The Biden administration (or, as they like to style it, the Biden-Harris administration (can anyone remember the last administration that was referred to as the President-Vice President administration? The Kennedy-Johnson administration? The Carter-[mumble] administration?)) is making economic recovery promises. Here’s one from his brand-spanking new Treasury Secretary, Janet Yellon:
I’m anticipating, if all goes well, that our economy will be back to full employment—where we were before the pandemic—next year, and the Congressional Budget Office estimated that without this, it could probably take until 2024.
Yeah. Obama made similar promises regarding unemployment post his Panic of 2008 “stimulus.” The levels of unemployment embodied in those promises weren’t matched–his promises went unfulfilled–until some years after his promised date. Those failures were at least in part due to the explosion of regulations the Obama administration wrote.
Biden is making the same promise, through Yellen, engaging in the same regulatory explosion, and adding the fillip of overt attacks on our energy industry. And our economy will suffer the fate, exacerbated by that attack on our energy.