Posted on 01/02/2022 10:48:56 AM PST by Browns Ultra Fan
The Hill has a misleading piece entitled “Biden is delivering the fastest economic recovery in history. Why hasn’t anyone noticed?”
Even crooner Barbra Streisand agrees.
A good quote from The Hill story: “Under Biden, the American economy has recovered from its Trump-era lows with remarkable speed.” As Leslie Knope said “That seems like an unfair phrasing.”
Hmm. Well, here is a chart that best explains the “Biden Miracle.” It shows the growth in Federal expenditures from the previous year during the banking crisis and then the COVID crisis. During the banking crisis, the increase in Federal expenditures (red) was normal. It was the increase in The Fed’s balance sheet (blue) that was staggering. But for the mini-recession related to COVID (only two months so you can barely see it on the chart below), it was the growth in Federal expenditures (red) combined with another round of staggering Federal Reserve stimulus (blue).
So, President Biden is benefiting from Trump’s and The Fed’s Stimulypto. I don’t expect partisan outlets like The Hill or crooner Barbra Streisand to look at the data.
With Build Back (Inflation) Better not passing in the US Senate, I fully expect The Federal Reserve to continue “low riding” interest rates. Inflation will probably cool as well as Federal expenditure growth slows.
Another thing The Hill and Barbra Streisand left out was declining REAL average hourly earnings growth (that is, average hourly earnings YoY – inflation).
Biden’s real contribution? Anti-fossil fuels actions have driven up energy prices. Regular gasoline prices, for example, are up 45% under Biden.
If The Fed actually follows through and removes COVID stimulus and Congress doesn’t keep the incredible rate Federal spending growing, I sincerely doubt that GDP will continue at this hot pace.
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Even crooner screeching harradan, leftist bitch Barbra Streisand agrees.
No miracle at all. Eight trillion in spending buys a lot of fake economic growth.
Wait till the bill comes due.
^^
This economy is built on a house of cards (US Dollar). Government spending and the fed artificially propping-up the stock markets was a very short sighted and dangerous thing to do. When the correction comes, and it will come, things will quickly spiral out of control. It will start by some event like the housing crash of 2007, or the collaps of student loans or maybe just plain old irrational investors. But I can guarantee the fed will wait too long, and then way over react. This will destroy the US dollar and it will lose it’s world currency status. People’s investments, such as stocks, 401ks and savings will be made valueless. Property, supplies and precious metals will be the only thing left with value. Then there will be a great reset and no one knows how that will play out. This was all completely avoidable, but the corruption in DC grew too big to contain. I know people that say it will happen as soon as 2024. I think could be as long as 2030 away, but it is coming. We have been over the tipping point for some time, so only a miracle could save us now.
It all looks rosy….until you take inflation into account.
Then it’s not rosy at all.
The economy was booming under Trump.
It’s gone to sh*t under Biden.
What ‘recovery’ are they talking about? Is this some strange new definition of the word ‘recovery’?
The demented one has also delivered the highest inflation since Jimmy Carter.
Red States don’t know how to lockdown
Are they talking about newly printed money used to buy increasingly expensive Chinese stuff?
Not a one of us could spend like our politicians/gov. employees do. I could not stand more debt than cash in bank/in my safe. This Federal Reserve idiot has put us in more debt than we can hope to repay. Obama started this and he runs Biden. Gov. handouts to not work and section 8 housing plus up to 1400 in food makes no sense. There are jobs everywhere, but; the 300 or so a week and all the other freebies have created a class who do not work. How many apartments are not section 8 where you live.
The $3.16 a gallon for gas says otherwise.
along with the govt fist shutting down small businesses for a year because we all were going to die or something.
If I closed my store for 6 months, then opened back up, my growth would be quite a bit better than the 0 for the last 6 months.
This is a liberal who’s writing about what’s coming up in 2022 He sounds like a freeper ... definityly worth the read.
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