The U.S. economy is a behemoth — the largest in the world and by far — so when it slows down, even dramatically, many don’t notice it right away because of the huge momentum.
Think of a long, heavy freight train traveling at full speed and suddenly losing power; it will continue to travel for miles before finally coming to a stop just due to inertia.
But make no mistake, the U.S. economy is slowing down, and in a big way, thanks to the direct ill-effects of Joe Biden’s and Democrats’ policies, which make it very plain these people are crashing our country on purpose (because remember, you can’t remake a capitalist society in your socialist/Marxist image until you destroy it first and then blame the destruction not on bad policies but on ‘the bad system’).
“The U.S. economy grew by 2 percent in the third quarter, with the Delta variant and supply chain crisis hurting gains,” Human Events magazine reported last week, citing the most current statistics.
When Trump was forced out of office, he handed Biden a recovering economy (thanks almost entirely to red states refusing to remain locked down due to a virus that was continuing to spread regardless of what anyone did or did not do to ‘stop it’), as Human Events notes further, though that didn’t last:
The pace marked a sharp decrease from the gains seen earlier in the year. The GDP soared at a 6.3 percent rate in the first quarter and 6.7 percent in the second quarter with the reopening of businesses thanks to the vaccine, per the Wall Street Journal.
However, those drivers dissipated from July to September, with a surge in virus cases and the supply chain crisis.
“The Commerce Department’s third-quarter GDP estimate released Thursday said consumer spending rose at an annual rate of 1.6 percent in the third quarter, a dramatic slowdown from the second quarter 12 percent increase,” the outlet continued.
This poor economic performance is not accidental, and we can prove it.
Biden’s handlers hate fossil fuels. One other big drivers of the U.S. economy under then-President Donald Trump was the oil and gas industry. Because Trump’s administration approved new oil and gas drilling leases and cut industry regulations without sacrificing ecological concerns, not only was the industry booming, but energy prices were the lowest they have been in a generation. The industry not only generates hundreds of billions in royalty revenue for the government, but it creates millions of jobs and all of those workers pay taxes which support local, state and federal projects. But Biden has reversed nearly all of Trump’s pro-energy independence policies and now gas prices alone are up nearly 100 percent, while natural gas and heating oil stocks are falling (while prices rise).
The supply chain crisis. Biden’s regime is doing virtually nothing to correct the logjam at our major ports or address the large truck driver shortage. Meanwhile, overly generous unemployment benefits that were being paid out until September effectively kept millions of Americans out of the workforce, meaning we have a labor shortage up and down the supply chain. Prices for what goods there are have been rising, adding to overall inflationary pressures. Now, there isn’t any way to quickly fix the problem, and Biden’s Transportation secretary, Pete Buttigieg, was recently out of his office for months on paternity leave.
Flooding our economy with dollars. Nothing makes a currency worth less and prices rise more rapidly than pushing trillions of new dollars into the system without a resulting rise in goods and services. So essentially, there is more money in the economy but less to spend it on, which means that prices rise and goods become even more scarce. Inflation is a guarantee.
Biden is also working on reissuing a bevy of new job-crushing, economy-destroying regulations on vital industries.
None of these policies are by accident, which means that the economic fallout and the ensuing economic collapse are not accidental, either.
Written by JD Heyes