Along with a working vaccine, Joe Biden inherited a V-shaped economic recovery, but he is now planting the seeds of its destruction.
Inflation, federal deficits, high taxes, incentives for workers to stay home, and incentives to avoid investment – they’re all coming back. Together, these elements create the perfect brew for a Lyndon Johnson-style stagflation.
When Biden entered office, he promptly nixed the Keystone XL Pipeline.
Afterwards, workers on the system protested the loss of jobs. Attorneys General from the impacted states explored their legal options.
Sadly, however, the economic impact of lost jobs and decreased gas production looks like it will be a hallmark of the current administration as the developer has now abandoned the project.
Democrat, Liberal, Incompetence, Financial, Oops, Biden
Consumer sentiment in the U.S. has unexpectedly decreased in the month of May, according to preliminary data released by the University of Michigan on Friday.
The report showed the consumer sentiment index dropped to 82.8 in May from 88.3 in April. The decrease surprised economists, who had expected the index to rise to 90.4.
"Consumer confidence in early May tumbled due to higher inflation--the highest expected year-ahead inflation rate as well as the highest long term inflation rate in the past decade," said Surveys of Consumers chief economist Richard Curtin.
In a recent interview with Ezra Klein of the New York Times on the legacy of his presidency, former President Barack Obama praised President Biden and his administration for "essentially finishing the job"...
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