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Our Economy Fares Better Under Democrats

We have an ingrained myth in America that people persist in believing.

During the 2016 presidential campaign, a friend told me that one of her coworkers hated Donald Trump with a fiery red hate but was going to vote for him anyway. Why? “Because,” he said, “I care about my IRA.”

This man, presumably, went through the recession in 2008 during the George Bush presidency, where IRAs were demolished and house values plunged.

But even having a damaging Republican recession didn’t dislodge the myth from that man’s mind that our economy does better under Republicans. This is something he, and way too many other Americans, believe.

And yet, by every single indicator — gross domestic product, employment, incomes, productivity, even stock prices — America’s economy booms when Democrats are in the White House.

This has been true for nearly a century now, and it’s certainly true for the Biden White House. Republicans have been calling President Joe Biden’s policies “Bidenomics,” which they think is a snide word. But President Joe Biden is happy to call what is happening in today’s economy “Bidenomics” because he is proud of today’s numbers. And rightly so.

The economy was a mess when he came into office, thanks to former President Donald Trump, but Biden was “determined to rebuild our economy from the middle out and the bottom up, not the top down.” Biden faced “an immediate economic and public health crisis — with a raging pandemic, elevated unemployment, snarled supply chains, and hundreds of thousands of small businesses at risk of shuttering” (From White

Those challenges were rooted in a failed trickle-down policy (that began with former President Ronald Reagan). Republicans support slashing taxes for the wealthy and big corporations, shrinking public investment in critical priorities like infrastructure and education.

Biden’s (and Democrats’) plan is to make public investments, grow the middle class, and promote small businesses.

Bidenomics is delivering. Our economy has added more than 13 million jobs — including nearly 800,000 manufacturing jobs, and we’re seeing a manufacturing and clean energy boom. More than 10 million applications for new small businesses were filed in 2021 and 2022 — the strongest two years on record.

America has seen the most robust growth since the pandemic of any leading economy in the world. Inflation has fallen for 12 straight months and has come down by more than half. And Bidenomics has done it all while responsibly reducing the deficit.

Investment and banking company Morgan Stanley credits Biden with the unexpected surge in the U.S. economy, and it has been forced to make a “sizable upward revision” to its economic forecasts.

I pay close attention to the machinations of the Republican Party. They were screaming “Inflation!” at the tops of their lungs and writing, “Thanks to Joe Biden,” notes on gas pumps when gas prices were higher several months ago.

Republicans are not saying much these days about gas prices since they are lower. However, President Donald Trump did call Democrats “Marxists, Communists, Fascists, Socialists” after being indicted — showing he doesn’t know the meaning of any of these words.

No, Republicans are primarily focused on calling one another names, banning books and drag shows, stopping help for trans kids, ruling women’s wombs, and obstructing military appointments at the Pentagon.

They don’t have economic policies except for continuing to protect the billionaires who own them.

However, we will see gas prices rise again because Saudi Arabia will cut oil production as we get closer to the 2024 election. They are hoping for a Trump win. So when you see high prices at the pumps, blame them, not Biden.

And keep in mind how close the Trump Crime Family is to the Saudis.

The numbers don’t lie: Our economy fares better under Democrats. Let’s keep that in mind as we head into another presidential campaign season.

UPDATE: July 24, 2023: Investment and banking company Morgan Stanley credits Joe Biden with the unexpected (by them) surge in the US economy, and it has been forced to make a "sizable upward revision" to its economic forecasts.

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