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About That Biden Manufacturing Boom

Biden boasts that manufacturing has doubled over the past two years. The Wall Street Journal gushed in a headline yesterday that America is “experiencing a factory boom” and showed this chart:

Most of that is government money building pyramids and financing the next batch of Solyndra bankruptcies.

The rhetoric is highly misleading because, once again, the Biden team fails to account for the impact of inflation when describing this supposed boom. Here is what the government’s own report says:

Nominal construction spending has risen consistently since the onset of the pandemic, but much of this increase is attributable to a sharp rise in the increase of both labor and materials costs in construction (Figure 7).

Look closely at the gray line. Does that look like a boom? Construction spending is up mainly because everything is more expensive. This is like celebrating the rise in grocery store spending because food costs so much.

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