Joe Biden isn’t using the term “Bidenomics” on the campaign trail any longer. That’s because first of all, it was designed by the Washington Post, based on an article in the Financial Times. Neither of those publications used it as a good thing. It was basically a slam on the terrible economic decisions Joe Biden had made. But the White House thought it could be transformed into something useful, and went with it.
It didn’t have the desired effect. In fact, the country laughed at it.
But even now, as Biden continues to hawk his economic policies every time some sort of economic numbers come out, he’s not telling you the whole story. Yes, jobs have been up. Not nearly as much as Biden wants to tell you. He wants to take credit for all of the businesses re-opening after Covid, which is stupid. And he’s taking credit for overall jobs numbers when in fact, most of the numbers have been part-time jobs, and jobs in government. Neither of which are what economists would term to be hearty growth.
But the other day, when Biden was still screaming about how his economic decisions were working, the new Gross Domestic Product (GDP) numbers came out for the first quarter of 2024. Now, economists had predicted that the growth would be about 2.5% for the quarter, down from 3.6% in Q-4, 2023. But they were wrong. The economy slowed to just a 1.6% growth. This means if the economy continues on the same path over the next two quarters, by October 1st (the new federal fiscal year start date), we will be in negative numbers.
All of this shows what Americans feel. Biden keeps saying that the changes show growth and positivity, but we just “aren’t feeling it yet”. However, the numbers continue to show a skewed difference. If you really look at the numbers, they show something quite different. Since Biden took office, he claims that he’s added 15.2 million jobs (“the most ever”). But 9.2 million of those jobs were pandemic related. So, the economy has only added about 6 million jobs, and a solid 11% (660,000) were part-time, burger flipping jobs. The federal government has expanded by 5% in the last year, and 9% since Biden took office. Most of the jobs were temporary jobs in the post office.
I checked with an economist buddy of mine at a rather prestigious university who says he’s worried about the next 6 months. He said if this continues we are heading for a recession by the end of the year. And just so you don’t think he’s a nay-sayer, he never called for a recession like the other 60% that thought we would have one in 2023. The consistent drop over two quarters of over 1% GDP is alarming at best, but Biden knows he can’t do anything about it, and he can’t hit the panic button. 65% of Americans, according to a March CBS poll, say that the economy was better under Trump compared to 35% who said it was better under Biden. And Biden is underwater by 15% when respondents at a Fox News poll were asked who they feel would do better with the economy.
There weren’t many things that Biden can cheer about when it comes to his economy, which is one of the reasons why he’s spending so much time trying to tear down Donald Trump. He knows he can’t run on his record. And Trump’s record up until Covid shut everything down, was many times better than what Biden has been able to accomplish since the end of Covid.
Sorry Joe, the truth hurts, I know…but it IS the truth!
Carry on world…you’re dismissed!
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