The sure sign of a failing presidency is to blame your predecessor. Sure enough, Biden’s team took to the airwaves this past weekend rewriting history by declaring – as Pete Buttigieg – did that the economy was “in free fall” when Biden entered office. It’s Trump’s fault.
Not even close to the truth. In the second half of 2020, the economy wasn’t falling. It surged by almost 20%.
As this House Ways and Means Committee report reminds us:
Experts predicted 2021 would be a banner year for America’s economy. Perhaps the best ever. President Biden inherited a historic economic rebound from COVID that smashed expectations, lifesaving vaccines, major regions re-opening from lockdowns, and trillions of dollars in bipartisan COVID relief coursing through the economy.
Yet, in his first year in the White House, according to the non-partisan Congressional Budget Office, the economy failed to meet consensus projections every quarter of his presidency. That trend of economic underperformance has continued in the first three quarters of 2022.
Steve Moore demolished the myth of a collapsing economy in this Foxinterview: