According to Michelle Cordero of Heritage, the economy is getting worse.
I have to agree with her assessment.
Even as the Biden administration continues to say otherwise, things are not getting better.
Americans are feeling the pain at the pumps and grocery stores, paying more in utilities just to stay warm, and inflation is at a 40-year high at 9.1%. The cost of everyday staples also increased. The price of eggs went up 33.1%, meat 8.2%, gasoline 59.9%, used cars 7.1% and air travel 34.1%. This is all in addition to supply shortages. The economy is flashing huge red warning signs.
So why is the Biden administration saying the economy has never been better? What are they looking at?
Eighty-two percent of Americans, according to New York Times poll, say the country’s headed in the wrong direction. And it is. It is headed in the wrong direction.
Americans just lived through a stock market crash where the economy’s lost $8 trillion in savings.
Job growth is definitely slowing. And so, over the last few months, we’ve seen there’s fewer Americans working today than there were three months ago.
Home sale cancellations hit its highest rate since the start of the pandemic. What does that tell us? You’ve got record low affordability, so people can’t afford the prices of the houses, and then you have rising mortgage rates.
And what about wages? What’s killing the economy and killing families right now is that for roughly the last year or 14 months or so, inflation is up about 8% and wages are up about 5%. So that means families in real terms are 3% poorer than they were when Biden came into office.
The match that lit the forest fire of this high inflation was the runaway spending that happened. And it was the last year of Trump and the first year and a half of Biden where we spent three and a half trillion dollars we didn’t have.
The country needs a pro-growth agenda to an increase in the supply of goods and services. We aren’t going to get that by raising taxes and regulations. We need a pro-American energy policy, and we need to be cutting taxes. And we need government spending under control.
The country is in a precarious position – we’re in a really dangerous spot right now. We have to turn things around.