An article appeared in the print edition of the Wall Street Journal on June 1st, under the headline "My Plan for Fighting Inflation." The article, written in the name of Joe Biden, was obviously NOT written by him, but the political implications are still seriously important.
The President--or rather, his ghostwriter--opened the piece by calling attention to the fact that the economy was in struggling--a little.
He didn't quite put it like that, in fact, it was more of a hesitant admission than a heartfelt acknowledgment, but the words, "Americans are anxious, I know the feeling." made it into the article, so A for effort.
In fact, the economy is in shambles--more so than Joe Biden's ghostwriter would like to admit.
According to reports, inflation is at a 40-year high, supply shortages continue to push prices higher yet, consequently, consumer spending is down, the stock market--including your 401k--has tanked, and analysts expect the U.S. economy to enter into a recession within the next two years.
You would think the Biden Administration would go on to at least address these problems, or even take some responsibility, but his ghostwriter proceeded to do exactly the opposite.
Instead, "Joe Biden" went on a written rant. As I read, could almost imagine his fake tough-guy voice crying out:
"The U.S. is in a better economic position than almost any other country. According to the International Monetary Fund, the U.S. economy will be larger at the end of this year—relative to its prepandemic size—than any other Group of 7 economy. The U.S. economy may grow faster this year than China’s economy for the first time since 1976."
And to that, I would simply say this: Mr. Biden, that's all fine and dandy. And to be completely objective, I even see the value in some of those accomplishments--namely our economy growing faster than China.
But the price at the gas pump does not lie. The price of groceries and everyday necessities does not lie. The price of used vehicles, up over 55% YTD, does not lie. A retirement account, obliterated by the recent stock crash, does not lie.
And what they are all telling us is that the federal government's careless, anti-economic freedom, anti-growth spending plans, and regulations have driven us to this point. Not "Putin's war," and not a pandemic that was over three years ago, but you and your party, Mr. President.
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From the Editor,
Al K. Scott
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