Joe Biden’s policies have brought back something not seen since the 1970s. No, not disco. I’m talking about stagflation—stagnant economic activity coupled with rising prices.
Biden’s high tax and oppressive regulatory policies have throttled economic activity.
At the same time, his massive spending programs and deficits have showered special interests with cash.
The result: negligible economic growth, diminished employment opportunities, rising prices and high interest rates.
Here’s five pieces of evidence that demonstrate that Joe Biden’s economic policies have hurt Americans
1. Small business confidence at lowest level in 11 years.
The National Federation of Independent Business survey shows that small business owners are more pessimistic than at any time since 2013. That includes the pandemic years where many small businesses failed during the shutdowns. Also note how small business confidence soared during the Trump years.
2. No full-time jobs have been created in the past 14 months
The number of full-time jobs in the United States is same as 14 months ago and the number of full-time jobs has crashed in the last six months according to the Bureau of Labor Statistics.
3. No sign of a Federal Reserve rate cut
Just like the 1970s, interest rates are high. The average rate on a 30-year home mortgage is over 7.5 percent. Expectations for a rate cut in 2024 have evaporated as investors no longer view the federal Reserve as able to bring inflation under control. According to Reuters:
“Expectations for how deeply and how soon the Fed will cut rates have shifted rapidly over the last few months, as investors grow increasingly doubtful that policymakers will be able to lower borrowing costs without sparking an inflationary rebound in a strong economy. The Fed has projected it will cut rates by 75 basis points this year.”
4. Food prices have risen by almost 40 percent since 2019.
Food is a larger share of total spending by lower income and younger households. The increase in food prices has far outstripped wage growth. Have your earnings increased by 40 percent since 2019?
5. A majority of Americans see their financial situation as worse off than last year
For the first time since the Federal Reserve began collecting data in 2014, a majority of Americans see their personal financial situation as worse than the previous year. This again is a stark contrast to the Trump years in which Americans saw their situation getting better each year.
Bonus: the 2020s are so bad that Americans now long for the 1970s!
