July 8, 2022
Biden continues his impressive, yet enraging streak of American bankruptcy
By Jack Hellner
President Trump left Joe Biden a rapidly growing economy, one where red states were quickly reopening – there was low inflation, and three vaccines developed in record time by mobilizing both the private sector and government. A New York Post article said:
Republican-run states such as Florida, Texas, Utah and the Carolinas enjoyed a swifter economic recovery from the pandemic compared to Democratic-leaning states which saw residents and companies leave for lower-tax havens….
Biden and the Democrats continue to believe that government is the solution to all problems. Biden promised to reverse Trump's successful policies by issuing countless regulations, raising taxes and destroying the fossil fuel industry, which directly and indirectly supports tens of millions of jobs. On day one, he blocked an environmentally sound pipeline and drilling on federal lands.
That action sent the message to oil traders, speculators, and OPEC that we would no longer be a major competitor and the price of oil took off, along with overall inflation.
The official inflation rate was 1.4% in January 2021 when Biden took office and is 8.6% today. The poor and middle classes, and small businesses are being decimated. Inflation is at a 40-year high.
Biden appears to be ready to lift tariffs on Chinese products as he pretends to care about inflation. The tariffs didn’t materially raise inflation during Trump’s term so why would removing them reduce inflation now?
Why would anyone intentionally make us more dependent on China when they remain a significant cause of supply chain problems, all while helping Russia?
more
https://www.americanthinker.com/blog/2022/07/biden_continues_his_impressive_yet_enraging_streak_of_american_bankruptcy.html
