Biden on the economy: “Things are going well” | EDITORIAL


The threat of midterm annihilation has Democrats questioning their election strategy.

For months, President Joe Biden and his party have hammered Republicans as abortion extremists who seek to jail doctors and force women into the back alleys by outright banning the procedure. It is indeed a radical position, even if it is only held by a minority of Republicans. Meanwhile, a slew of Democrats are embracing their own form of extremism by advocating for abortion on demand until birth. The American public prefers something in the middle, and elected officials from both parties should respect that.

But Democrats have been so obsessed with the subject that Mr. Biden revealed last week that his priority after the midterm elections would be to pass a federal law legalizing abortion.

Yet polls repeatedly show that Americans care more about wallet issues and rising crime above all else. According to the New York Times, some Democrats now fear their insistence on abortion is a mistake. It is therefore not surprising that Mr. Biden at the end of last week suddenly turned his attention to the economy. It’s a recalibration that Republicans should savor.

Armed with news that the economy grew by an unexpected 2.6% in the third quarter, the president insisted on Thursday that the development was proof that “things are going well,” the Associated reported. Press. “For months, pessimists have argued that the US economy is in recession. … But today,” the president said, “we have new evidence that our economic recovery continues to move forward.

Note how Mr. Biden seeks credit for positive developments, but points the finger at everyone when it comes to inflation and gas prices.

The growth figures are indeed welcome, especially after two consecutive quarters of economic contraction. The slight rebound in the stock market is also a positive development. But it will take more than three months to signal a change in course, and Mr Biden is offering American voters nothing more than a continuation of the central planning, loose money policies that first sparked the economic malaise. venue.

Despite the president’s happy predictions, was he right about anything? — many obstacles remain, not the least of which is the persistence of inflation, which is now above 8%.

“Economic uncertainty is growing and many economists are worried about the possibility of a recession in the next 12 months,” the Wall Street Journal reported on Friday. “They expect the Federal Reserve’s efforts to tackle high inflation by raising interest rates to weigh more heavily on the economy.”

Indeed, the housing market is at a standstill as mortgage rates exceed 7% for the first time in 20 years. Consumer spending is sluggish, as is business investment. Although jobless claims remain weak, they are expected to eventually rise as the Fed manipulates monetary policy to combat rising prices. It will be bad for workers who have recently benefited from a variety of employment options.

Additionally, Americans are delaying major purchases, polls show, and spending more on credit cards that now carry higher interest rates. Household budgets are in disarray as essential items – food, gasoline, etc. — cost far more than when Mr. Biden took office less than two years ago. The national debt has topped $31.2 trillion, and the administration is boasting a $1.4 trillion deficit for the current fiscal year.

Virtually all of these problems can be traced to poor decisions made by the current administration with a docile Democratic Congress. “That’s what the political mix of billions of dollars in federal spending, heavy regulation, the threat of higher taxes and easy money has done,” the Journal’s editorial board proposed in July. “It’s time to do the opposite.”

If Mr. Biden wants to talk about his economic record, Republicans should be happy to oblige — and let voters know they represent a market-oriented, low-tax alternative to the dismal status quo.


Comments are closed.