Even the New York Times admits, “risks are mounting that America’s ambitious spending will end up with a checkered legacy.” President Biden sabotaged our recovery and now the economy is lagging behind pre-pandemic unemployment rates, and is among the highest in the developed world for inflation.
From the New York Times:
“Now, though, America is grappling with what many economists see as an unsustainable worker shortage that threatens to keep inflation high and may necessitate a firm response by the Federal Reserve. Yet U.S. employment has not recovered as fully as in Europe and some other advanced economies. That reality is prodding some economists to ask: Was America’s spending spree worth it?”
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President Biden hasn’t created a single new job, and all jobs now come with a built-in Bidenflation pay cut:
- Small businesses are still desperate to fill openings after President Biden’s endless government checks discouraged work and paid workers more to stay home.
- From the New York Times:
- “…when it comes to the share of people who are actually working, the United States is lagging some of its global peers. The nation’s employment rate is hovering around 71.4 percent, still down slightly from nearly 71.8 percent before the pandemic began.”
- With over 11 million job openings, the worker shortage remains near historic highs.
- Republican Leader of the Ways and Means Committee Rep. Kevin Brady (R-TX) has been warningthe worker shortage is “…driving so much of the supply chain problems, the inflation problem, and it’s weighing on Main Street businesses.”
Economists agree that Democrats’ spending fueled the inflation fire:
- While the White House continues to blame everyone but their own policies for fueling 40-year high inflation, even some moderate Democrats are warning that government spending sent prices soaring and Americans should brace for higher and longer inflation ahead.
- From the New York Times:
- “The comparatively large jump in prices in America owes at least partly to the nation’s ambitious spending. Research from the Federal Reserve Bank of San Francisco attributed about half of the nation’s 2021 annual price increase to the government’s spending response.”
- The U.S. has higher inflation than most developed nations after Democrats’ stimulus checks increased inflation by three percentage points in 2021.
Americans should be prepared for higher and longer inflation ahead:
- According to experts, devastating inflation has the risk of recession growing. Former Obama-Biden White House economic advisor Jason Furman warns, “‘I’m worried that we traded a temporary growth gain for permanently higher inflation.”
- Prices are growing three times faster than paychecks, and the average family lost about $5,000 in real wages.
- Most Americans are financially worse off now than they were during the height of the pandemic.
- More than 60 percent of Main Street businesses report they’re having to raise prices to keep up with inflation, and economists are warning the U.S. is at risk of a wage-price spiral and rising recession risks.