3 June 2022

Note from Norm: The Perfect Storm of Joe Bidens Economy

“I think I was wrong then about the path that inflation would take,” Yellen said. “There have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t — at the time — didn’t fully understand, but we recognize that now.”

– -S. Treasury Secretary Janet Yellen

In 2021, U.S. Treasury Secretary Janet Yellen confidently predicted that inflation posed only a “small risk” to the American economy and would be “manageable.”

And with the nation experiencing the worst inflation in 40 years, Yellen and President Biden apparently have finally decided to sound the alarm about a problem Americans have been dealing with for months.

Maybe their “Aha” moment was found in a Gallup Poll that shows that just 14% of Americans finding economic conditions in the country to be “excellent” or “good” with 46% of Americans saying they were poor and 39% of them rating it as only fair.

To put it in context, according to CNN, “That’s even worse than where Gallup found things in April, when 1 in 5 Americans said that the state of the economy was either “excellent” or “good,” while 42% said they were “poor.”

Further, according to CNN, “Gallup’s survey is far from a one-off. In the latest polling from CNN released last month, just 23% of Americans rated economic conditions as even somewhat good. That’s down drastically from the 37% who said the same in December 2021 and precipitously from the 54% who said the same in April 2021.”

With consumer prices up 6.3% in April from a year ago the Biden Administration’s surprise that inflation and prices on everything American’s need to live, work, and raise their families was a problem is economic malfeasance on the highest level.

The President’s boldest initiative to tackle inflation thus far seems to be a strongly worded Op-ed in the Wall Street Journal where he said Americans were “anxious” about the economy and that if the “right policies” are pursued, presumably his, that inflation, gas prices and consumer prices in general will go down.

Oh, and, by the way, according to the President, it’s the responsibility of the Federal Reserve to tame inflation.

Jimmy Carter must be sitting at home applauding Joe Biden for the sheer audacity in trying to fix the broken economy he created by blaming everybody and everything else for the historic levels of inflation and consumer price increases in America today.

Not since Gerald Ford stuck a “Win Inflation Now” button on his lapel has there been a more milquetoast response to the problems facing the American economy than Joe Biden’s plan to “Op-ed it to Death” in the Wall Street Journal.

Blaming Putin, a global pandemic that has largely become something in our rear-view mirror, and whatever other shiny object he can throw into an Op-ed, the President fails to acknowledge his in Administration’s direct complicity in creating the situation America is in today.

Despite being warned by economists inside and outside of his own party that his obsession with spending more money would undermine an already recovering economy and send inflation soaring, he and his Democratic allies continued their efforts to throw more and more money at an economy that didn’t need it.

They waited to long to address the fact that too many Americans found it more economically beneficial to stay at home and receive financial assistance from the government than return back to work.  They deliberately began to choke off the nation’s energy supplies of oil, gas, and coal to satisfy the radical left of their party and focus on the non-sensical “Green New Deal” – and even now the President says one thing and does another on addressing fuel prices at the pump.

It’s not somebody else’s fault for the current state of our economic pain in America. You can’t hide away the failure of this administration’s policies in the pages of the Wall Street Journal.

The truth is hiding in plain sight in every gallon of gas we pump, every loaf of bread we buy and every bill we get in the mail: It’s Joe Biden’s fault and the Democrats in Congress who enabled him.

The economic tornado we’ve been living in under the Biden Administration has been bad enough but now, JP Morgan’s Jamie Dimon warned American’s to “brace” themselves for an economic “Hurricane.” that he believes is on its way.

Just like the villains Joe Biden has tried to find for the problems he has created, the economic storm shelters are running out in America.

Joe Biden’s economy has become America’s “Perfect Storm” and all of us are in its path.

And , come this November, the power of that storm will weave a  path of destruction for Democrat office holders in the Senate, House and at the local level.

They will surely reap what they have sown.