Staff Reports
The markets experienced a significant plunge following the recent release of dismal economic data from the U.S. manufacturing sector, coupled with an even more disappointing July jobs report. The numbers were so grim that past months’ figures were revised downward, and the unemployment rate has surged to a not-so-comfortable 4.3 percent. Affectionately, the word ‘recession’ is back in the national conversation, with the Fed possibly contemplating an ‘emergency’ rate cut to save face. Like a toddler throwing a tantrum in the cereal aisle, the stock market reacted dramatically, leaving Americans to grapple with the harsh reality of rising prices and looming economic doom.
Thanks to the inflationary policies of the current administration, particularly the whims of Biden and Harris, the cost of living has skyrocketed by approximately 20 percent across the board. This means that whether it’s groceries or gas, Americans are feeling the pinch like never before. The idea of a recession isn’t merely a gloomy forecast anymore; it’s a very real threat hanging over the heads of citizens who have been cautioned against the reckless spending spree that has characterized Bidenomics.
Kamala Cackles: 'We Are Very Proud of Bidenomics' https://t.co/ihAmKXGFcl
— Dominick M Carella (@DominickCarella) August 7, 2024
While Kamala Harris can’t help but show pride in her handling of the economy, it’s hard not to snicker at the situation. She has thrown her weight behind these policies, and one has to wonder whether that pride is turning into a bout of good old-fashioned denial. After all, if she and President Biden are both to be believed, they’veSingle-handedly “cured” the economy, which certainly puts a unique spin on the current state of affairs. Yet, with the president’s approval rating on the economy plummeting by over 20 points, the only thing that might be getting “cured” is any hope of a smoothly functioning economy.
Despite the glaring evidence of economic mismanagement staring them straight in the face, both Biden and Harris appear content to play economic whack-a-mole instead of confronting the issues directly. Harris is particularly fond of touting the benefits of Bidenomics, endorsing initiatives that many consider monumental blunders. Meanwhile, if someone were to scratch the surface of these pricey plans, they’d find just a handful of results to show for the billions spent. For instance, after doling out $42 billion for rural broadband, not a single home has been connected three years later, proving that when it comes to effective government spending, the current administration is as reliable as a broken clock.
If Kamala’s ambitions took full flight, one could only imagine the scale of disaster. When Biden was busy locking in a modest $1 trillion in new spending, Harris was advocating for an astonishing $4 trillion. Even Biden presumed that might be a tad excessive, a rare moment of sanity in an otherwise chaotic policy landscape. And in the grand scheme of things, the prospect of the Green New Deal and healthcare reform under her watch could cost an estimated $10 trillion annually—an amount that even a spending-addicted Washington could only fantasize about.
So, as this economic earthquake sends tremors through the country, the spotlight falls uncomfortably on the duo leading us. Economic progress is far from their repertoire, but spending taxpayer money? Now that’s a skill honed to perfection.
