Bill Clinton was correct in 1992 when he campaigned for president on the meme, “It’s the economy, stupid.” It always has been about the economy to most voters because it’s how they know whether or not they’re doing better or worse than their parents. Ronald Reagan asked the question, “Are you better are today than you were four years ago?” of voters during the 1980 presidential campaign against Jimmy Carter. I remember those days. In fact, I’ll admit I voted for Carter in 1976. Why? As it turns out, I didn’t know any better.
Well, that’s not exactly true. Carter, being a graduate of the U.S. Naval Academy with a degree in nuclear engineering, I considered to be at least a thoughtful person. Also, he was a small business owner (peanut farmer). I took that to mean he had some of the same experiences as any person and therefore was probably more attuned to the working and middle class than he was the coastal elites. So I was naïve. We’ve all been there right? Well, the U’S. economy went straight to hell in a hand basket.
Suffice to say that Carter had no vision for the economy and allowed too many others to decide policy and that caused inflation to go wild and drew down the economy to the point where there were dire predictions of not recession – we were already there – but an actual worldwide economic depression because as the U.S. went, so did the rest of the world.
Now, after approximately the same time in office, Joe Biden is driving the U.S. economy right off a cliff that’s higher than the one that Carter crashed us into over 40 years ago. Inflation is averaging 8.5% but that is all it is, an average. Some larger cities, like Phoenix, are experiencing 12.3%. Many of the nations larger cities are suffering similarly. What’s Biden’s solution? More deficit spending which 230 economists say will. only perpetuate inflation. Of course, Bidenistas say these economists are wrong. Some of the same people though, less than a decade ago, agreed that this type of spending would cause inflation. Who to believe?
Unfortunately, at least for the short term, we’ll have to wait and see. We’ll be the laboratory rats that political egos are are tested upon. All any of us can hope is divided government where any additional brilliancy from Biden may be thwarted. Of course, no one will wake up right after the election and notice that inflation has dropped to 1.5%. It may take several years, plus a long recession (we’re already in one, although Biden denies it), before our financial woes become better.