Don’t Make the Mistake of Falling for Joe Biden’s Economic Fairy Tale

Joe Biden, like Nero brags about rebuilding Circus Maximus following its destruction, took the podium tonight to claim credit for solving a number of problems he created.

His State of the Union address AddressHe boasted that he was a president “created more jobs in two years than any president created in four years.” No president — not Joe Biden nor Donald Trump — Creates jobs. But Biden’s contention was exceptionally misleading, considering he inherited an economy that had been unplugged by an artificial, state-induced shutdown. If the government compels businesses to shutter, it doesn’t “create” When jobs are open.

Biden claimed that Covid-19 had closed down the economy on more than one occasion throughout the night. No, states did. Politicians did.

These shutdowns were advocated by Biden. During his 2020 presidential campaign, Biden repeatedly attacked Republican governors who had opened too soon and for not being prepared. Ignoring Federal health officials. Even in August of 2021, after it was clear that shutdowns hadn’t saved any lives, Biden was still criticizing Florida’s Gov. Ron DeSantis was criticized for his rejection of a new round Covid authoritarianism. Tell him To “get out of the way” Many people trying to “do the right thing.”

Three years ago, unemployment was at 3.5 percent. Biden reminded us today that the stock market was at an historic low. 3.4 percent. More than 30,000,000 people Their jobs were lost Covid lockdowns. Biden claims that he has “created” 12,000,000 jobs in the last two decades. One big difference is the fact that the labor participation rate remains unchanged. hasn’t The numbers are back to pre-Covid levels. It’s great that people are working again. However, there are millions less people looking for work.

Biden boasted, too, that Americans were seeing. “near” Hispanic and black workers have experienced historically low unemployment. These historic lows were reached before the Covid lockdowns. So, if Biden deserves credit for this, doesn’t Trump? There is no Biden economic policy which brought us near-historically low unemployment rates for minorities, or a unemployment rate that was 0.1 percent lower than in the previous administration. Washington spent trillions of dollars to prop up an economy it had previously shut down.

Biden also spoke of spending, claiming that the extravagantly named “Inflation Reduction Act,” which, you may recall, was first called “Build Back Better,” This had contributed to a reduction in the spiking of prices. Biden began his presidency only after inflation became non-transitory and became a political problem. Argumentation Inflation could be reduced by spending more.

And only then did Democrats rename their bill, which was crammed with the same spending, corporate welfare, price fixing, and tax hikes — all long-desired progressive wish-list items. “The Inflation Reduction Act is also the most significant investment ever in climate change,” Biden stated during his speech, “As if this sentence was made”. Any sense.

Sometimes, presidents are wrongly blamed for economic events that were not their fault. Inflation is no accident. Democrats invested hundreds of billions in a hot economy (in this instance, the “infrastructure” bill (with the support of Senate Republicans) and aggravated problems that were foreseeable with policies that Disincentivize work Subcut energy production. This led to the largest inflation rise since 1982. The inflation rate is still at an all-time high. Consumers still rely on a variety of products that are atypically costly. Fears of further price increases have begun to seriously undermine consumer confidence.

Biden lied about that “25 percent” The previous administration incurred most of the national debt. However, the majority of the debt was driven by entitlement programmes that were passed, expanded and cherished by Democrats. He also misled the nation, claiming that his administration had “cut the deficit by more than $1.7 trillion — the largest deficit reduction in American history,” These are actually the ones “cuts” were sunsetting pandemic emergency spending that Democrats had complained wasn’t enough.

Biden went into his well-worn platitudes and myths about how the rich don’t pay taxes — “[n]o billionaire should be paying a lower tax rate than a school teacher or a firefighter!” — and proposed higher rates on the wealthy and corporations. He also promised to micromanage and regulate the economy, imposing a series of regulations on voluntary contracts between employers and employees as well as consumers and businesses.

Biden pleaded with Congress to pass the PRO ActThe bill would give the government the power to impose unions on workers and businesses. Biden hawked an entire menu of crude economic populism — including price controls and protectionist trade policies that would undermine growth, competition, job creation, and innovation while driving up the cost of virtually every construction project in the country.

There were many lies, half truths, and deceptions. A slew antiquated economic ideas was used and sloganeering was employed. But, surely, the president’s biggest lie of the night was to claim, “I’m a capitalist.”