The U.S. economy continues to falter well into President Joe Biden’s second year in office, and Wall Street has joined inflation in speeding in the wrong direction.
The gymnastics necessary for their media partners to divert blame for the nation’s financial woes from the White House are getting comical. As an example, consider just the past few days.
The S&P 500 on Friday closed its worst day since June 2020, and that’s far from the worst news for the benchmark index. Friday’s close, which was a 3.6% drop, shuts the books on April as well as the first four months of 2022. The 13% loss since New Year’s Day is the worst performance for the S&P 500 since 1939. It joined the Nasdaq Composite Friday in setting new lows for the year.
Add to these depressing numbers last week’s news that the gross domestic product just contracted for the first time since the pandemic began, and the evidence of Biden’s futility is even clearer.
How about inflation? The economy continues to ride the highest rate of price increases since December 1981, even as the administration tries to pin the blame on Russian President Vladimir Putin. April’s inflation number is likely to be as ugly as March’s 8.5%, though many economists believe skyrocketing prices are about to at least level off.
So, what are the legacy media outlets saying about Biden’s economy? Over and over, the left parrots the administration line of “job creation” and a “strong underlying economy.” If only voters were smart enough to realize how good they have it.
Thankfully, we are not hearing about the “Biden Boom” much anymore. That is the mythical Democratic-led glorious rally the country has made since their return to the White House.
The only problem is, the American public understands that forcing businesses nationwide to shut down completely only to “allow” them to reopen is not a successful economic policy.
Now the Biden administration is touting a “small business boom” it claims credit for. This includes what it says are 5.4 million new businesses created in 2021 under its wisdom and guidance. But nary a word about the obvious fact that reopening storefronts the government forced to close is hardly the same as having a successful pro-business agenda. Not even close.