Don’t Fall for Biden’s Fractured Financial Coverage Fairy Tales

Like Nero bragging about rebuilding Circus Maximus after burning it down, President Joe Biden took to the rostrum Tuesday night time to take credit score for fixing a slew of issues he helped create.

On the prime of his State of the Union deal with, the president boasted that he had “extra jobs created in two years than any president has created in 4 years.”

No president—not Joe Biden, nor Donald Trump—creates jobs. However Biden’s competition was exceptionally deceptive, contemplating he inherited an economic system that had been unplugged by a man-made, state-induced shutdown. If the federal government compels companies to shutter, it doesn’t “create” jobs when permitting them to open.

On multiple event throughout the night time, a mercurial Biden contended that COVID-19 had shut down the economic system. No, states did. Politicians did.

Biden was an aggressive proponent of these shutdowns. In the course of the 2020 presidential marketing campaign, the president frequently attacked Republican governors for opening too early and for ignoring federal well being officers. Even in August 2021, after it was clear that shutdowns hadn’t saved any lives, Biden was nonetheless criticizing Florida Gov. Ron DeSantis for rejecting a brand new spherical of COVID-19 authoritarianism, telling him to “get out of the best way” of these attempting to “do the appropriate factor.”

Three years in the past, the unemployment price was at 3.5%. Right now, Biden reminded us that it was at a historic low of three.4%. Greater than 30 million folks misplaced their jobs to COVID-19 lockdowns. Biden claims to have “created” 12 million jobs throughout the previous two years. The one huge distinction is that the labor-participation price nonetheless hasn’t recovered to pre-COVID-19 numbers. It’s nice that individuals are working once more. However hundreds of thousands fewer are out there for jobs.

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Biden additionally boasted that People had been seeing “close to” historic unemployment lows for black and Hispanic employees. These historic lows had been achieved earlier than COVID-19 lockdowns. So, if Biden deserves credit score for this, doesn’t Trump? In fact, there isn’t a particular Biden financial coverage that introduced us near-historic unemployment lows for minorities or an unemployment price 0.1% decrease than the earlier administration.

Washington wasted trillions of {dollars} propping up an economic system that it beforehand shut down.

Talking of spending, Biden claimed that the preposterously misnamed “Inflation Discount Act,” which you would possibly recall was initially known as “Construct Again Higher,” had helped alleviate spiking costs. Solely when inflation grew to become “non-transitory,” and a politically problematic subject, did Biden start arguing that extra spending would mitigate inflation.

And solely then did Democrats rename their invoice, which was full of the identical spending, company welfare, value fixing, and tax hikes—all long-desired progressive wish-list objects.

“The Inflation Discount Act can be essentially the most important funding ever in local weather change,” Biden stated throughout his deal with, as if this sentence made any sense.

Presidents are sometimes unduly blamed or given credit score for financial occasions past their management. However it’s no accident inflation took off as Democrats pumped tons of of billions right into a sizzling economic system (within the case of the “infrastructure” invoice, with the assistance of Senate Republicans) and aggravated foreseeable issues with insurance policies that disincentivize work and undercut power manufacturing.

All this led to the largest inflation spike since 1982. We’re nonetheless at historic highs. A slew of merchandise that customers depend on nonetheless stay atypically costly, and fears of further value hikes have began to significantly corrode shopper confidence.

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Biden lied that “25%” of the nationwide federal debt was incurred by the earlier administration, when most of that debt was pushed by entitlement applications handed, expanded, and revered by Democrats.

And he misled the nation by claiming that his administration had “lower the deficit by greater than $1.7 trillion—the most important deficit discount in American historical past,” when, actually, these “cuts” had been sunsetting pandemic emergency spending that Democrats had complained wasn’t sufficient.

Biden then went into his well-worn platitudes and myths about how the wealthy don’t pay taxes—”no billionaire needs to be paying a decrease tax price than a schoolteacher or a firefighter!”—and proposed greater charges on the rich and firms. He additionally promised to micromanage the economic system with a slew of latest rules that may intrude in voluntary contracts struck between staff and employers and shoppers and companies.

There have been quite a few lies, half-truths, and deceptions. There was a slew of antiquated financial concepts and sloganeering. However, absolutely, the president’s greatest lie of the night time was to assert “I’m a capitalist.”

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