WASHINGTON DC, (Washington Insider Magazine) – President Biden pretends his policies have got the US economy bouncing back. But it’s obvious that credit for the recovery goes to former President Donald Trump.
Friday, Biden told NBC News that his $1.9 trillion “relief bill” is why the nation’s gross domestic product grew 6.4 percent in the first quarter, declaring, “The reason why [the economy’s] recovering” is “because we’re investing” — without the $4 billion-plus he wants to spend in another pair of bills, America will “fall even further behind.”
Bull: The economy’s recovering because the virus is retreating and lockdowns are ending. And chief credit for beating COVID must go to Trump, whose Operation Warp Speed brought the vaccines and ensured the nation would have an ample supply of them.
Look: The third quarter of 2020 saw huge GDP growth, 33.4 percent, because the virus was in retreat last July, August and September. The recovery slowed along with the second COVID wave in the fourth quarter, then surged again as the vaccine rollout gave fresh reason for hope.
Trump got 13.5 million Americans fully vaccinated and over 31 million jabs administered before leaving the White House. By Biden’s first week, daily shots were at nearly 1 million. The new president’s merely built on that success.
As for the relief bill: Part of it was a no-brainer follow-up to last year’s bipartisan relief measures, stuff Republicans would’ve happily backed. And the added unemployment benefits are making it tougher for businesses to recruit workers, hardly a growth-booster. The rest was payoffs to Democratic interests — with much of the cash only going out the door years from now.
The $4 billion plans Biden calls “investing” will only slam the ongoing recovery: Their deluge of tax hikes and added debt are a recipe for disaster.
In all, Biden’s plans would simply make America more like Europe — which shrank in its first quarter.
The best thing Congress can do now to help the US economy keep growing is to shoot down all Biden’s plans.