As Democrats took power in 2021, Americans were upbeat and optimistic to be released from COVID-19 lockdowns and spend the $2 trillion in excess savings once released from restrictions. Businesses were ready to bounce back with a robust economy in the waiting.
President Donald Trump had given the Democrats the best economy ever prior to COVID, and even after COVID, the economy recovered 34% in the third quarter 2020, the highest ever recorded in history.
All the Democrats had to do is continue the Trump economic policies and take credit for them. However, the Democrats ditched the Trump policies and have no one to blame except themselves.
Immediately, President Joe Biden and the Democrats enacted policies that slowed down oil production and burdened some states financially with undocumented immigrants free-passed into the country.
Mr. Biden and the Democrats rammed a stimulus package of trillions of dollars to bailout poorly run states and increased spending to Democrat pet projects. Very little went to stimulate businesses. The influx of wasting and dumping trillions of dollars into the economy devalued the dollar and ignited inflation to levels even the Democrats couldn’t have imagined.
So what are the Democrats solutions to the economic conditions they created? It is a failed belief to raise taxes and spend their way out of this. Constraining businesses and taxpayers has historically hurt the economy. Sinking more money into the economy will further devalue the dollar and create more deficit spending while only providing a Band-Aid of temporary relief; but not solving the real problem.
While the economy should be robust, the result of Democrat policies has produced a sinking economy with rapid inflation, declines in GDP, uncertainty of stock market strength, shifting interest rates, and declining consumer confidence. All of which has made our economy weak.
Frank Aquila
Downtown
First Published: June 10, 2021, 4:00 a.m.