The Conservative Cave
Current Events => Economics => Topic started by: Ptarmigan on February 15, 2022, 09:09:40 PM
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Are You Better Off Than You Were A Year Ago?
https://issuesinsights.com/2022/02/15/are-you-better-off-than-you-were-a-year-ago/
Turn the clock back a year. President Joe Biden, just weeks after taking office, was pitching his American Rescue Plan, saying that “It’s big, and it’s bold. And it’s a real answer to the crisis we’re in.”
Biden promised that the $2 trillion spending spree would “generate more growth, higher incomes, a stronger economy, and our nation’s finances will be in a stronger position.” We’d be at “full employment by the beginning of next year.”
Well, here it is. Next year. And nothing Biden promised has come to pass. By most measures, in fact, we’re worse off than we were before Biden “rescued” us.
The economy is growing more slowly than expected. Incomes are being eaten up by rising inflation. Optimism is below where it was during the height of the pandemic in 2020. The nation’s finances are in far worse shape, with the national debt up $1.8 trillion since Biden took office. We’re still nearly 3 million jobs shy of the previous peak. Oh, and COVID deaths under Biden now top 430,000 – more deaths than happened while Donald Trump was president.
The economy is in a sorry state. The Misery Index has gone up.