The PAC-Perspective by Ted Flint
The federal government’s recent economic report leaves no doubt that if Build Back Better continues unabated, America’s economy will crumble. “We’re following my blue-collar blueprint to rebuild America,” crowed our fearless leader. Time to scrap the blueprint.
The economy grew an anemic 1.6 percent the first three months of the year, far below the 2.4 percent many economists predicted. Factor in rising prices and surging inflation and you’ve got an economy on the rocks. Is that how you build an economy Mr. President? First of all, the private sector builds an economy. Government actions can only aid or impede that process, and judging by the numbers, the latter is closer to reality.
Just how much have prices spiked in recent months? Personal Consumption Expenditures (PCE) , a key metric of rising prices, is up 3.7 percent in the first quarter of 2024. That figure DOES NOT include food and energy. When you factor in the off-budget giveaways, including tens of billions of dollars in “forgiven” student loan debt (forgiven by whom?) inflation creeps even higher.
Many of the President’s apologists have been cherry picking the numbers and telling us how great the economy is doing, but the American people aren’t buying it. Inflation began to rocket immediately after passage of the American Recovery Act. You don’t need a PHD in Economics to figure out that when you increase the money supply you deflate the value of the currency.
This Regime continues to plunder the savings of the American people by flooding the system with money, which as Fed Chairman Jerome Powell admitted to CBS, is done digitally; the government buys treasury bills, bonds, or other government-guaranteed securities. The currency is then printed and distributed through federal reserve banks.
Cutting taxes and reducing regulations has been proven to be the most effective way to spur economic growth and entrepreneurship. But Biden and his cadre of Keynesians think the government can spend us into prosperity.
Sleepy Joe has fulfilled at least one campaign promise: he has attempted to engineer the demise of the fossil fuel industry. His caving to the radical green movement by drastically cutting back on drilling on federal lands while pouring in billions of taxpayer dollars into more costly and less reliable sources of energy such as wind and solar, has driven up energy prices to nearly twice what they were under President Trump.
The American public can’t afford any more “recoveries “like this one.
Economic conditions decide most presidential contests, and this one will be no different.