For almost the past two years, the Democrats and Biden administration has sought to place all their failures on former President Donald Trump. COVID-19, the Southern border, the economy. All the problems facing the American people appeared to come at the hands of Trump. But the only problem, it has been nearly two years since Trump left the White House and during his administration, inflation and gas prices were down, the Southern border was really secure, and the economy was booming.
Now, it seems that the stock market is crumbling as FedEx stock dropped 20% by the end of trading on Friday. The company admitted that its outlook for 2023 was also a warning sign that the country was already in a recession. But according to a member of Biden’s Council of Economic Advisors, the problems are not due to weak leadership.
Speaking on CNBC’s Squawk Newmaker, Heather Boushey surprisingly detailed how the economic issues are due to COVID-19, the war in Ukraine, and even a storm in Puerto Rico. In the video below, she stated, “We’re all coming out globally of a global pandemic, on top of that this war in the Ukraine that has upended global energy markets, these are very challenging times.” The advisor added, “Then you add to it disasters, like what just happened in Puerto Rico where they had no electricity because of a storm. These kinds of climate challenges also are in front of us….”
While families continue to struggle with making ends meet after the COVID-19 pandemic, Heather Boushey suggested that American households are in a “fairly good situation” if the country heads into another recession. Her statement comes as inflation hit a 40-year high.
Looking at the data, Issues, and Insights released figures showing the growing economic crisis as they reported, “New data from the Atlanta Federal Reserve’s GDPNow data set show the economy is clearly tanking. GDPNow tells you what the economy has done so far in the quarter. With just over two weeks to go, the GDPNow growth estimate — based on real numbers, not future estimates — is 0.5% annual growth for the third quarter, down from 1.3% just two weeks ago. That means incoming data are much weaker than anticipated. We’re just one or two ‘unexpectedly weak’ economic reports away from shrinking for a third-straight quarter.”
The outlet warned, “From steady, consistent growth of 2.5% a year, stock market gains of nearly 35%, and low inflation averaging around 2% during the Trump years, we have descended to this economic hell created by an incompetent president and his team that brags about his terrible performance.”
Users added their take, writing, “The way government deals with inflation is putting people out of work. They won’t cut spending because that’s their power.”
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