President Joe Biden’s first priority was ramping up vaccinations, going from one million per day to over three. Americans flooded back out of their houses, with consumer confidence and the economy soaring. After one year, results were as following:
1. Unemployment dropped from 6.4% to 3.5%
2. Job creation averaging over 490,000 per month
3. Inflation over 8%
With the economy growing this fast, inflation also spiked, made even worse by the 135,000 businesses that closed during the pandemic. Restarting production takes longer than closing it, leading to shortages in many areas. Rejuvenated demand far outpaced supply, fueling inflation.
The “chicken little” media soon started screaming “the sky is falling”. Inflation is mentioned constantly on Fox with positive news about low unemployment and record job numbers conspicuously missing. The endgame was obvious; bring the economy to its knees before mid-term elections. Every sector that benefits from a republican takeover of the house and senate joined in the gang-tackle, including fossil fuels, banking, and pharmaceuticals: industries that expect to get whatever they want when republicans are in control.
Soon after, the second part of the lynching started; ever increasing predictions of recession surfaced. And the right wasn’t just predicting a recession, they are actively trying to manufacture one. The worst part of this plan is the demand for higher interest rates, which will do little to address the real causes of inflation but will deliver a recession even faster and deeper.
Time to point out to chicken little that the sky isn’t really falling.
Ken Copi, Pembroke