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What is noteworthy about the depressing title to this article is its source. In a case of uncommon candor, President Biden’s economic team has announced that once the artificially high, stimulus-juiced GDP (gross domestic product) measurements of the next two years subside, the United States will experience sub–2 percent growth for the rest of the decade. This dismal forecast wouldn’t be surprising if it had come from Biden’s political opponents, but coming out of the White House itself, it is an astonishing admission.
Article by Mark Hendrickson from Mises.
You don’t need to have any specialized knowledge of economics to see why team Biden is projecting protracted slow growth. Consider the previous dozen years.
Shortly after former president Barack Obama left office, I explained why he had presided over a historically weak economy:
During the eight years of Barack Obama’s presidency, the average annual real GDP growth was 1.5 percent—the weakest economic performance of any post-WWII president, and the fourth worst ever…. The average growth of real GDP in the 10 most recent previous recoveries from recessions was 33.5 percent; under Obama, it was 17.1 percent. If the Obama recovery had been merely average, today’s GDP would be $2.4 trillion higher ($19,000 in lost income per household over those eight years). There have been 12 million fewer jobs created than would have happened in an average recovery.
The depressing economic weakness was a direct consequence of his policies:
Even the signature piece of legislation that Obama claimed was his crowning achievement, the Affordable Care Act, has wrought economic harm on millions of Americans. For millions, their employer cut their hours (their income) to avoid the heavy burden of Obamacare taxes. For millions of others, health insurance premiums and deductibles rose so drastically that, as The New York Times reported, many Americans no longer feel they can afford exams and treatments.
Subsequently, under former president Donald Trump (until the covid outbreak upset everything) the economy picked up noticeably, with minorities and lower-income Americans prospering as never before. While Trump was no free enterprise radical (as is plain from his economically costly tariffs and his extravagantly wasteful spending, including sending direct payments to citizens in the name of covid relief), he understood that the source of our country’s economic strength is the private sector. He knew that the private sector provides the wealth that government spends, and not the other way around. Thus, he cut taxes, pared down burdensome government regulations, and allowed the private sector to flourish.
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Today, it is clear that Joe Biden is obsessed with erasing every last vestige of Trump’s presidency. He wants to return to the status quo ante—the way things were B.T. (before Trump) when Obama was president. With Biden reversing Trump-era policies and reinstating Obama-era policies, is it any wonder that the outlook is for a return to Obama-era slow growth? That is what I meant when I wrote above that you don’t need to be an economist to figure this out. Ideas and policies have consequences, and policies that caused sluggish growth in the past will cause sluggish growth in the future.
The challenge for team Biden going forward will be how to convince Americans that prolonged slow growth is the best they could hope for and the right course for our country to follow. To accompany the announcement of years of projected slow growth after the sugar high of massive government cash handouts wears off, the Biden economists offered a lame excuse: they said the US economy is caught in the grip of “secular stagnation.” That is only half correct. Yes, stagnation was and will be the problem, but it isn’t “secular”—that is, sluggish growth doesn’t have to happen.
A more accurate description for long-term slow growth is “progressive stagnation.” The coming stagnation isn’t foreordained; it is simply the inevitable outcome of a progressive agenda that exalts big government and disdains free enterprise. It is the bitter fruit of the socialist mindset that despises the private property order and craves top-down economic planning wherein government elites decree what should be produced (e.g., electric cars, wind and solar energy, etc.), even if that is what citizens don’t want or can’t afford.
Centralized economic planning—i.e., planning by a political elite—only benefits the elite while progressively impoverishing the average citizen. It will be interesting to see if, in the next two election cycles, the American electorate responds to team Biden’s progressive agenda of long-term economic stagnation.
New Conservative Network Seeks Crowdfunding Help
They say we have to go big or go home. We’re trying to go big and bring the patriotic truth the the nation, but we need help.
Readers may or may not realize that over the past year, we’ve been bringing more conservative news and opinion outlets under our wing. Don’t take our expansion as a sign of riches; all of the “acquisitions” have been through sweat and promises of greater things to come for all involved. As a result, we’ve been able to bring together several independent media sites under a unified vision of preventing America from succumbing to the progressive, “woke,” Neo-Marxist ideologies that are spreading like wildfire across America.
The slow and steady reopening of America is revealing there was a lot more economic hardship brought about from the Covd-19 lockdowns than most realize. While we continue to hope advertising dollars on the sites go up, it’s simply not enough to do things the right way. We are currently experiencing a gap between revenue and expenses that cannot be overcome by click-ads and MyPillow promos alone (promo code “NOQ” by the way).
To overcome our revenue gap and keep these sites running, our needs fluctuate between $3000-$7000 per month. In other words, we’re in the red and hemorrhaging.
The best way you can help us grow and continue to bring the truth to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal as well.
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As the world spirals towards radical progressivism, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going.
Thank you and God Bless,
We Often Feel Like David Taking on Giants
Today’s Goliath is the Mainstream Media Industrial Complex that brainwashes the masses.
Our mission is very straightforward: To counter the false narratives and nefarious agendas destroying America today. It isn’t easy for obvious reasons; despite incredible growth over the last year we are still a very tiny fish in a huge media pond. But we’re fighting and we will continue to do so, Lord willing, for as long as we possibly can. The battle for America’s present and future is too important for us to back down to the giants that stand in our way.
We need help. I don’t want to say “desperately,” but the need is definitely great. If you have the means, please donate through our GivingFuel page, PayPal, or our brand new GiveSendGo page. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!