(RightIsRight.co) – It is a safe bet the last thing Americans want right now is an economy that duplicates the fiscally tragic and difficult times that the United States experienced when Jimmy Carter was elected as voters seemingly sought to shake off the Nixon years.
But that is the path that Joe Biden has chosen.
As John Carney over at Breitbart notes:
“The definition of stagflation is growth below its long-term trend and inflation above trend.
“That’s what we got in the first quarter of 2022.
“The economy did not just grow slowly. It contracted on an annualized basis. Imports, which are subtractions from GDP, expanded massively and exports fell. Consumer spending was weaker than expected, suggesting that households balked at high prices. Inventories fell, subtracting from GDP.” [emphasis added]
And what about the mainstream media and Democrats?
“The establishment media and the allies of the Biden administration are already asking you to pay no attention to the report. It’s not really such a big deal, they say. If you ignore the disappointing consumer spending numbers, ignore the trade deficit, ignore the inventory figures—if you ignore everything that caused GDP to shrink—GDP actually went up. And if you ignore inflation also, the economy is doing great.” [emphasis added]
Bottom line: Those old enough to have lived through it or students of economic history know that the United States of America is now experiencing the second coming of Jimmy Carter’s economy with Joe Biden at the helm.
Unfortunately, every economist on record says the economy will get far worse before it gets better.
What is your opinion? Please email [email protected] and share your opinion about how Joe Biden is handling the American economy. Do you believe Biden is doing a better, worse, or similar job to what Jimmy Carter did when he was president in the 1970s?