The Patriot Post® · 'Experts' Run Economic Interference for Biden
In tonight’s presidential debate, a likely drugged Joe Biden will almost certainly make false or misleading claims about the economy because he knows it’s one of his weakest points going into November’s election. Voters know they’re struggling thanks to Bidenflation, so he’s going to insist on an alternate economic reality.
For starters, he’ll almost certainly mention how he’s “created” more than 15 million jobs since taking office. Yet even the “fact-checker” clowns at Snopes know the score on that one, noting back in March that “nine million of those jobs had been lost during the COVID-19 pandemic.” In other words, Biden’s jobs record is an accident of timing. All he had to do was show up in the Oval Office and snooze behind the Resolute Desk while the recovery that had already begun thanks to Republican governors reopening their states put people back to work.
Besides, how many illegal aliens came across Biden’s open border and took some of those 15 million jobs? How many people took a second job or came out of retirement to work again because Bidenflation meant life was otherwise unaffordable?
There’s also the fact that Texas and Florida are responsible for half the jobs gained over the last five years. Joe Biden didn’t do that.
Biden might even repeat his four Pinocchio whopper that “inflation was 9% when I came to office.” Inflation was 1.4% when he took office and topped 9% in June 2022 — because of his policies. We’ve covered inflation ad nauseam, so enough said about that for now.
Instead, I’ll share a few headlines or news tidbits from this month to illustrate current economic struggles:
“Why more homeowners are dropping their insurance.” —The Palm Beach Post
“Homes are as overvalued as they were near the peak of the 2000s bubble.” —The Wall Street Journal
“‘Seriously underwater’ mortgages live in the South and Midwest.” —Axios
The cost of homeownership is like “buying a used car every year.” —CNBC
“Renters Must Earn $66,120 to Afford the Typical U.S. Apartment. The Typical Renter Makes $11,000 Less Than That.” —Redfin
Those are all housing-related, but it’s not a whole lot better for other aspects of the economy. Remember that when Biden tells us tonight that he’s done such a fantastic job of economic stewardship.
How else do we know the economy isn’t one of Biden’s strengths? Because the Leftmedia is hysterically warning us about what a future Trump economy could look like.
“16 Nobel economists see a Trump inflation bomb,” reports Axios regarding a letter from 16 Nobel Prize-winning economists. “While each of us has different views on the particulars of various economic policies,” the 16 economists write in a letter, “we all agree that Joe Biden’s economic agenda is vastly superior to Donald Trump’s.”
Have they lived through the last seven years?
“Many Americans are concerned about inflation,” they add, “which has come down remarkably fast.” (Translation: It’s rising slower than when Biden jacked it up.) “There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets.”
“Reignite”? Doesn’t something have to be extinguished first?
No one ever accused Trump of being a limited-government conservative, but he’s a piker compared to Biden’s exorbitant and unconstitutional deficit spending. Trump’s latest tariff proposal isn’t economically appealing at first glance either, but it’s less a specific proposal than a nod to the fact that cheap Chinese garbage has taken over our markets. It’s also a story for another day.
Back to the letter, one of the signatories, Georgetown professor George Akerlof, donated $25,000 to the Biden Victory Fund and is married to Treasury Secretary Janet Yellen. Strangely, Axios didn’t mention those things. Nor did the Leftmedia outlets parroting the report.
Fourteen of these same economists predicted in September 2021 that Biden’s spending plans would “ease longer-term inflationary pressures.” Inflation was 5% at the time before peaking at 9% and remaining above 5% until April 2023. It’s still around 3%, which is 50% higher than the Federal Reserve’s 2% target. Cumulative inflation under Biden is over 20%. Oops!
At least nine of these 16 brilliant economists also predicted in 2016 that Trump would be bad for the economy. Fortunately, we have the receipts for that prediction: They were totally wrong.
From 2017 until the ill-advised COVID shutdowns of early 2020, the economy was roaring, especially after Trump cut taxes for everyone who pays taxes. Taxes were lower, wages were higher, energy production was abundant, and inflation never even entered anyone’s mind.
So, if that’s the kind of disaster these economists are warning about, bring it on!
Chances are high that Biden will bring up that letter tonight. After all, in a 2020 debate, he brought up the letter from 51 intelligence experts dismissing Hunter Biden’s laptop — and the Biden family corruption it exposed — as “Russian disinformation.” Those “experts” were also liars.
The economic records of these two men couldn’t be more different, and if the American people are correctly informed instead of being deceived by the media and the “experts,” they’ll choose accordingly.