President Biden’s way of starting his 2024 reelection bid was to open it with a statement that was only one of three things. Either it was another outright lie, a sign of how poorly his mental competency has fallen, or it’s yet another sign of how tone-deaf to the economy he has become. “I’ve never been more optimistic about America’s future.”
The GDP report that was released on April 27th does not see things the same way. As it stands now, over a dozen banks have forecasted little to no growth. With the Federal Reserve pushing interest rates higher and higher to stave off inflation, there is little real hope on Wall Street for 2023 to be a productive year for the economy.
Inside the report, the Commerce Department showed the economy expanded by only 1.1 points in the first three months of 2023, well below the 2 percent expected growth, and marked a steep decline from the 2.6 points in the 4th quarter of 2022. With Biden attempting to channel his inner 1984 Ronald Reagan, his false optimism doesn’t give the American people the warm and fuzzy Raegan did.
Unlike then, the economy is visibly slowing, and the American people are becoming increasingly aware of the damage being done to our country.
Much like reading any report of a failing empire, there were still bright spots. The consumer spending that is responsible for 2/3 of our economic growth has been able to remain strong in the face of Biden’s best attempts. With over 300,000 jobs per month being reported in the first quarter of the year, this was also a huge leaning post during Biden’s prepared remarks.
“Today, we learned that the American economy remains strong, as it transitions to steady and stable growth. This past quarter, real personal disposable income increased, and American consumers continued to spend, even as the overall pace of growth moderated.”
While many find it encouraging that the President is excited about this, it’s truthfully a minimalist achievement. A pedestrian achievement like this one isn’t something the American people need to celebrate. This is simply the minimum of the President doing his job and doing it poorly at that.
Instead, even his fellow liberal financial institutions are bracing for the continued impacts of his continuous failures and inability to achieve. Given the uncertainty of Fed interest hikes, the economy, or even the job market, many are instead prepping for a broad range of scenarios, with many even getting doomsday setups in place.
Predictions of being unable to get to a 2% inflation target without the economy slowing to a snail’s pace aren’t good for the American people. Given the number of nations using the US dollar for their trading, we need a reliable dollar, and an impressive and sustained economy to remain the major currency across the globe.
While Biden ended his remarks with a sound of encouragement and support for the American people, let’s call it was it was- a shameful expression of the truth simply because he was caught. Telling people that there is work to be done, but we can do it. Especially as in his mind, we aren’t alone. Instead, it’s a global problem, so we just need to band together and work on it as one united force.
Yes, we can do the work. Yes, everyone is going through problems. Yet these problems are being caused by our economy. Our economy is in the toilet simply because we the people did the work to keep Biden out of office, but the liberal agenda, illegal campaigns, and fraudulent votes got him into the office. Now we need to do the work to get him out of office. At least there are multiple ways for the American citizen to cast their vote and some great places to do it.