Despite POTUS Biden’s weird economic boasts, his policies have made things worse
Namely, it is laughable for Biden to claim economic successes he had very little to do with. On several of the Sunday morning news shows, Transportation Secretary Pete Buttigieg claimed that Biden’s administration achieved “the biggest job gains in history,” while at the same time “bringing down inflation.”This echoes all the administration talking points for the past several weeks. But Sununu was having none of it.
Bingo. When Biden took office, the country already had added back about 11 million of the 22 million jobs it lost because of all the government-ordered business shutdowns in the early months of the coronavirus pandemic. Now Buttigieg boasts that the economy had added “12 million jobs” since Biden took office. Do the math, and it means that it took almost another two years just to catch up from artificially caused job losses related to the worst pandemic in modern medical history.
In other words, even according to liberal economists, Biden has done no better than the benchmark job gains from similar circumstances 100 years ago. In sum, those job gains would have happened regardless. The way most ordinary people measure the economy is by comparing how their wages compare to prices. Well, since Biden took office, prices are up far more than wages, and in the past year the 6.5% inflation rate far exceeds the 5.2% wage growth.
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