{"id":1606066,"date":"2022-08-15T07:17:45","date_gmt":"2022-08-15T11:17:45","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1606066"},"modified":"2022-08-15T07:18:15","modified_gmt":"2022-08-15T11:18:15","slug":"ny-post-editorial-board-bidens-created-our-bad-new-normal-and-hes-loving-it","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ny-post-editorial-board-bidens-created-our-bad-new-normal-and-hes-loving-it\/","title":{"rendered":"NY Post Editorial Board: Biden\u2019s Created Our Bad New Normal, and He\u2019s Loving It"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/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%2Fny-post-editorial-board-bidens-created-our-bad-new-normal-and-hes-loving-it%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=1606066&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--><div><img decoding=\"async\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/biden-economy.jpg?quality=75&#038;strip=all&#038;w=1024\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>President Joe Biden last week claimed not only that July\u2019s 8.5% inflation <a href=\"https:\/\/nypost.com\/2022\/08\/10\/biden-wh-claims-us-has-zero-inflation-despite-high-rate\/\">is \u201cgood economic news,\u201d<\/a> since it\u2019s less than June\u2019s 9.1% rise in the Consumer Price Index. He also crowed that such \u201csuccess\u201d is \u201cwhat happens . . . when you build an economy from the bottom up and the middle out.\u201d<\/p>\n<p>That is, he\u2019s arguing that he\u2019s building the economy he <em>wants <\/em>\u2014 despite a few bumps on the road caused by Vladimir Putin and other evil-doers. Problem is, if it doesn\u2019t deliver the miracles he imagines, he has instead stuck the nation in a grim \u201cnew normal\u201d of economic stagnation.<\/p>\n<p>Notably, the \u201cgood\u201d inflation news was followed Thursday by word that new <a href=\"https:\/\/nypost.com\/2022\/08\/11\/jobless-claims-rise-again-hit-highest-level-since-november\/\">unemployment applications continue to creep up<\/a>; they\u2019re now at the highest level since November.<\/p>\n<p>Yes, the economy added 528,000 jobs last month, to <em>finally <\/em>exceed the total before COVID hit in early 2020. But that\u2019s with a larger working-age population, and (most troubling) a smaller share of that population employed or at least looking for work.<\/p>\n<p>And, crucially, with real wages <em>declining<\/em> as inflation exceeds annual raises and other nominal gains. (Another fact Biden ignores as he brags that \u201cwages are up.\u201d)<\/p>\n<aside class=\"single__inline-module alignright\">\n\t<\/aside>\n<p>Also, the slight easing last month is chiefly about gasoline prices dropping to a still-nosebleed near $4-a-gallon, and <em>that <\/em>largely because people cut back on driving, reducing demand.<\/p>\n<p>They can\u2019t cut back much further: America\u2019s already down to the miles-driven level of the pandemic summer of 2020. Grocery prices, too, rose 1.3% in July and are up <em>13.1%<\/em> from last year, their fastest pace of increase since 1979.\u00a0<\/p>\n<p>Plus: Core CPI, which excludes volatile food and energy prices, stayed unchanged at an annual rate of 5.9%, so underlying inflationary pressures are <em>still <\/em>going strong. And producer price inflation, 9.8% for the 12 months ending in July, ensures more future pain for consumers.\u00a0<\/p>\n<aside class=\"single__inline-module alignleft\">\n\t<\/aside>\n<p>All this \u201cgood economic news,\u201d don\u2019t forget, comes at a moment when the United States is in a recession. <\/p>\n<p>Yes, Team Biden and its enablers insist suddenly that two straight quarters of economic shrinkage no longer define a recession, just as they gave us an \u201cInflation Reduction Act\u201d that they <em>admit <\/em>does nothing to reduce inflation \u2014 but will raise taxes, further slowing the economy. <\/p>\n<p>And last year they gave us an \u201cAmerican Recovery Act\u201d that did nothing for the private-sector economy but <em>did <\/em>start the inflationary cycle that they for months insisted was \u201ctransitory.\u201d We\u2019ve now had 15 months in a row of CPI above 5%, and it\u2019s not getting below that any month soon. <\/p>\n<p>It\u2019s all proof, says Biden, that \u201cthe economic plan is working.\u201d\u00a0<\/p>\n<p>If this is \u201cworking,\u201d we\u2019d hate to see \u201cnot working.\u201d But we expect no less from the author of our new normal, who\u2019s as divorced from reality on the economy as he is on everything else.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden last week claimed not only that July\u2019s 8.5% inflation is \u201cgood economic news,\u201d since it\u2019s less than June\u2019s 9.1% rise in the Consumer Price Index.<\/p>\n","protected":false},"author":1,"featured_media":1606265,"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-1606066","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\/1606066","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1606066"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1606066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1606265"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1606066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1606066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1606066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}