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Biden Admin Compares Current Economy To Trump’s First Year

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Joe Biden Trump

White House chief of staff Ronald Klain misleadingly compared the number of jobs created during former President Trump’s first year to the number of jobs created during President Biden’s first five months on Friday, the day after the White House embarrassingly claimed the “Biden economic plan is working.”
Klain, citing a January 2018 Washington Post article that showed how much better Trump’s economy performed in its first year compared to his predecessors, decided to tweet, “Trump’s first-year jobs record: 1.8 million new jobs. Biden’s first FIVE months: 3 million new jobs.”


For some reason, Klain neglected to mention that the jobs added during Biden’s first five months were added as a result of the ending of the pandemic and have been consistently less than economists have projected as a result of Biden’s policies. For example, after Biden passed his American Rescue Plan which increased the payments people would receive for staying unemployed, the economy added nearly 750,000 jobs less than expected. Forbes
reported, “The United States added 266,000 jobs in April, according to data released by the Labor Department Friday—much worse than the 1 million job gains economists expected and far fewer than the 916,000 jobs added in March, indicating that the long-tepid labor market recovery is slowing down again even as stocks and corporate earnings rip higher.”

“Some economists say, employers, particularly in the restaurant and entertainment industry, have been struggling to find workers because Biden’s relief package which included extended pandemic benefits for the unemployed, is deterring some workers from returning to their old job or seeking out a new position,” NBC News wrote in May 2021, adding, “Bank of America estimates that for those who were earning less than $32,000 a year before the pandemic, unemployment pays more than their former job. And, the bank estimates, that could keep 1 million people out of the workforce.”

In comparison to the consistent underperformance of the Biden economy, the Trump economy consistently overperformed. In just one example, a Wall Street Journal article wrote, “Before Mr. Trump took office in January 2017, the Congressional Budget Office forecast the creation of only two million jobs by this point. The economy has in fact created seven million jobs.”

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4 Comments

4 Comments

  1. Marcia

    July 5, 2021 at 10:23 am

    Klain’s comments are typical of this administration and the media- tell people what they want to hear that makes the deliverer look great. Everyone is guilty of this. No one tells the whole truth any more. Trump’s “loss” was victim of the pandemic which should never have been politicized. The Left has out-thought, out-manuvered, and out-schemed the Conservatives. Now the conservatives have to play catch-up – again. Thanks to Trump our stock portfolio continues to earn money. On the other hand, one of our renters cannot pay her rent due to witless Whitmer and Biden continuing to pay people more than if they were working. And Michigan is behind by 4 unemployment checks to her, also. Thanks a lot, Biden and crew, for nothing.

  2. Susan

    July 5, 2021 at 11:53 am

    What do you expect from this administration lies, lies, and more lies.

  3. NCPatriot

    July 5, 2021 at 1:40 pm

    Absolutely amazing! The audacity of this inept, un-American band of pathological liars. Their destruction has yet to be realized in its entirety. IF all of our news sources were honest & unbiased, the whole lot of them would have been gone by now!

  4. Susan

    July 5, 2021 at 5:47 pm

    Biden is NOT of sound mind. He does ONLY what his puppeteers tell him to do. Is desperate ly in need of a competency rest by a totally neutral doc

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Economy

Inflation Spiked 7% Past Year, Highest Since 1982

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With a 7% spike from last year, inflation has increased at its fastest pace in 40 years. On Wednesday, the labor department reported its measure of inflation “that excludes volatile food and gas prices jumped 5.5% in December, the fastest such increase since 1991. Inflation rose 0.5% overall from November, down from 0.8% the previous month” reports the Associated Press.

National Review reports “the consumer price index, a major inflation gauge, for all items surged 0.5 percent for the month and 7.0 percent for the last twelve months ending in December, representing the largest annual spike since June 1982, when inflation hit 7.1 percent.”

Housing prices and used cars and trucks contributed the most weight to the all items surge. But prices for cars, gas, food and furniture all rose sharply as part of a rapid recovery from the pandemic recession, “that was fueled by vast infusions of government aid and emergency intervention by the Fed, which slashed interest rates.”

Federal Reserve Chair Jerome Powell testified before the Senate Committee on Banking, Housing, and Urban Affairs Tuesday, warning monetary policy is constrained in its power to curb inflation by the current “era of persistently low interest rates.” Ordinarily, the Fed can hike rates to slow down an overheating economy.

“Recovering from the pandemic, the economy has rebounded well but a bit too fast for many moving parts to catch up to, Powell noted, as supply chains still struggle to meet demand across consumer sectors, resulting in inventory shortages on store shelves and prolonged shipping delays” reports National Review.

“The economy has rapidly gained strength despite the ongoing pandemic, giving rise to persistent supply and demand imbalances and bottlenecks, and thus to elevated inflation. We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing, and transportation,” said Powell.

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Economy

Federal Debt Equals Roughly $287,859 Per Income-Tax-Paying Household

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National Debt Clock
National Debt Clock

The Biden administration wants to increase any taxes they can get their grubby hands-on, and CNS News explains why: because they need it. In an analysis, CNS writes about how as Congress “worked in recent days to increase the legal limit on the federal debt, the Treasury kept that debt artificially frozen at approximately $28.9 trillion, where it stood at the beginning of this week.”

With the limit lifted, the federal debt will increase, “then keep steadily climbing, constantly increasing the burden on future taxpayers.” Here’s the analysis:

In 2018, according to the last complete annual report on individual income tax returns published by the Internal Revenue Service, there were 100,424,240 households in the United States that filed what the IRS calls a “taxable return.” “The taxable and nontaxable classification of a return for this report is determined by the presence of ‘total income tax,'” explained the IRS.

“‘Total income tax,'” it said, “was the sum of income tax after credits.”

In other words, the 100,424,240 households that filed a “taxable return” in 2018 actually paid income taxes to the federal government.

If you divide the $28,908,004,857,445 in debt that the federal government owed before the debt limit was liftedby the 100,424,240 American households that paid net income taxes in 2018, it works out to approximately $287,859 per income-tax-paying household.

In order to understand the magnitude of what this means, CNS compares numbers to 1989:

The year that President Ronald Reagan left office, there were 89,178,355 income-tax-paying households in the United States, according to the IRS. At the end of January that year, the federal debt was $2,697,957,000,000.

That means the federal debt then equaled approximately $30,253 per income-tax-paying household.

Even when the January 1989 federal debt of $30,253 per income-tax-paying household is adjusted into November 2021 dollars (using the Bureau of Labor Statistics inflation calculator), it equals only approximately $69,437.

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