Joe Biden is presiding over one of the worst economies in decades.
Now he’s barreling toward a day of reckoning in November.
And a Federal Reserve official spoke one truth about the public that left Joe Biden worried sick.
Joe Biden and the media lie about the state of the economy
The country is in the middle of its worst inflation crisis in 40 years after President Joe Biden went on a socialist spending spree.
Inflation is almost always the top issue for voters in any poll about the 2024 Election.
Anxiety about the economy and the cost of living is at the top of many Americans’ minds.
But Biden and his public relations team in the media are trying to pull a Marx Brothers routine on the public about the economy.
“Who are you going to believe, me, or your lying eyes?” Groucho Marx once asked.
They point to a few cherry-picked statistics like unemployment to claim that the economy is in great shape.
Voters upset about the economy are either ignorant rubes or victims of misinformation.
Democrats are trying to bury their heads in the sand about inflation.
Inflation is worse than a recession for most voters
Federal Reserve Bank of Minneapolis President Neel Kashkari broke down the hard truth about inflation during an appearance on the Financial Times podcast, The Economics Show with Soumaya Keynes.
“The American people – and maybe people in Europe, equally – really hate high inflation,” Kashkari explained. “I mean, really, viscerally hate high inflation.”
Kashkari recalled a comment made to him during a roundtable event with workers in his region.
“She said to me, ‘Inflation is worse than a recession,’” Kashkari recalled. “That is contrary to conventional economic thinking. And I said, ‘I don’t understand that. How can inflation be worse than a recession? In a recession, you lose your job. Inflation is paying higher prices, [but] you still have a job.'”
Kashkari said the woman told him that during a recession people can lean on support networks like friends and families to get by.
But during high inflation, everyone is suffering the same thing, so there’s no one to turn to for help.
“That was a profound comment for me to hear,” Kashkari said.
He and officials at the Minneapolis Fed reflect on the comment because the woman “was on to something.”
“If you look now, the economy is, in the U.S., quite strong, the labor market is strong, inflation is coming down, and many, many people are deeply unhappy about the status of the economy,” Kashkari said. “I think it’s because of the high inflation that they’ve experienced.”
Prices are up nearly 20% across the board since Biden took office in January 2021.
Every trip to the store is a painful reminder for Americans that their dollar doesn’t go as far as it used to.
Biden has been in politics long enough to remember that inflation helped sink Jimmy Carter’s Presidency – the last Democrat President to lose re-election.
Sunny optimism about the economy isn’t going to change voters’ minds about the cost of living crisis.
