Earlier this week, President Joe Biden lauded his economic track record as the “strongest” of any commander-in-chief 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.”
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.
Let’s keep the progress going.
— President Biden (@POTUS) December 29, 2021
Biden was widely mocked online, given the continuation of a crippling supply chain crisis and surging levels of inflation.
- Charles V Payne: “With all due respect. I know your PR team believes in ABC (always be closing) but its not working. Consumer sentiment has crashed as inflation has skyrocketed. Moreover, you won’t get another $5.0 trillion tailwind so please stick with low taxes and regulations you inherited.”
- Jon Concha: “Ron Klain appears to have been provided access to the POTUS account…”
- Greg Price: “Which one was the analyst,” posted alongside images of various celebrities, social media influencers, and singing nurses who have recently partnered with the Biden administration.
- Michael Berry: “Joe Biden has jokes.”
- Tim Murtaugh: “‘one analyst’ … Ron Klain doesn’t count.”
- Eddie Zipperer: “No political spin in the world is going to trick people into thinking they have more money in their wallets than they actually have.”
- Rep. Tom Tiffany: “I didn’t realize April Fools’ Day was in December this year.”
- James DePorre: “I did not realize that Kamala Harris was an analyst.”
- Scott Presler: “You walked away from COVID. You never had a plan.”
Despite Biden’s claims, economists are slashing their growth forecasts for next year, in part because of the rapid spread of the Omicron variant, despite Biden’s earlier promise to “shut down the virus.”
According to The Wall Street Journal, Moody’s Analytics chief economist Mark Zandi downgraded his first-quarter GDP prediction for the United States from 5.2% to 2.2%, as he “can see the economic damage mounting going into the first quarter.” He noted reductions in travel spending, as well as the cancellation of arts and entertainment events.
Meanwhile, Larry Summers — who worked as Treasury Secretary under the Clinton administration and National Economic Council director under the Obama administration — said during an interview with Bloomberg that the Federal Reserve’s recent monetary policy taper came far too late, and shared fears that the United States has produced an inflationary environment that will require a recession to escape.
“If I thought we could sustainably run the economy in a red-hot way, that would be a wonderful thing, but the consequence — and this is the excruciating lesson we learned in the 1970s — of an overheating economy is not merely elevated inflation, but constantly rising inflation,” Summers said. “That’s why my fear is that we are already reaching a point where it will be challenging to reduce inflation without giving rise to recession.”
“I’m surprised by how low long-term interest rates are,” Summers continued. “Markets are foreseeing that we will do what’s necessary to contain inflation — and that process will be quite contractionary.”
Ian Haworth is an Editor and Writer for The Daily Wire. Follow him on Twitter at @ighaworth.
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