The Biden Recession is here.
I told a friend of mine this back in April.
I said it would just take a few months for the numbers to come in and catch up.
Recessions are reactions, and reflections of financial reality, along with people's emotions. The annual inflation rate is sitting right under double digits, as gas, food, energy, and everything else keeps going up. Inflation is about double the rate of wage growth. That's not good.
This one is kind of a one-off recession. The unemployment rate is low, which is not standard in recessionary times, however, we are still about a full percentage rate under the pre covid Labor Partition Rate. That's over a million fewer Americans working compared to the booming economy of 2019.
When you add trillions and trillions of dollars the federal government borrowed from your children and grandchildren thrown all over place to 'boost' the economy, you get what we have now; Inflation. Too much money chasing too few goods.
The Federal government, first under Trump, dumped 900 billion in 'Covid Relief' cash into the economy. That was enough. We should have stopped.
Once Biden was elected, he and his newly elected democratic controlled congress, dumped another 1.9 Trillion in 'Covid Relief' cash into the economy.
Thank the lord for democratic senator Joe Manchin, who would not approve another 2 Trillion in wish-list borrowing/spending, or we would be in worse shape right now.
The GOP is licking its chops about the upcoming election, but they are just waiting for November. They are not telling America what they will do if they get control of the House and maybe the Senate. This is a mistake.
I know when your opponent is drowning, you just let him sink, but right now the GOP should be acting. They should have a plan. They should be telling people what that plan is. I have real doubts the republicans in leadership are up for the battle ahead.
Even the Super Trumpers are all waiting for Trump to announce his candidacy for 2024. I think he is part of this problem with the GOP. He is still solely focused on how the election was stolen from him. Even if you believe this, he's not out there stating what he will do, he just keeps saying he was screwed over in 2020. People who are having trouble paying for the higher prices on everything don't care about Trump. They want someone to say, this is how I will fix it.
A real leader would be saying, if I were running the show, I would do this, that, and enacting these others policies. What are the exact things the republicans would do to turn things around? Some of those plans will not be popular, but necessary. Will they be willing to take these risks and make some unpopular opinions to get the economy back on track?
Future House Speaker Kevin McCarthy is a mild mannered, go along-get along politician. He is not a leader, he's a fund raiser. Not that those folks aren't important, but that's not the guy you need to battle the democrats and the media (I repeat myself) for the last two years of the Biden/Harris administration.
The next few months are going to be interesting to be sure.
Will the democrats dump Biden after November, with some Long-Covid diagnosis? Will they let VP Harris run the lame duck session two years, then come up with a new nominee? She is a known quantity in her own party. A quantity they know they absolutely cannot win with.
It will be interesting.
