“Help is here, and hope is on the way,” President Joe Biden promised March 25, touting his just-passed $1.9 trillion “American rescue” plan. Economists had …
“Help is here, and hope is on the way,” President Joe Biden promised March 25, touting his just-passed $1.9 trillion “American rescue” plan. Economists had “significantly increased” their expectations because of it, he said, projecting more than 6 percent GDP growth this year. Oops.
Any economists that actually did say that were dead wrong: The value of all American-produced goods and services rose just 2 percent in this year’s third quarter, the feds announced Thursday.
That’s a drop from 6.7 percent growth in the second quarter. Economists expected bad third-quarter numbers, with a consensus forecast of 2.8 percent, but reality proved worse. And that’s 2 percent growth over a badly depressed third quarter of 2020.
Inflation is now eating away at value faster than the economy is growing it. The prez likes to brag about how pay is averaging about 4 percent higher than last year — but real American earnings, per the Labor Department’s measure of average wages and prices, have fallen by 2 percent.
This stagflation is all on Biden and Democrats in Congress: With ever-rising vax rates and falling COVID cases, the economy should be bouncing back to its solid pre-pandemic growth.
His “COVID relief” plan, his war on U.S. energy production and all his other policies slowed down the recovery — and his just-announced “historic economic framework” would only make it worse.
Biden’s given us an economy where people won’t come back to work, with more than 10 million jobs unfilled. One whose ports can’t handle the long line of cargo ships waiting to unload, in part because not enough truckers will haul the goods away. Pump prices are soaring, and the president who moved swiftly to slow U.S. energy production is begging OPEC to pump more.
Team Biden insists on blaming the pandemic, but it took office with vaccines already going into about a million arms a day. It failed to meet its own targets for jabbing the nation and had no plan when Delta hit, nor one to prevent the supply-chain crisis.
When it comes to the needs of average Americans, it’s all talk and bluster. The prez did it again Thursday, claiming his (pared-down) Build Back Better ensures, “We will own the future.”
No, throwing trillions more into the economy for work-discouraging welfare and green-energy boondoggles will only make America even less competitive. The country would be far better off if Biden just quit sending his idea of “help.”
— The New York Post