Under former President Trump, the US economy was thriving like never before. Unemployment reached historic lows, including for women, minorities, and young people.
Gas prices were also low, with jobs being plentiful. The Tax Cuts and Jobs Act passed by the Trump administration in 2017 likewise played a role in economic stability and more Americans holding onto their paychecks.
Of course, since Joe Biden slithered into the White House, he’s taken the precise opposite moves as it pertains to the economy. Unfortunately, this is seen in low consumer confidence levels, high inflation, and economists’ signals of a 2023 recession.
To put it mildly, the economy is stagnant, if not regressive. This is collectively holding back the country, as documented by American Thinker.
The Curse of a Stagnant Economy in America
When former President Jimmy Carter was in office, the United States’ misery index stood at a whopping 20%. A huge factor in such a high misery level was Carter’s horrific economic policies that triggered high inflation and mass unemployment.
Fast forward to present day and Biden is quickly coming close to breaking Carter’s record. In current times, the country’s misery index is a little above 12%.
During a recent interview with Fox News, former Speaker of the House Newt Gingrich shined a light on just how close Biden is to outdoing Carter. According to Gingrich, the next 1.5 years could make the economy worse than it was during the Carter administration.
Unfortunately, this prediction directly tracks with the forecasts of a recession during the middle of next year. If the GDP continues to remain in a negative state, then a recession really will strike the United States.
An Unhappier America
In some of the president’s remarks about the economy, he’s refused to own up to the messes he’s made. However, Biden’s avoidance of economic problems doesn’t make them any less real for everyday Americans.
People continue to be understandably concerned about not just inflation and higher interest rates, but also shortages in critical supplies. This, too, is a factor in the misery index.
For parents of toddlers, the shortages in baby formula are a real crisis. For people in California, water shortages are bad news. Several weeks ago, when Biden announced that shortages in food would arrive in America, this didn’t bring any happiness to the country either.
Biden ran on a platform of building back better for the United States. Yet, the only things he’s done so far is make Americans poorer, unhappier, and more divided.