The Biden economy continues to suck

  W. James Antle III:

Inflation is the biggest economic issue dominating the midterm election campaign and making Democrats nervous, but the stock market’s performance isn’t too far behind.

The Dow Jones Industrial Average is, at this writing, below where it was when President Joe Biden took office. In September, the S&P 500 took its worst single-day loss in over two years after hitting a record high in January. The Dow fell 1,200 points as Biden and congressional Democrats celebrated the Inflation Reduction Act at the White House. (The markets were spooked by higher-than-expected inflation.)

Fluctuations in the stock market could be another negative on the ledger for the Democrats as they seek to defend their slim congressional majorities. Biden’s low job approval ratings, and even lower ratings on his handling of the economy, endanger the Democrats’ control of Congress. Republicans only need a net gain of five seats to take the House and one seat to recapture the Senate.

...

Public pension funds have also lost tens of billions of dollars because of the state of the stock market. These benefit public sector workers, typically a Democratic constituency.

Republicans are making it a major part of their midterm election messaging against Biden and the Democrats. "Americans’ life savings are being wiped out because Democrats spent recklessly and destroyed the economy. Americans work and save their whole lives, and now have less money today than the day Joe Biden and the Democrats took control of Washington," Calvin Moore, the communications director for the Congressional Leadership Fund, said in a statement.

“Biden robbed grandma and grandpa to pay for his reckless spending,” Republican National Committee Rapid Response Director Tommy Pigott said in July. “An empty speech in Ohio won’t change just how much Biden has hurt retirees.”

Senate Minority Leader Mitch McConnell (R-KY), who would like to retake the majority leader title next year, has also accused Democrats of “cutting the value of America’s retirement savings just as the cost of living has soared.”

This line of attack has the potential to offset the gains among senior citizens Biden and Democrats hoped to reach with provisions in the Inflation Reduction Act that are designed to lower prescription drug costs.

...

Biden has earned his low approval numbers and any benefit from drug prices is more than outweighed by the increased cost of food and fuel.  Biden deliberately raised the cost of fuel with his attacks on oil production and that had a cascading effect on the cost of producing food and getting it to market. 

See, also:

Biden's Inflation Reduction Act is not reducing inflation

And:

 Biden insists inflation ‘averaged 2%’ — even after data shows 8.2% annual jump

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t
Read more

Bin Laden's concern about Zarqawi's remains

James Robbins: ... Bin Laden suggests that President Bush should allow Zarqawi’s body to be returned to his family in Jordan, but this is a matter that is up to the Jordanian government, which so far has not shown much interest in facilitating a homecoming. Bin Laden mocks King Abdullah II, calling him a Coalition minion, and asking “w hat scares you about Abu Musab after he’s dead? You know that his funeral, if allowed to happen, would be a huge funeral showing the extent of sympathy with the mujahedin.” A large crowd would definitely turn out, though most people would be on hand to demonstrate their anger and disgust. Last November’s hotel bombings in Amman , masterminded by Zarqawi, are still fresh in people’s memory, and mentioning them to Jordanians has the same visceral impact as memory of the 9/11 attacks does here. Jordan has adopted a zero-tolerance policy towards those who choose to mourn the country’s least favorite son, and four opposition members of parliament who paid con
Read more