America declines as the elites remain in denial
August 1, 2022 | BPR Wire
E.J. Antoni, DCNF
Make no mistake, America is in a recession. The latest data from the Department of Commerce confirms that the economic decline under President Joe Biden is not merely a blip, but a recession, now that the economy has contracted for the second quarter in a row. For the common man, however, this is not news at all; it has been blatantly obvious for months.
If the president’s handlers were smart, they would have had Biden do a mea culpa and announce a change in policy. But instead of acknowledging the current economic reality and the plight of the common man, they issued a statement cherry-picking a single datum point: personal consumption.
That component of the economy grew a paltry 1% in the second quarter. Yet the Biden administration touted it as a sign of strength and ignored the fact that the increased consumer spending was fueled by reduced savings and increased debt — an unsustainable mix. Additionally, consumers had to spend 8% more money to get just 1 percent more in goods and services — hardly a win for the average American.
The massive price increases people are experiencing — the highest in 41 years — are a direct result of monetary malpractice at the Federal Reserve and a spendthrift Congress and White House. Spending, borrowing and printing trillions of dollars has unleashed an inflationary plague that is crushing the middle and working classes.
Disappointingly, Biden’s response to this inflation is a return to his “Build Back Better” agenda, including hundreds of billions of dollars more in taxes and government spending along with excessive regulation – exactly what got us here.
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https://www.bizpacreview.com/2022/08/01/america-declines-as-the-elites-remain-in-denial-1268508/
