The Wall Street Journal uses Labor Department statistics to report real hourly wages. in the meantime Biden resigned as president.
When Mr. Biden took office in January 2021, his average hourly wage, adjusted for inflation, was $11.39. Now, 29 months later, he is down $11.03, or 3.16%.
Unlocking Prosperity Commissioner Stephen Moore reports that the government was responsible for the biggest job gains in the U.S. economy in June, according to the Bureau of Labor Statistics’ latest employment report. (Related: EJ Antoni: ‘Bidenomics’ can be summed up in just one word)
The government added 60,000 net jobs in June, almost 20,000 more than the second-largest increase in the health sector.
The economic legacy of the Biden administration, which they call the Bidennomics, was government expansion at the expense of the private sector along with massive spending, which led to the worst inflation in 40 years, resulting in lower wages for U.S. workers. caused a loss of sight.
But what all Americans should really worry about is that the Biden administration’s experience has not deviated from a healthy trend that could soon turn around with a Republican victory in 2024. Biden has dragged the country down a perilous path that began years ago and is now on a long-term destructive trend that will require the boldest leadership to turn around.
“A creeping recession is the central economic problem of our time,” said John Cochrane, an economist at the Hoover Institution at Stanford University.
“Economic growth since 2000 has fallen by half compared to the late 20th century,” continues Cochrane.
From 1950 to 2000, the US economy grew at an average annual rate of 3.56%. Since 2000, the annual growth rate has averaged 1.96%. What does this mean? “The average American’s income is already a quarter below previous trends,” Cochrane notes.
The latest projections from the Congressional Budget Office project this bleak picture into even darker territory. More government, more debt, slower growth.
First, from a small point of view. In 1950, federal spending as a percentage of GDP was 15.3%. In 2000 it was 17.7%.
The CBO forecasts that federal government spending will be 23.6% of GDP in 2024. By 2035 that proportion will reach 24.9%, rising to 26% by 2040 and 28.3% by 2050.
Projected CBO response to public-held federal debt as a percentage of GDP: 100% in 2024. 2035, 120%. 2040, 134%. 181% in 2050.
And the projected real growth rate of the US economy: 1.8% for 2022-2033. 2034-2043, 1.6%. 2044-2054, 1.5%.
US Treasury Secretary Janet Yellen has returned from a trip to China, concerned about China’s aggression on the world stage.
China certainly poses a threat to us. But our top priority in dealing with threats from abroad is to make our country as strong as possible. And this is where our failure is.
Biden’s approval rating actually increased over the last few weeks. And polls show that the presidential race is essentially a close race between Mr. Biden and the leading Republican nominee.
It shouldn’t be.
Our country’s decline is evident to any clear thinker and honest observer.
We need a Republican Party ready to send a clear message to the American people about how to curtail the enormous growth of government that destroys the vitality of the nation.
Our rights programs, Social Security and Medicare, account for about two-thirds of federal spending. These are institutions like dinosaurs, with Social Security going back to 1936 and Medicare going back to 1965.
Reform needs to be a deep and real change in the way you personalize, not a superficial change.
Republican primary voters need to demand a clear and bold vision from their candidates for how they plan to restore America to another 3.5% annual growth rate.
Star Parker is the director of the Center for Urban Renaissance Education and the host of the weekly television show Star Parker in Cure America. To learn more about Star Parker and read features by other of his Creators Syndicate writers and cartoonists, visit his Creators Syndicate website at www.creators.com.
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