Biden Invents An Economic Crisis To Justify His Reckless $1.9 Trillion COVID ‘Relief’

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Biden Invents An Economic Crisis To Justify His Reckless $1.9 Trillion COVID ‘Relief’
I & I Editorial Board
February 8, 2021

I&I Editorial

President Joe Biden used Friday’s jobs report as another justification for his massive $1.9 trillion stimulus bill. “A once-in-a-century virus has decimated our economy, and it’s still wreaking havoc on our economy today,” he said. Funny, because that’s not what the data show.

Some Democrats are already coming to realize that piling another $1.9 trillion in deficit spending on top of the more than $3 trillion already targeting COVID relief is an enormous mistake. Here’s what Politico reported last week after liberal economist Larry Summers cautioned that the Biden plan was too big.

Summers, the former Treasury secretary for Bill Clinton and top economic adviser to Barack Obama, puts down on paper what many liberal wonks have been whispering about for weeks: that President Joe Biden’s stimulus bill may be too big, that its overall cost could sacrifice other progressive priorities and that it could harm the economy next year, when Democrats will be defending narrow congressional majorities in the midterms.

Summers warns of “inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability.”

Give Summers and those anonymous “liberal wonks” credit, at least, for staying in the neighborhood of reality, something that seems to have escaped “No Malarky” Biden.

Let’s review some of the more recent economic data to see where things actually stand.

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https://issuesinsights.com/2021/02/08/biden-is-increasingly-detached-from-reality-on-the-economy/