By By William Haupt III [Tennessee Watchdog Journalist, Columnist, Author, and Citizen Legislator via The Center Square]
About the Author: William Haupt III is a retired professional journalist, author, and citizen legislator in California for over 40 years. He got his start working to approve California Proposition 13. His work also appears in The Center Square, The Western Journal, Neighbor Newspapers, KPXJ 21 (Shreveport, LA), Killeen Daily Herald, Aberdeen American News, InsideNova, Kankakee Daily Journal, Monterey County Weekly, Olean Times Herald, The Greeneville Sun and more. Follow William on @iii_haupt.
Under President Biden’s “leadership,” economic forecasts have gone from bad to worse.
By Florida Congressman Vern Buchanan
Inflation is still raging and eating up wage gains, our country’s
GDP decreased for the first time since the beginning of the pandemic and
businesses are struggling to find workers amid an extreme labor
shortage. We can thank President Biden’s reckless tax-and-spending
agenda for that.
Even prominent Democrats such as Larry Summers (Obama’s former top economic adviser) have blamed the administration's policies for our current economic woes. In fact, Summers has called Biden’s $1.9 trillion spending package passed earlier this year the “least responsible” economic policy in 40 years.
Our economy is on the brink of a recession and still the president refuses to reverse course on his plan for unbridled spending and trillions of dollars in new tax increases on American families and Main Street businesses.
The below article has more details.
By Post Editorial Board
one is predicting a recession now,” President Joe Biden fibbed Thursday,
though “there may be recession in 2023.” In fact, America’s already at
the brink, as the US economy shrank in the first quarter of 2022,
contracting by an ugly 1.4% — the first such drop since early in the
This, when the expectation was 1.1% growth. That’s four of the five quarters under this president that have seen growth not meet economists’ consensus predictions.
Biden claims the nation’s still seeing “enormous” growth, but in fact that’s an illusion thanks to four-decade-high inflation, now past 8.5% (and higher for gas and food). All as we stare down a war in Europe and a China COVID crisis likely to inflict further shocks.
other words, after the boom years under Trump and a post-COVID recovery
starting to put out green shoots, the US now faces a perfect economic
“Unemployment’s the lowest rate since 1970,” the president also cherry-picked, ignoring the fact that his stat doesn’t include the millions of working-age Americans who aren’t looking for work as the nation struggles to get back to its pre-COVID number of jobs.
simple fact is that Biden and the Democrats who control Congress have
been re-imposing the policies of the 1970s, and the result is clearly
the same stagflation the country suffered then.
Their American Rescue Plan dumped $1.9 trillion into an economy already running hot and touched off the inflation conflagration (as a Fed study shows). Their still-ongoing war on US energy production reproduces the impact of the ’70s “oil shocks.”
And all they offer is more of the same: Biden’s budget calls for yet more deficit-spending, as did his now-dead Build Back Better bill. And his plan to forgive billions in student-loan debt would further goose the money supply.
His policies are wreaking disaster, and all he offers is bogus assertions (“every economist agrees,” when they don’t remotely, is a regular line), blithe denial (“inflation is transitory”) and lame blame-shifting (first “corporate greed,” then “Putin’s price hike”).
Biden spent his entire life, in Congress and then as vice president, not being personally responsible for anything and tossing out endless malarkey about how everything bad was the other team’s fault. And it’s awfully hard for a 79-year-old to change his ways.
doesn’t even show any sign of understanding what’s going on, though it’s
clear to most Americans: 66% disapprove of his handling of the economy,
per a recent AP poll.
Someone needs to drag the president into facing reality. Otherwise, the United States is in for some major suffering, along with more insulting Biden blarney about how it’s all someone else’s fault.