You may be unaware, but the economy under the Biden administration has been boomin’. The economy has experienced growth unprecedented since 1984, job growth has been the strongest in recent history and consumer spending has fully recovered and then some.
Why then is it so difficult to feel these gains? Why is the everyday American unable to see these leaps and bounds of economic growth and recovery?
The answer is inflation.
For the uninitiated, inflation is a big, scary, but often misunderstood, word. What it means is that the price of everyday goods, which is measured by the Consumer Price Index, are going up.
This wouldn’t be a problem if the rise in prices is matched by economic growth and wage growth — but it isn’t being matched. Inflation, today, has gone past what the Federal Reserve had deemed the target. In December 2021, we were sitting at a 7% year-over-year rate, the fastest pace of inflation since 1982.
The Federal Reserve elected on Feb. 16 not to raise interest rates for banks yet, an established practice in addressing inflation that would trigger a downward trend in the markets to reduce economic growth in favor of lowering prices of everyday goods.
This strongly implies that the Federal Reserve, appointees of the Biden administration, believe that inflation in its current state remains manageable. It remains to be seen whether the measures currently implemented and planned will be enough for this statement to stay true, but the announcement to not raise federal interest rates is certainly something of note.
Reagan’s economy was much the same as Biden’s is. Unprecedented growth in 1984, matched with price surges. Reagan’s policies to address the issue were based on reducing federal spending, a core tenet of standard Republican politics.
The Biden administration has elected to do the opposite of what is now known as “Reaganomics.” The Build Back Better spending bill, currently in bureaucratic limbo thanks to US Sen. Joe Manchin, would increase government spending to cut costs in healthcare, childcare and energy, which the Biden administration envisions would pull back the effect of inflation on the American people.
If you want to help pull this bill, among others, out of limbo, vote Democrat in the midterms. Recent, critics of the parties of the US say that Republicans are near-evil — see, banning of the graphic novel Maus in Tennessee, Texas anti-abortion “whistleblowing” programs, opposition to Critical Race Theory — and Democrats are incapable of actually doing anything — see, literally any Democrat bill in the last two years.
Democrats have promised things that would bring the US to the modern world. They promise increased spending for the people. They promise higher taxes on the outrageously rich.
My home country, South Korea, has had universal healthcare since 1989 (and we still have similar tax rates and brackets, by the way). On a political spectrum, even our most popular conservative party supports the bare minimum that the Democrats are trying to establish.
I personally have issues with the way our welfare program in Korea works, but at least it works.
Can we say the same for the US?
The US has a history of flip-flopping parties whenever they aren’t 200% satisfied with the performance of their politicians. But how will Democrats show they will keep their promises if we don’t even let them try?
It’s time to let the Democrats at least try to modernize the US.
Vote Democrat.
What a nice column! Vote Democrat!