Biden’s economy is ‘Boffo’
It’s no secret that American political discourse has been dogpaddling in a sea of irrelevance. Now and then, a story of great importance takes over if it involves drama and colorful personalities. The almost-coup in Russia would be an example.
But the newscasts remain super-glued to Donald Trump’s daily clown show with its cast of exhibitionists posing as members of Congress. Any blip in his poll numbers becomes subject for endless speculation on his chances in the 2024 president race.
One would like the media, and we’re not just talking about conservative media, to bear in mind James Carville’s excellent advice to Bill Clinton in his successful 1992 race: “It’s the economy, stupid.”
If anyone, Democrats included, took a good look at Joe Biden’s economy, they would see that it’s terrific. And they would stop letting Republicans drag them down into culture war mud fights. They would stare poker-faced at rightwing crusades to protect American youth from the non-existent wave of transgenderism — rather than engage in it.
Poor Biden. He’s been out and about, ticking off the particulars in his incredibly good economy, speaking in his traditional, low-keyed way. Biden is not one to issue self-congratulating tweets every time the Dow inches up 10 points. Where’s the Democrats’ brass band to back him up?
Look at the record, starting with inflation. Remember six months ago, when Republicans were hollering over the price of eggs? For a variety of reasons, the wholesale price of eggs rose to over $5 a dozen. Now the same carton costs 99 cents. Doesn’t that deserve at least an honorable mention?
The price of gasoline, not long ago the Republican mantra for all that has gone wrong, has collapsed. A gallon of regular that hit nearly $5 a year ago now averages about $3.58.
Here’s a recent headline from The Wall Street Journal: “Workers are Happier than They’ve Been in Decades.” The reason is better pay and better jobs.
Another headline: “Where’s the Recession We Were Promised?” It hasn’t happened because of slowed inflation and an economy that’s proven itself less sensitive to higher interest rates than anticipated.
The Republicans’ main contribution to America’s economy has been a negative one — causing months of market tremors over their apparent willingness to let the country go into default on its debt. Oh, and there’s the comical war against private companies that choose to display a gay pride flag.
The price of insulin in this country was recently a scandalous $99 a round, compared with only $9 in other rich countries. The Democrats’ Inflation Reduction Act capped the price for this 100-year-old drug at $35 a month.
The IRA has set off massive domestic investment in clean energy and the making of batteries to store it. That has accelerated the domestic production of electric vehicles. Over 100,000 new American jobs have already been created.
The CHIPS and Science Act will ensure that U.S. manufacturers no longer have to rely on shaky foreign supply chains for their semiconductors. Control of chip-making is also vital to national security. It’s opening a wealth of new jobs paying well over $100,000 a year that don’t necessarily require a four-year college degree.
During the Trump years, investment in the building of American factories and related construction barely passed $100 billion. Since Biden took office, some $189 billion has been committed for manufacturing construction. That projects 200,000 new jobs.
This is real-life economic growth benefiting real-life Americans. Rich adventurers perishing in a dive to the Titanic wreck is fascinating — to a point. But so is today’s economic success story. If “serious” media won’t cover it, then Democrats should make that an issue.
The Biden economy is boffo. The people should know.
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