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Bidenomics: More Growth & Less Inflation?
Biden’s handlers recently posted…
For one, let me acknowledge that US GDP growth, inflation, and inequality have been terrible under both Republicans and Democrats for decades yet I find it particularly disturbing that the Biden administration has confiscated such an unprecedented amount of money only to then turn around and lie about the results.
Out of the G7, we had the most GDP growth in 2018, 2019, and 2020, but since Biden took office in 2021 we’ve fallen to the middle of the pack.
Democrats have shared variations of the below chart, but can you see why it’s so misleading?
They normalized on 2017 so that it looks like we had a “strong rebound” when in reality we just had less to rebound from.
In effect, Democrats are trying to take credit for the fact that Republicans didn’t lockdown nearly as much as they tried to fearmonger us into.
When I first came upon Biden’s post, I actually thought it could be true that since the pandemic the US has had the most growth out of the G7 because of so many factors such as:
We’re the most powerful country in the world so during times of uncertainty it’s natural for people and businesses to flock toward strength.
The Russo-Ukrainian War more negatively affected many of the other G7 countries because they’re more dependent upon Russian energy.
We’ve had massive breakthroughs in AI over the last few years.
And then finally I wouldn’t have been surprised if we were ahead of the pack because deficit spending creates a sugar high.
During the first 2 years of any presidential administration, I’m more forgiving of its economic performance, but Biden made such huge promises in order to justify a huge amount of spending so it’s only ethical we hold him accountable to his promises and policies.
Biden has spent about $20,000 per American so ask yourself how much has this money benefited you?
I bet if you took out a $20,000 loan you could increase your own personal GDP this year, but then the question becomes would you generate enough money to be able to pay it back plus interest?
I also bet that not only have you gotten little from Biden’s massive spending bills, but it has done you more harm than good because much of it has been given to the DNC’s top donors in order to further consolidate power around them, therefore, increasing the long-term trend toward economic stagnation and wealth inequality.
So despite all these factors, for the US to have fallen to the middle of the pack just goes to show how poor of a return Bidenomics has been.
This also isn’t to say that we can’t outperform the G7 again, especially now that we have a Republican House to keep Democrats in check, but at the time of his post what he said was simply untrue about growth and also inequality…
He says that Bidenomics is about building the economy from the middle out and bottom up, but it’s more like doubling down on more of the same statist agenda the Left has been pushing since the Great Society where since 2021 wealth inequality has increased.
It’s like a doctor who prescribes his patient more and more drugs the more sick he gets all the while the reason he’s sick is because he’s on so many drugs. If only the patient said ENOUGH, but now he’s too addicted and messed up in the head to fight back.
And then Biden points to having less inflation than the the other G7 countries, but after his Orwellian-named Inflation Reduction Act we’ve continued to see more inflation…
Democrats are arguing that going from an 8.5% increase in inflation in July 2022 to a 3.2% increase in July 2023 is a reduction even though cumulatively this is a massive increase.
It’s like bragging that you’ve gotten your act together by going from drinking 2 beers a day to 10.5 beers a day to 13.7 beers a day, bro.
Leftwing economists told us that inflation was mostly caused by Putin driving up gas prices and the pandemic bottlenecking the supply chain, but if this was true then as gas prices have decreased and the supply chain has smoothed out then we’d at least see some return to previous pricing, but the truth is that inflation is primarily caused by money printing where over 80% of all US dollars in existence have been printed over the last 4 years so naturally this reduces the value of all existing dollars.
Part of the reason we’ve had less inflation than some of the other G7 countries (not the “lowest” as Biden claimed) is because the dollar is the world’s reserve currency, which means when we inflate the dollar we inflate everyone else’s currency too who uses the dollar to help back their own currency’s value.
Other countries are willing to put up with us inflating away some of their wealth for the convenience of holding a more stable monetary unit, but as we inflate too much they’ll move more quickly away from the dollar for something that better retains its value, which means Biden’s massive spending projects have damaged the dollar’s long-term position for not even much of a short-term gain.
In the end, Biden and Trump, Democrats and Republicans are both to blame for our slow growth, rising inequality, and high inflation, but Democrats are disproportionally more so since they hold more power and influence, supported more draconian lockdowns, and pushed for more government spending to be paid for by the regressive hidden tax that is inflation.
Bidenomics is badnomics.