Joe Biden's masterpiece op-ed

The U.S. economy isn't what it used to be 3 years ago. Most people are worse off now than on Joe Biden's inauguration day. The CPI was 1.4% when Biden was inaugurated. Today, it's 8.3% and likely to climb higher. A year ago today, gas prices were an average of $3.04/gallon. Today, it's $4.62/gallon. JPMorgan is predicting gas will hit $6.00 a gallon by August. That isn't the worst news. The GDP for Q4 of 2020 was 4.8% while Q1 of 2021 was 6.5%. Q1 of 2022 was -1.5%.

Think about this: GDP dropped 8% in a year while inflation increased almost 600% in 18 months. I wanted you to have these facts before getting into Joe Biden's WSJ Op-Ed. Remember those facts when I quote some of Biden's outright lies in his op-ed. Biden's op-ed starts by saying "The global economy faces serious challenges. Inflation is elevated, exacerbated by Vladimir Putin’s war in Ukraine. Energy markets are in turmoil. Supply chains that haven’t fully healed are causing shortages and price hikes." After that, it gets bad:

In January 2021, when I took office, the recovery had stalled and Covid was out of control. In less than a year and a half, my administration’s economic and vaccination plans helped achieve the most robust recovery in modern history. The job market is the strongest since the post-World War II era, with 8.3 million new jobs, the fastest decline in unemployment on record, and millions of Americans getting jobs with better pay.

First, the recovery hadn't stalled. It was gaining momentum. That's why Larry Summers recommended against passing the COVID relief bill. Summers said it would overheat the economy and create inflation.

Next, COVID wasn't out of control, thanks to 2 new vaccines from Operation Warp Speed. Based on the FDA's performance during the baby formula crisis, it isn't a stretch to think that we'd still be waiting for approval for the first vaccine.

Since I took office, families have increased their savings and have less debt: A recent Federal Reserve report found that a higher percentage of Americans reported feeling financially comfortable at the end of 2021 than at any time since the survey began in 2013. Business investment is up 20% and manufacturing jobs are growing at their fastest rate in 30 years. There were more new small business applications in 2021 than in any previous year.

That was true for a little while. That isn't true anymore. A direct result of high inflation is that people are burning through savings and using their credit cards more again.

Yesterday wasn't a good day for the Biden White House. Gene Sperling got grilled for almost 20 minutes during this interview:

The bad news is that inflation isn't coming down anytime soon. The good news is that, to quote Larry Kudlow, "the cavalry is coming" this November and November 2024.