Mike Flood And Don Bacon Are Lying About The Economy
The economy and inflation will be big issues in the 2022 election cycle. Already, Mike Flood and Don Bacon have been shamelessly lying about this issue. The point of this piece is to rebut these lies and spell out the stakes in election 2022.
- We’re not in a recession.
The Republicans are celebrating the recent GDP report because they want America to fail. Apparently, GDP has declined for two quarters in a row. Bacon never posts about the good jobs reports but he puts up gleeful posts when the economic news is bad.
“Officially, the National Bureau of Economic Research declares recessions and expansions, and likely won’t make a judgment on the period in question for months if not longer.” CNBC
“Economists say the biggest reason it would be premature to call a recession based on Thursday’s numbers is that the data can and probably will change…Adjustments are the norm rather than the exception.” CNN
Federal Reserve Chair Jerome Powell doesn’t think we’re in a recession. “There are too many areas of the economy that are performing too well. This is a very strong labor market. … It doesn’t make sense that the economy would be in a recession with this kind of thing happening.”
We’re still talking about an economy that created more than one million jobs last quarter and maintained a 50 year low unemployment rate of 3.6%.
“Signs we aren’t in a recession:
Job growth remains robust even at full employment
New business formation remains at record levels
Twice as many open jobs as unemployed people
It’s a strong, dynamic economy, not one in decline.”
Simon Rosenberg Tweet.
“How is the U.S. economy doing otherwise? It’s taken some knocks in recent months, but when you consider it may be in a recession, it’s still doing remarkably well.
Unemployment is a low 3.6 percent, a whisker above its 3.5 percent level before the Covid pandemic. (U)nemployment was 6.4 percent when Trump left office. The economy created 372,000 jobs in June, compared to a negligible 49,000 created in the month Trump left office.
Consumer confidence is down; it’s been falling for three months. That means we’re spending less, right? Actually, no. Personal consumption is up 9 percent over last year and up 14 percent since Biden took office. Labor productivity is up. Corporate profits are … obscene. Too high, really. They dipped 2.2 percent in the first quarter, but that was after rising 25 percent last year.”
The New Republic
2. Spending isn’t out of control.
In 2020, federal spending was 31% of GDP. Since then, federal spending has declined to 25.6% of GDP in 2022. In addition, the annual deficit will be reduced by a record $1.7 trillion in 2022. Spending and the deficit are down due to the success of President Biden’s vaccine rollout campaign. Because approximately 75% of Americans have taken the jab, we can leave the economy open and we don’t need to spend on covid-19 relief.
Don Bacon voted against Biden’s vaccine rollout. If Bacon and the other D.C. Republicans had gotten their way in 2021, the pandemic would be out of control and we would be in a genuine recession. The D.C. Republicans are invested in the failure of the country.
Don Bacon always neglects to tell us that he voted to increase the annual deficit from $585 billion to $3.1 trillion when Trump was president. Bacon voted to add $7.8 trillion to the national debt. Apparently, Don Bacon is a born again, deficit virgin.
Mike Flood is equally disingenuous on the issue of spending and the deficits. Flood likes to condemn the American Rescue Plan but he voted to spend $1.3 billion in federal stimulus funds as a member of the legislature.
Deficits only “matter” to the D.C. Republicans when there is a Democrat in the White House.
3. The country is better off now than we were on January 20, 2021.
President Biden and the Democrats in Congress inherited a nation in crisis from Trump. The economy lost 140,000 jobs in December 2020 and the Trump Administration didn’t have a plan to distribute the life saving vaccines. The Democrats rolled up their sleeves and went immediately to work to clean up Trump’s mess.
“What if two years ago, I told you that by the end of Biden’s first two years:
- 10 million new jobs
- 3.6% unemployment
- 86% drop in COVID death rate
- biggest ever infrastructure bill PASSED
- first gun safety bill in 30 yrs PASSED
(wait, just getting started…keep reading)
Medicare bulk purchasing PASSED
- electoral college reform PASSED
- statutory legalization of gay marriage PASSED
restart of the U.S. microchip industry PASSED”
Senator Chris Murphy (D-CT) Tweet.
All of this progress will be put in jeopardy if the Republicans win one or both Houses in November. The GOP has no plan for inflation. The Senate GOP platform calls for a government shutdown, a default on the debt, and sunsetting Social Security and Medicare. That would send the economy into a deep recession.
Nebraska’s Congressional delegation is in favor of this radical platform. Don Bacon supports raising the eligibility age for Social Security and Medicare from age 65 to 69. There is no doubt that Mike Flood and Adrian Smith would fall in line with this proposal — they always do what they’re told. Bacon is the so-called “moderate” among the radical bunch that represents Nebraska.
It’s progress v. radicalism in 2022. Freedom is on the ballot in 2022. Vote for Patty Pansing Brooks in Nebraska CD01! Vote for Tony Vargas in Nebraska CD02! Vote for David Elise Nebraska CD03!