February 17: A study in contrasts: Biden’s world and your world

In which, the American economy tells two stories, Russia and Ukraine mark a grisly anniversary, China and America feud over balloons, and Ohioans seek answers to a chemical spill.

A study in contrasts: Biden’s world and your world

2022 ended with surprisingly positive reports on job growth and inflation. So positive, in fact, that the Biden PR team took to referring to the “Biden boom” and the President dismissed polls about economic pessimism and voter disapproval while trumpeting his economic success from the bully pulpit of the State of the Union last week. 

But if Biden’s world is full of economic sunshine and roses, the lived reality of Americans (and increasingly the good people of many other countries) is indicating those roses are pretty dang thorny.

In Biden’s world, inflation is slowing and manageable; but in our world, inflation is going back up, the Federal Reserve is anticipating it’ll get worse, and consumer debt continues to climb.

In Biden’s world, slowing inflation and a booming economy means you can safely raise the debt ceiling without having to worry about the consequences. In our world, interest rates are set to go up, adding billions of unfunded liabilities to the national budget and necessitating new taxes in a stagnating economy.

In Biden’s world, a new vacancy at the World Bank is an opportunity to push forward climate change initiatives in world finance; but in our world, we’re being told we should weather price increases by skipping a meal.

In Biden’s world, the economy is strong and healthy providing the latitude for increased spending and pursuing pet policy objectives. Is your economic world providing you with that kind of luxury? Mine isn’t.