According to President Joe Biden (D) and his Treasury Secretary, Janet Yellen (D), our economy is burgeoning, prosperous, a Valhalla of growth, fairness, and optimism.
This is what the Progressive-Democrats’ Valhalla looks like in the real world:
- US inflation reached 7.9% by February 2022 and had been…burgeoning…since fall 2021
- US inflation currently is above 8%
- before the pandemic, inequality was falling as wages rose faster for low-income workers than they did for the affluent amid healthy growth [note that after the pandemic has been the Biden reign]
- the US economy contracted by about 1% of GDP in the first six months of this year, even as real wages were falling
- real average hourly earnings declined 3% over the 12 months through July
- real average weekly earnings declined by 3.6%
- real average earnings have fallen 4.2% since Mr Biden took office
But wait—aren’t gasoline prices falling now? Sure they are, but they’re still very much higher than before Biden took office, and they’re falling because demand is falling: we can’t afford to drive as much as we did pre-Biden reign.
For Biden to call this terrific is for him to expound from his Newspeak Dictionary.