 2 percent from the pre-Covid GDP.
Now, if the U.S. economic situation had deteriorated in 2020 because of long-term fundamental weaknesses, Biden’s so-called “growth” might not look so bad. But that is not what happened. Politicians artificially closed down a strong economy.
When the economy reopened, competent leadership would have gotten us quickly back to where we should have been all along. Instead, we got Biden and people like Jared Bernstein — Biden’s music major-turned-chief economic-adviser who literally has no idea what he’s talking about
The Trump Administration Accomplished Most of the Covid Recovery
As it turns out, the Trump administration did most of the heavy lifting during the Covid recovery. From the depths of the Covid crisis (Q2 2020) through the end of Trump’s term, real GDP rose by about $1.69 trillion in just six months. Under Biden, GDP has grown by about $2 trillion. But that took Biden 39 months.
Real GDP does not tell the whole story because it is adjusted for inflation but not population growth. All things being equal, a society of 11 people should have a higher GDP than a society of 10. Under the Trump recovery, real per capita GDP increased by $5,028 in just six months. Under Biden, per capita GDP has increased by about the same amount ($5,291) in three-plus years. The Trump administration added $2,514 per quarter back to real per capita GDP compared to Biden’s $407 per quarter — six times stronger performance.
One might argue that Trump benefited as well from the same easy-growth environment during this period. Not so. Many of the government-enforced business closures and restrictions remained in place throughout 2020, the end of Trump’s term.
Moreover, Covid vaccines — a catalyst for much of the “return to normalcy,” particularly in Democrat-controlled localities — did not become widely available until well into 2021. Thus, Trump began rebuilding GDP even while the economy remained partially closed. By contrast, Biden has benefitted from an entirely open economy for several years. In any event, even if both men received the benefit of reopenings, Trump took advantage of it and outperformed Biden six to one.
The Airplane Has Been Losing Altitude for More Than a Year
Under Biden, cumulative inflation is 20 percent. Everyone is aware of the painfully high prices for everything. The Biden administration and its media allies have facially done a better job hiding myriad other distressing economic realities. I say “facially” because Americans nonetheless intuitively understand that the Biden economy is awful.
Employment has been bad for more than a year. Last year at this time, 134.4 million Americans had full-time jobs. That number has dropped to 133.9 million. A declining full-time workforce is not a sign of a healthy economy.
The more foreign nationals Biden illegally imports, the more benefits & privileges they are given, the more American citizenship is degraded.
Illegals get to keep more of their earnings than Americans are allowed to keep, because they will not be paying Social Security and Medicare taxes, nor will their employers.
This provides an incentive for employers to hire illegals instead of Americans.
Washington state has just passed a “super-citizen” law that grants illegals the right to be licensed in all aspects of employment requiring licenses.,
(Hairdressers, security guards, even armed, lawyers, doctors, electricians, etc.)
Think that won’t tank Americans’ jobs prospects?
Oh, yeah, it will.
And it will hasten the death of Social Security for retired people.
More: https://libertysentinel.org/destroying-citizenship-washington-state-takes-the-lead-creating-super-citizens/
Seems destroying America is a feature, not a bug of joe’s agenda.
Cloward/Piven are so proud.
Trump’s tariffs had real impact for the improvement of our economy.
joe made up a tariff.
joe claimed he made a 100% tariff on all EVs from China.
BUT, China moved ALL their American EV manufacturing to Mexico!
There are no tariffs on these cars and trucks.
but joe’s got a talking point if you are ignorant of this.
He expects you are.
Here’s the problem: Democrats ALWAYS use crisis to further their agenda. They don’t set everything aside to resolve the crisis, THEN pursue their agenda. Bush didn’t have a foreign policy agenda, but when 9/11 happened, he put his domestic agenda aside to fight terrorism. When Obama took office, in the midst of a recession, he chose to use the recession as an excuse to take control of government instead of recovering the economy. He passed the “stimulus” act, which actually only repaid political supporters and shoved the failed Obamacare down America’s throat to take control of 1/6th of the economy. The result was a lethargic, non-growing economy of low paying, part time jobs.
In comes Trump who invigorated the economy. It grew in all sectors and benefited the entire nation, not just wealthy donors as Robin Ware/Robert L. Peters/JRB Ware/Pedo Peter/idiot Biden sorry excuse for an economy has. When Robin Ware/Robert L. Peters/JRB Ware/Pedo Peter/idiot Biden, through election fraud, took over, he used COVID as an excuse to run up the debt to astronomical levels in order to pursue the left’s agenda of turning the US into a socialist fascist totalitarian police state. He COULD have just let the Trump economy rumble on and take credit for the fantastic results, but Democrats cannot resist the urge to destroy and blame.
Trump added $8.4 TRILLION of new debt IN ONLY 4 YEARS.
Where is your link to those stats, Comrade Greggie?
It came from his raped ass like most of his complete bullshit.
Can you type “How much did Trump add to the national debt?” and then press the enter key?
What was inflation on January 20, 2021 when biden usurped the office?
Comrade Greggie is never going to answer that question, TrumpWon.
Of course he won’t. Nor will he talk about any economic hardships he created, by intention.
Can you ask a question without including a lie?
Your cult leader lost by a landslide, tried to steal a second term in spite of it, and screwed that up as well.
The 2021 inflation surge wasn’t confined to the United States. It was global. Blame global supply chain disruptions because of COVID and your little buddy Putin’s invasion of Ukraine, which created major disruptions in the world’s energy economy.
GFY
What was the rate of inflation on January 20, 2021?
What was the national debt before and after Trump?
Why has bidenomics failed?
What happened to the inflation reduction act?
IOW, your numbers are bogus or you’re the laziest bastard on earth.
Or both.
Why has bidenomics failed?
There are different ways of measuring debt, experts said.
Using Treasury Department data, the total public debt, which includes intragovernmental holdings and public debt, increased by approximately $7.8 trillion from the start of Trump’s presidency on Jan. 20, 2017, to when he left office on Jan. 19, 2021. Under Obama, however, the public debt increased by about $9.3 trillion from when he was inaugurated on Jan. 20, 2009, to when he left office on Jan. 19, 2017.
So Trump ran up nearly as much debt during 4 years of a recovered economy as Obama did in 8, while dealing with a major economic catastrophe.
What happened to the inflation reduction act?
What was the inflation reduction act supposed to do?
Inflation Reduction Act Guidebook
12-month percentage change, Consumer Price Index, selected categories
Did Robin Ware/Robert L. Peters/JRB Ware/Pedo Peter/idiot Biden lie when he said inflation was 9% when he took office?
Who was that written by?
from the coverpage
clean energy, climate mitigation and resilience, agriculture, and conservation-related investment programs in President Biden’s Inflation Reduction Act, including who is eligible to apply for funding and for what activities.
nothing to reduce inflation…hmm
Tagging cows, that reduces the price of eggs?
Apply for funding wow more government spending.
Why isn’t it working?
https://www.cnbc.com/2024/05/15/heres-the-inflation-breakdown-for-april-2024-in-one-chart.html
Exactly what it is doing… line the pockets of the Democrats.
So you are saying Pelosi was wrong to propose all that COVID aid?
What happened to the inflation reduction act?
It should be renamed the inflation increases act.
It forgot what it was supposed to be doing and turned into pork.
Remember COVID? Remember the COVID aid Democrats were so anxious to load up with billions in pork? Remember Pelosi refusing to put the bill up to a vote unless she could load it with pork? Robin Ware/Robert L. Peters/JRB Ware/Pedo Peter/idiot Biden and the Democrats have overloaded us with debt.
I can believe that with Paul Ryan and Pelosi “budgets” The ramp up of covid spending when Barry had our medical reserves at near zero most expired.
Over spending on COVID was a big contributor to the debt and Democrats voted for every penny of it. Then Biden came in and got passed more massive spending. So today under Biden our debt is increasing by 80K PER SECOND, every second 24/7 and not a word from you.
Meanwhile a potential second Biden term isn’t looking any better. Almost 50% isn’t a good indicator.
https://justthenews.com/nation/economy/almost-50-small-businesses-say-they-likely-wont-survive-second-biden-term
Your Biden tax dollars at work.
In blue California EV charging stations are being “vandalized.”
Criminals are cutting the cables that connect the charger to a vehicle because those cables are filled with loads of pure copper wiring.
At $3/pound as scrap it is worth the risk.
If the economy were so great under joe, this wouldn’t be happening.
https://www.dailymail.co.uk/news/article-13421425/Shocking-video-reveals-California-thieves-stealing-Tesla-charging-station-cables-3-pound-copper.html
I guess Democrats think putting valuable equipment in remote locations where there is no prosecution of crimes is a good idea.