Welcome To Biden’s Grand Illusion Of Prosperity
I & I Editorial Board
August 10, 2023
‘You know, if you let me write $200 billion worth of hot checks every year, I could give you an illusion of prosperity, too.”
That was then-Democratic Sen. Lloyd Bentsen back in 1988 arguing that the Reagan boom was a myth because it was bought and paid for with deficit spending, then running about $200 billion a year.
What would Bentsen say today about an economy that – instead of blasting ahead at more than 4% a year at it was in 1988 – is barely eking out gains and appears headed to a downturn … despite the fact that President Joe Biden is writing $200 billion in hot checks every two months.
We know what Biden and his legions of sycophants in the “independent” media would say. The economy is doing great thanks to “Bidenomics.”
“The economy is growing and we’re lowering costs for families. That’s Bidenomics at work,” Biden said after the latest GDP numbers came out, which showed the economy growing 2.4% in the second quarter of this year. “This progress wasn’t inevitable or accidental — it is Bidenomics in action, growing the economy from the middle out and bottom up, not the top down.”
One week later, Fitch downgraded the U.S. credit rating from AAA to AA+.
more
https://issuesinsights.com/2023/08/10/welcome-to-bidens-grand-illusion-of-prosperity/
