We learned recently that 62% of Biden’s top staff (including Biden) have no business experience whatsoever. The people making decisions that are affecting your pocketbook have never run a business or taken an Econ 101 class. And Democrats wonder why everything’s such a mess?
Inflation continues to be a major problem for Americans. The cost of everything is skyrocketing as Americans worry about how to make ends meet. Gas prices continue to stay high, thanks to Biden’s refusal to reopen drilling. Other factors, like the continued struggling supply chain, put the future of most businesses in question.
Yet one of Biden’s top economic advisers ignored all this and pretended like a recession wasn’t going to happen.
Jared Bernstein, a member of President Joe Biden’s Council of Economic Advisers, on Sunday deflected on whether the United States is bound for a recession…
“It is very hard to conclude that we are in a recession when you look at the payroll and the job gains that we’ve seen now, it is tricky to look around the corner here, and I’m not going to predict quarters down the road,” he argued. “But I think right now, you’ve got inflation headwinds big time in this economy — not taking anything away from that — but you also have some very strong tailwinds that are boosting consumers.”
Rather than true economic growth, inflationary pressures are likely inducing the higher expenditures from American households, with many dipping into savings to make ends meet as consumer confidence plummets to its lowest level in seven decades. Meanwhile, the labor force participation rate — the percentage of people who either have a job or are actively looking for one — has not recovered since the recession, likely worsening inflation. [Source: Daily Wire]
This has to be the most pathetic, incompetent administration we have ever seen. They are so bad at their jobs, they blatantly deny signs that the economy is in a tailspin. Bonehead Bernstein waffled, claiming that higher consumer spending and “job gains” PROVE a recession is not coming. Despite such terrible inflation, basic goods are overpriced, some double or triple their normal costs.
But Bernstein conveniently ignores that Americans are spending “more,” because stuff is costing more. They are not actually buying more than they normally are, but are forced to spend more of their hard-earned money on necessities like food and clothing. Meanwhile, the “job gains” look so good because some people have just stopped looking.
The job participation rate is a much more critical factor than monthly added jobs and unemployment figures. While the government can manipulate those figures, the job participation rate really shows us how many Americans are actually working. And that number has not recovered since the lockdown-induced recession.
These are obvious factors that even a high school student can figure out. Yet Joe Biden’s top economic advisors can’t? The truth is, Bernstein knows very well how badly the economy is. The bubble will burst, especially after the Fed raises interest rates again, and companies will collapse.
All of this could have been avoided, had Biden not pushed radical socialist and environmentalist policies.
But the man is such a coward, such a loser, that he will never admit it.
Author: Jim Stone