The economic gaslighting coming out of Washington is astounding, even by D.C. standards.
President Joe Biden listens as he meets with Mexican President Andrés Manuel López Obrador in the Oval Office of the White House in Washington, Tuesday, July 12, 2022. Former Virginia Gov. Terry McAuliffe recently praised the Biden administration for its handling of the economy, ignoring failures on inflation, boondoggle spending, and energy taxes.
. Far from ending the Great Depression, the New Deal prolonged it and created several bouts of inflation in the 1930s.Both presidents initiated massive interventions in the economy, and neither improved economic outcomes. Far from an accomplishment, handling the economy like FDR is a sign of failure.Massive federal deficits, funded by the Federal Reserve, have caused, who took office when inflation was only 1.4% and real wages were rising.
The idea that Biden’s agenda somehow saved a stalled economy is also fallacious. Biden inherited an economy growing at a $1.5 trillion annualized rate. In only a year, the administration’s policies haveThe slowdown has not been limited to economic growth, either. To add insult to injury, interest rates are rising fast, and that increases borrowing costs on everything from credit cards to mortgages. On average, higher rates today compared with when Biden became president are costing an average of $1,200 per year. For a typical family with both parents working and both earning the average income, they are effectively $7,200 poorer than 21 months ago.
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