President Joe Biden has insisted on social media that his economic track record is the strongest of any president in the past half-century.
“We’re ending 2021 with what one analyst described as the strongest first-year economic track record of any president in the last 50 years,” Biden wrote. “Let’s keep the progress going.”
The claim has brought scorn from Republican lawmakers and American consumers who are experiencing the worst inflation in over 40 years.
“This is, again, a reason to note the failures of this administration, because why do we have inflation in the first place?” he asked. “Well, its Democrat lockdowns primarily. Democrat lockdowns caused permanent disruptions to our supply chains and production capabilities. That’s what’s happening right now. “
The Back-To-Normal Index — a CNN Business and Moody’s Analytics project that is tracking states’ recoveries from COVID-19 and the lockdown-induced recession — reveals that states with zealous virus mitigation policies are lagging in economic growth. New York currently bottoms out the list, while South Dakota, which never enacted lockdowns, currently leads the list.
In March, when the economy was already nearing a full recovery, Biden approved the $1.9 trillion American Rescue Plan. Republican Rep. Kevin Brady of Texas, the ranking member of the House Ways and Means Committee, said the legislation’s $300-per-week enhanced federal unemployment insurance contributed to persistent labor shortages.
“It’s certainly slowing our recovery and contributing to both slower deliveries and higher prices all up and down the supply chain,” he said. “Companies of all sizes simply can’t find the workers they need, whether they’re retailers, restaurateurs or production lines — this is inevitable when you pay four out of 10 Americans more to stay home than to work.
“The time for emergency spending is over, and Washington cannot become the ‘Olive Garden’ of never-ending government checks, which is now becoming expected by too many Americans,” he stated.
–Alan Goforth | Metro Voice