If you ask anyone outside the Biden Administration if Bidenomics works for them, you will probably get a Hell No response. Biden and now, Harris think if they tell us often enough that this economy is the strongest in years and we just need to understand it to appreciate it, it will become a reality. Well, apparently, they need to step up their messaging effort because this economy is not working, and America has had enough of the gaslighting. If Kamala thinks she can run on the economy, she best prepare to be schooled by Trump in the debates.
As if we did not already feel the pain of the Biden/Harris economy at the pumps, grocery store, credit card rates, or housing costs, every economic number released last week was just another nail in the coffin. Whether you are White, Black, Brown, or Red, wealthy, middle class, or in the growing category below the poverty line, you know you were doing better four years ago under Trump than you are today. And that was with a global pandemic thrown at you.
In addition to inflation, which is already putting a squeeze on every budget in America, we are now seeing a decline in employment numbers and an increase in unemployment. The stock market that had been outperforming the economy for the last three years gave us tremendous losses on Thursday and Friday in response to the economic reports released last week. The market had been on a solid run based on the belief that Trump would win in November and help was on the way for employers and employees alike. Consumer confidence rose until the coup when Biden was pushed aside for the repackaged Kamala Harris. With the race on, fear returned to Wall Street and the kitchen table.
The lies remain the same as we transition from a Biden to a Harris candidacy. One of the biggest is that inflation is dropping. This is just not factual, and the numbers don’t lie. The rate of increase may be slowing, but consumer prices have not, nor will they, returned to pre-Biden economic folly rates.
The unemployment rate unexpectedly jumped in July, climbing to 4.3% from 4.1%. US nonfarm payrolls also came in light, with the economy adding 114,000, missing the consensus expectation of 176,000. The Bureau of Labor Statistics also revised the May and June job additions to be lower. It has been a habit of this administration to declare inflated results only to have them realigned later when nobody is paying attention. The weak report all but confirms the Federal Reserve will cut interest rates in September, an outcome already carrying a nearly 100% probability heading into the report. Stock futures slid following the jobs report, dropping almost 1,000 points on Thursday and Friday.
The negativity of these reports and the pending reserve action has rekindled speculation of a recession, making it very difficult for Harris to defend anything about the Biden/Harris economy. With the border still hemorrhaging and the Supreme Court killing every attempt at Student Loan forgiveness, the Harris Campaign will be reduced to a “One-Trick Pony,” as Biden loves to say, and that trick is Abortion. The problem for Harris is Abortion is no longer a national issue as SCOTUS kicked that football back to the states. All of this makes you wonder, if not for manipulation, how else Harris could be even close to Trump.
