How far we’ve fallen since Trump was at the helm fighting for the U.S. economy and for the individual American by ensuring low taxes, energy independence, and lack of regulation.
Thanks to Biden’s supply chain windfall and his ability to constantly add red tape to the economy, growth staggered to almost nothing. In the July-September period, the annual rate of growth reached on 2%, defying economist expectations and exposing Biden’s lie that we’re ‘better than ever.’
A report from Commerce Department estimated that the nation’s gross domestic product — its total output of goods and services — declined sharply from the 6%-plus annual growth rates of each of the previous two quarters.
Rising prices, especially for gasoline, food, rent and other staples, are imposing a burden on American consumers and eroding the benefits of higher wages. Inflation has emerged as a threat to the economic recovery and a key concern for the Federal Reserve as it prepares to start withdrawing the emergency aid it provided to the economy after the recession struck last year.
This week’s government report, the first of three estimates of last quarter’s GDP, showed that consumer spending slowed to an annual growth rate of just 1.6% from July through September, after a robust 12% annual rate in the second quarter.
Opinion polls have shown that the public is growing increasingly concerned about inflation, a trend that has contributed to a decline in Joe Biden’s approval ratings. Some economists, including Fed Chair Jerome Powell, have attributed higher inflation mainly to temporary factors, notably bottlenecked supply chains resulting from the speed of the economic recovery. Others say they worry that inflation pressures will prove more chronic.
In the meantime, Biden and his Democratic allies have been trying to push through Congress two major spending bills — one to upgrade the nation’s infrastructure, the other a social safety net bill that involves climate change, health insurance and child tax credits, among other items.
Spending trillions during the onset of a recession if tantamount to Democrat logic.
The government’s estimate of a 2% annual increase in GDP last quarter was even lower than economists’ forecasts for a significant slowdown in growth.
In September, America’s employers added just 194,000 jobs, a second straight sluggish monthly gain and evidence that Joe Biden has been lying about his economic success this entire time.
For 2021 as a whole, economists generally expect growth to amount to around 5.5%. That would be the highest calendar-year expansion since the mid-1980s and a sharp improvement from the 3.4% plunge in GDP in the recession year of 2020. It would also easily exceed the sub-3% annual economic growth rates that prevailed in the years before the pandemic recession.
Author: Elizabeth Tierney
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