War Is Peace
Freedom Is Slavery
Ignorance Is Strength
Axios reports that President Biden is preparing to run aggressively for re-election on the economy. His plan is to focus on the GDP which is 26.1T while we have a nearly 32T debt and ran a 1.38T deficit in 2022. He will also run on the low unemployment numbers.
Biden will aggressively ride on an alleged ‘healthy economy.’ Can they hold off a deeper recession or pretend there is no recession until 2024?
Biden, who hasn’t made a formal decision to run for re-election, will on Tuesday take his message of economic optimism to Virginia Beach, where he’ll also hammer Republicans for wanting to repeal his signature Inflation Reduction Act.
The Inflation Reduction Act returns almost unfettered power over the energy sector to the EPA.
He will accuse Republicans of wanting to increase health care costs.
Next week, he’ll emphasize his plans to cut deficit spending by $2 trillion over 10 years. As we said, he’s running a 1.38T deficit.
“We’re very proud of the 12 million jobs created since the president took office,” Bharat Ramamurti, the deputy director of the National Economic Council, told Axios.
We lost 20 million jobs during the pandemic. Republicans can aggressively run on that.
“We think the underlying numbers about consumer spending and business investment are also positive,” Ramamurti said. “They show that people have a lot of confidence in their financial condition and where the economy is headed.”
“As we’ve always said, we expect there to be some bumps along the way as we transition to steady and stable growth.”
A Sunday poll from Fox News shows that 62% of respondents disapprove of Biden’s handling of the economy, while 36% approve. On inflation, 66% disapprove and 31% approve.
Those numbers echo a Washington Post-ABC News survey from late January in which 41% of Americans said they were not as well off financially compared to when Biden took office. 16% said their prospects have improved.
While Axios says Biden doesn’t control the economy in these times, they ignore the restrictions he has placed on energy that has caused record high inflation. Gas and home fuel are as much as fifty percent higher than under Donald Trump.
The CPI and PPI are running hot. Inflation runs hot.
The Consumer Price Index (CPI), a measure of how inflation goes, reflects price increases without food and energy. It went up 5.6% in January.
The PPI or Producer Price Index measures the selling prices. PPI for final demand advanced 0.7% in January; goods rose 1.2%, and services increased 0.4%.
The stock market is down over 2% under Biden.
Goldman Sachs CEO David Solomon says he thinks inflation will be sticky and “anyone running a business has to be prepared for kind of a bumpy 12-18-24 months.” https://t.co/IgGyEff9Np pic.twitter.com/Rs6rcYwmhK
— CNBC (@CNBC) February 28, 2023