{"id":1570945,"date":"2022-07-26T07:35:24","date_gmt":"2022-07-26T11:35:24","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1570945"},"modified":"2022-07-26T07:35:39","modified_gmt":"2022-07-26T11:35:39","slug":"bidens-economic-delusions-and-deceptions-snub-struggling-families","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-economic-delusions-and-deceptions-snub-struggling-families\/","title":{"rendered":"Biden\u2019s Economic Delusions And Deceptions Snub Struggling Families"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidens-economic-delusions-and-deceptions-snub-struggling-families%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1570945&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>You know the Biden administration realizes the political soup it finds itself in when White House officials try to discount a report a week before its release. A <a href=\"https:\/\/www.whitehouse.gov\/cea\/written-materials\/2022\/07\/21\/how-do-economists-determine-whether-the-economy-is-in-a-recession\/\">blog post<\/a> by the Council of Economic Advisers published last Thursday attempted to do just that.<\/p>\n<p>This Thursday, the federal Bureau of Economic Analysis will release its advance estimate of second-quarter gross domestic product (GDP) for the quarter that ended June 30. With previously released data showing that GDP <a href=\"https:\/\/www.bea.gov\/news\/2022\/gross-domestic-product-third-estimate-gdp-industry-and-corporate-profits-revised-first\">shrank by 1.6<\/a> percent in the first quarter, and many <a href=\"https:\/\/www.atlantafed.org\/cqer\/research\/gdpnow\">projections<\/a> estimating negative growth in the second as well, the report could confirm two straight quarters of negative economic growth\u2014the technical definition of a recession.<\/p>\n<p>The White House wants to minimize these data points as a mere distraction. But the way in which they would ignore the suffering faced by millions of American families demonstrates an administration out of touch with the middle-class Biden claims to represent.<\/p>\n<h2>A \u2018Strong\u2019 Economy\u2014Really?<\/h2>\n<p>The White House blog post tried to rebut the notion that two-quarters of negative growth constitutes a recession, calling that metric \u201cneither the official definition nor the way economists evaluate the state of the business cycle.\u201d The administration instead claimed that assessments of the economy should take \u201ca holistic look at the data,\u201d and that, due to \u201cone of the strongest labor markets on record and an elevated stock of household savings,\u201d the economy likely continues to grow.<\/p>\n<p>White House economists can discuss \u201cthe state of the business cycle\u201d all they want, but how do <em>families<\/em> evaluate such claims? Most families would logically rate the economy based on the state of their own personal finances. And on that front, American households have spent the past year getting kicked in the teeth.<\/p>\n<p>The <a href=\"https:\/\/www.bls.gov\/news.release\/archives\/realer_07132022.pdf\">most recent data<\/a> from the Bureau of Labor Statistics shows that, over the past year, average real (i.e., after inflation) hourly earnings have declined by 3.6 percent. Worse yet, real weekly earnings have declined by 4.4 percent. And as the below chart demonstrates, families have lost more ground in the past few months, as inflation and rising gas prices eat away at more and more of their earnings:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"315\" src=\"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2022\/07\/26073533\/5dHjMGH0kzag9JjYquX3kknL9XxzHQDPOLNTPKsImGungh5zmyL0ov8U7Nl_NePcYjRn_hE9zOvtXqORGCPhoA0AbAFXMv1VgAYRRSQALoEUmlAuQOKprVYx5I6DU0Gx0suyrPjKt7XoZ1Jklg\" alt=\"image\" \/><\/p>\n<p>Only an economist\u2014or an out-of-touch Washington politician\u2014could claim that an economy where the average paycheck stretches less and less each week represents anything other than a massive policy failure.<\/p>\n<h2>Biden Owns this Economy<\/h2>\n<p>Biden and the administration continue to duck and dodge blame for the economy\u2019s sorry state. When the first quarter\u2019s GDP numbers showed negative growth, the president tried to slough them off as caused by \u201ctechnical factors.\u201d Even the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-28\/biden-hears-stagflation-cry-answers-with-technical-factors\">left-wing media<\/a> couldn\u2019t help but consider that response as tone-deaf as last year\u2019s excuse that higher inflation would prove \u201ctransitory.\u201d (News flash: <a href=\"https:\/\/thefederalist.com\/2022\/03\/16\/polls-show-bidenflation-is-killing-democrats-with-minority-voters\/\">It didn\u2019t<\/a>.)<\/p>\n<p>The reality shows how Biden owns this record of economic failure in myriad ways. Last year, even Democrats such as former Treasury Secretary Larry Summers <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2021\/02\/04\/larry-summers-biden-covid-stimulus\/\">warned<\/a> that the administration\u2019s spending spree under the guise of \u201cCovid relief\u201d would stoke inflation. Biden and the left, desperate to achieve all the big-government spending plans they have long sought, ignored those warnings\u2014and the American people have paid the price.<\/p>\n<p>The administration tried to punt responsibility for curbing inflation to the Federal Reserve, but Biden himself just <a href=\"https:\/\/thefederalist.com\/2022\/06\/06\/why-joe-bidens-inflation-plan-will-only-make-americans-more-miserable\/\">re-nominated Jerome Powell<\/a> for another term as Fed chairman. Given that one of his predecessors, Ben Bernanke, <a href=\"https:\/\/thehill.com\/policy\/finance\/3490034-bernanke-feds-slow-response-to-inflation-was-mistake\/\">admitted<\/a> that Powell made a \u201cmistake\u201d by failing to recognize the spike in inflation last year, why on earth would Biden keep the captain who couldn\u2019t <a href=\"http:\/\/wordpress.juniperresearchgroup.com\/2021\/11\/17\/how-the-federal-reserve-keeps-stoking-inflation\/\">spot the proverbial iceberg<\/a> at the helm of the ship?<\/p>\n<p>Biden and the White House have tried to blame Vladimir Putin\u2019s invasion of Ukraine for the spike in gas and food prices. But beyond the fact that <a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/putins-price-hike-began-long-before-russian-invasion-of-ukraine-data-show\">gas prices started rising<\/a> well before Putin launched his invasion, Biden\u2019s weakness\u2014from the disastrous withdrawal from Afghanistan to talk of doing nothing if Putin went ahead with a \u201c<a href=\"https:\/\/www.msn.com\/en-us\/news\/world\/biden-s-minor-incursion-comment-roils-diplomatic-efforts-to-halt-russian-invasion-of-ukraine\/ar-AASZeHp\">minor incursion<\/a>\u201d\u2014only helped spur on the Russian invasion that has caused global economic shocks.<\/p>\n<p>Conversely, the administration is now attempting to take credit for a <a href=\"https:\/\/www.msn.com\/en-us\/money\/markets\/average-us-gasoline-price-falls-32-cents\/ar-AAZVszE\">modest decline in gas prices<\/a> in recent weeks. But that decline in gas prices stems in large part from a global reduction in the price of crude oil, due to <a href=\"https:\/\/www.reuters.com\/markets\/europe\/oil-dips-investors-torn-by-tight-supply-worries-recession-fears-2022-07-08\/\">fears of a recession<\/a>. If Biden wants to take credit for this slight fall in gas prices to \u201conly\u201d $4.50 a gallon, does that mean he also wants to take \u201ccredit\u201d for \u201cleading\u201d the economy into such a situation that most experts consider a recession anywhere from likely to inevitable? (For that matter, will he also take the \u201ccredit\u201d for having increased gas prices from <a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/putins-price-hike-began-long-before-russian-invasion-of-ukraine-data-show\">roughly $2.31 a gallon<\/a>\u2014no, that\u2019s not a typo\u2014when he took office?)<\/p>\n<p>As the old saying goes, coming to grips with a bad situation involves first admitting that you have a problem. Rather than admitting the damage their feckless and spendthrift policies have inflicted on millions of families nationwide, the White House and the professional left keep deflecting and denying responsibility for this economic debacle. Their efforts not only fail to recognize the harm the middle-class faces every day from this administration\u2014they also insult the intelligence of the American people to boot.<\/p>\n<hr class=\"wp-block-separator\" \/>\n<p>\n  Mr. Jacobs is Founder and CEO of Juniper Research Group and the author of the book The Case Against Single Payer. He is on Twitter: @chrisjacobsHC.<\/p>\n<div class=\"article-comments mt-30 mt-sm-60\">\n<div class=\"article-comments-container d-flex flex-column align-items-center py-30\">\n    <img loading=\"lazy\" decoding=\"async\" width=\"110\" height=\"106\" src=\"https:\/\/thefederalist.com\/wp-content\/uploads\/2021\/12\/fdrlst-mark.svg\" class=\"img-fluid mb-20\" alt=\"The Federalist logo eagle mark\" \/>    <\/p>\n<p>Unlock commenting by joining the Federalist Community.<\/p>\n<p>    <a href=\"https:\/\/thefederalist.com\/plans\/pricing\/\" class=\"btn btn-on-white\">Subscribe<\/a>  <\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>You know the Biden administration realizes the political soup it finds itself in when White House officials try to discount a report a week before its release. A blog post<\/p>\n","protected":false},"author":1164,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1570945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1570945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1164"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1570945"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1570945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1570945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1570945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1570945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}