Posted on 08/07/2023 12:17:26 PM PDT by TBP
But to hear President Joe Biden and his team tell it, he was dealt an unusually bad hand back in January 2021 when he took the oath of office — one far worse than his predecessors. Although the COVID-19 economy had already begun to turn around in the last months of the Trump administration, to listen to Biden, the challenges he faced dwarfed those of other administrations.
He couldn’t be more wrong.
Reagan and Obama came into the White House in the midst of major economic problems. When Reagan took office, the country was reeling from 11.8 percent inflation and 7.5 percent unemployment. When Obama took the reins in January 2009, he faced unemployment at 7.8 percent, a wobbly financial sector and a country on edge.
When Biden became president, the inflation rate was 1.4 percent. Much of the work to bring down the COVID pandemic’s historic unemployment was already underway as unemployment had dropped from a high of 14.7 percent in April 2020 to 6.3 percent by January 2021, lower than both Reagan and Obama in their first month in office.
Yes, unemployment has returned to 2019 levels, although with a slightly lower percentage of Americans in the workforce. But after 29 months of “Bidenomics” in action, the Winston Group’s latest Presidential Inflation Rate (PIR) has hit a new high of 16.6 percent.
in mid-January 2021, the price of a gallon of gas was $2.46. Under Biden, by June 2022, the nationwide monthly average for a gallon of gas hit $5.03.
the price of gasoline, according to the CPI, has increased 52.5 percent since Biden was inaugurated.
Presidential Inflation Rate of 16.6 versus the Presidential Rate of Hourly Earnings at 12.2 percent — leaving Bidenomics with a 4.4 percent negative wage gap.
(Excerpt) Read more at rollcall.com ...
But Joy Behar said how the economy is doing so well, and she couldn’t believe Biden’s approval rating is so low.
What’s the old saying about someone peeing down your leg?
We sell processing equipment-—New and used. The used market is the worst I’ve seen it in 35 years, the new Market is decent and I don’t understand why. However, all our customers and competitors say this is the worse they have ever seen it.
Remember, all that was, is, and will be, is so only because an observer reported the thing, event, phenomenon, which they observed. Kinda like five blind people describing an elephant.
When the government restricts the observations reported to the one they want the most, an Elephant is just a wrinkled hose.
I am in chemical manufacturing and there has been a 20 percent drop in worldwide sales and we were bought a couple months ago so if anything comes from it.
The place survived the time of the wun of hope and change way back then.
I am in chemical manufacturing and there has been a 20 percent drop in worldwide sales and we were bought a couple months ago so if anything comes from it.
The place survived the time of the wun of hope and change way back then.
Dwarfed those of any previous administration? Sure they did.
Here are four much worse recessions/depressions/financial crisis left to incomming administrations. To me the really really interesting thing is of the four, two were gone & forgotten by the end of the second year of the incoming administration. Two settled by a Republican administration.
1) 1921 Warren Harden/Calvin Coolidge came into this:
“The Depression of 1920–1921 was a sharp deflationary recession in the United States. It lasted from January 1920 to July 1921.” Google
2) 1933 Franklin Roosevelt inherited the Great Depression
3)1980 Ronald Reagan inherited this little jewell.
“The early 1980s recession was a severe economic recession that affected much of the world between approximately the start of 1980 and 1983.” Wikipedia
4) 2009 President Sparklefarts was left this mess by W.
“ 2007–2008 financial crisis” Wikipedia
So I guess: “If we don’t change direction soon, we’ll end up where we’re going.”
Irwin Corey
As the Babylon Bee pointed out, many people who only had one job before Bidenomics, now have two. How’s that for creating jobs?
“The place survived the time of the wun of hope and change way back then.”
You mean under Obozo?
2015 and 2016 were horrible but this is far worse. In the bad years of Obozo I averaged about $120K per month now I’m about $40K per month for the last 4 months.
I don’t know how much longer I’ll have a job-—been here 35 years and I’ll have to learn to code-—LOL.
Is it true that if one person has 3 jobs they’re counted as “3 jobs added”? I guess workforce participation rates are a better overview of jobs. It’s at 62.5% and under Trump was 64.5% and in 2000 it was 67.5%
https://tradingeconomics.com/united-states/labor-force-participation-rate
As bad as Biden’s economy is, that is NOT the issue for 2024.
Neither is his foreign policy mess, open borders, or the woke nonsense.
This is an illegitimate regime that gained power through abject fraud, using a corrupt justice system to silence the opposition. Resorting to tactics worthy of Stalin or Mao, Biden and his smug handlers have subverted the will of the people.
Reasserting the will of the people is the only issue right now - policy needs to wait.
Any Republican candidate who won’t acknowledge that the 2020 election was stolen will go the way of the JEB! bird.
And promptely enacted policies to make it deeper and longer.
Remember the miserry index?
I have to give Jimmy Carter crfedit. He did the impossible -- double digit inflation, double digit interest rates, AND double-digit unemployment.
And made it much worse. Hey, Barry, when you're in a hole, stop digging.
That’s the guy.
the messaging is going to essentially be “slow and steady wins the race.” Voters may not be satisfied, but they will be try to be made to feel “comfortable” with Biden and try to portray it as better than the “chaos” we had “just 4 short years ago.” Sort of a continuation of the messaging from 2020 - combination of soft and triumphant ads portraying Biden as the best man to ever run for President and hope was just around the corner. With zero competing message from Trump on most networks these ads were airing nationwide. No reason to believe it will be better in 2024. One of the reasons may have been that Trump’s campaign had far less cash than Biden’s. The “MAGA base” sat on their behinds and kept their wallets closed in 2018, 2020, 2022, and now again so far in 2023 - leaving their own preferred candidates twisting in the wind, leaving them to beg for the limited resources of GOP establishment PACs to come to their rescue. Will the base decide to show up for anything other than parties in 2024 while the Dems fight tooth and nail for every ballot and rake in cash for all of their candidates?
Voters that I know aren’t buying much these days unless it is groceries or gas to get back and forth to work and to run necessary errands. And they are certainly not buying the media’s narrative that the economy is doing great.
Today’s consumer credit report released at 3:00 p.m. and portrayed as good news:
“Total consumer credit in the US jumped by $17.85 billion in June of 2023, following an upwardly revised $9.45 billion growth in the previous month and way above market estimates of a $13 billion increase. Revolving credit, like credit cards, fell by $605 million (or -0.6 percent on annual basis), compared to an $8.49 billion rise in the prior month. Non Revolving credit, typically auto and student loans, increased by $18.45 billion ( or 6 percent), following an upwardly revised $967 million gain in the prior month. source: Federal Reserve”
Bidonomics has been great for us preppers! My stored food, medicines and ammo have appreciated over 50% since the idiot’s inauguration. Great investment!
People are finally figuring out that inflation is cumulative ... 9% in 2021, 8% in 2022, 5% so far in 2023 = 22% over last 2 1/2 years. Note that actual inflation is probably higher over those periods ... if their lips are moving, they are lying.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.