This new push by Biden’s minions to coin the phrase “Bidennomics” is pure fantasy, a way to divert public attention from corrupt family grafting and corruption. It’s an attempt to hit the “reset” button on Mr. Biden, the second-most unpopular president since his approval ratings began hovering around 39%. Only Jimmy Carter had worse numbers.
After two years of Biden inflation and two quarters of negative GDP, the Biden campaign knows the economy will turn around like never before. We know in history he has been through 58 recessions and always gotten out of them. Democrats are trying to take credit for what the economy always does naturally: the recovery.
Biden’s policies are not helping the economy or the American people. The closure of the Keystone XL pipeline and cuts in domestic drilling permits have pushed fuel prices up. China will send us the new coronavirus and knock us out economically like Will Smith did Chris Rock. The only positive thing about Biden and his handling of the US economy is that his family is the only one running a trade surplus with China.
For years, workers and American corporations have been sold out in a “swamp” to China, Ukraine, the tech oligarchy, and Big Pharma. A regulatory onslaught by the liberal Democrats has killed US jobs and sparked inflation. And with draconian coronavirus measures, education and the economy have gone back years.
Thus, the recession hit last year despite the media never admitting it. A recession is traditionally defined as his second consecutive quarterly decline in GDP. That’s exactly what happened in the first and second quarters of last year. But Mr. Biden told media flatters to call it an “economy in transition.” This administration is awake and interested in anything that “transitions”.
The economy has contracted in the last two quarters. Last year, it was down 1.6% for the whole year. To give some perspective, the average annual growth rate of the US economy he said is 3.2%. Nearly every president has at least his 4-5% growth in his first year. But Mr. Biden resembles his mentor Barack Obama in delivering yet another “historic first” as the first administration not to record 3% growth for a full year. It is difficult to grow the economy under the constraints of big government.
To justify big government, you have to act like the leeches are doing something. Modern Democrats are glaring at “climate change” as a mechanism for demonstrating divisive virtues. They shove electric cars down our throats that fly in private jets. As Senator Rand Paul recently found out, Anthony Fauci still has a government-issued chauffeur and a large limousine in his retirement. “Climate change emperor” John Kerry is flying around in a giant jet. But they are very hard on us and want us to suffer for their god of carbon reduction. I could see them outlawing the electric slide.
Inflation hurts the wallets of all Americans. Mr. Biden inherited a turbulent economy, a booming stock market, and low interest rates, so it would be disingenuous to yell about “your” economy. He caused inflation, which is now subsiding, but somehow he credits himself with keeping inflation under control with his “awake” economic policies. The only quantifiable area where Democratic policies have kept inflation in check is that the price of Bud Light today is about half of what it was six months ago.
Three U.S. banks that woke up (Silicon Valley Bank, Signature and Republic, all in the top 25) went bankrupt when interest rates rose and the economy softened. And I heard that 70% of his commercial buildings in downtown Los Angeles are now submerged. That meltdown is pending.
The economy under the Biden administration has been strong for the Biden family. His son received millions of dollars, but he refused to pay taxes. He also refused to pay his Arkansas-based stripper girlfriend child support for their baby. Joe Biden has also come under fire from the left for not recognizing the baby as Biden. This is to refer to Indian tribes sharing casino gold as the Biden family shares their dishonorable booty. To get a share, you must be considered a member of the tribe.
In addition to promoting “bidenomics,” Joe has blazed a “family man” persona in an effort to restore his image, saying that no matter what he does, any of his six grandchildren will call him. His declaration reads in fine print, “Certain restrictions apply and are void in Arkansas.”
A libertarian editorial humorist and award-winning author, he is a former Goldman Sachs and retired Morgan Stanley managing director. He can be reached at Ron@RonaldHart.com or @RonaldHart on Twitter.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of The Daily Caller.
