Pirate's Cove

The slobbering by the Credentialed Media is just out of the starting blocks……but, wait, the AP does a terrible job protecting Cackles after the first few paragraphs

Harris will carry Biden’s economic record into the election. She hopes to turn it into an asset

A key question is looming for Vice President Kamala Harris as she edges closer to gaining the Democratic presidential nomination: Can she turn the Biden-Harris economic record into a political advantage in a way that President Joe Biden failed to do?

In some ways, her task would seem straightforward: The administration oversaw a vigorous rebound from the pandemic recession, one that shrank the U.S. unemployment rate to a half-century low of 3.4% in early 2023 — far below the painful 6.4% rate when Biden and Harris took office in 2021. The rate stayed below 4% for more than two years, the longest such stretch since the 1960s.

Most of those jobs were re-hires from all those laid off due to Wuhan Flu

Boosted by the administration’s $1.9 trillion stimulus package, robust economic growth sent demand for workers soaring, forcing employers to jack up wages. Paychecks rose particularly fast for lower-paid workers, thereby narrowing income inequality.

Soon, though, clogged supply chains caused parts shortages, as demand for furniture, cars, and other goods, juiced by the administration’s stimulus, soared. Russia’s invasion of Ukraine escalated gas and food prices. In June 2022, inflation reached a four-decade high.

Wow, that’s some serious gaslighting. Much of the supply chain was damaged due to the COVID shutdowns, thanks to Democrats here in the US. And, of course other nations run by Leftists. But, the juiced part? The Biden admin was warned about giving people free money. Then we get the BS about the Russian invasion on food and energy.

The spike in prices was so severe that it offset most of the wage growth that workers had enjoyed. And it soured Americans on the economy. Consumer sentiment plunged in late 2021 and has barely recovered even as inflation has plummeted from 9.1% in 2022 to 3%.

The thing about the inflation is that those prices really do not come down. For instance, my favorite soup, Progresso, was about $1.58 before it started, at $2.50 now

Since Biden took office: groceries up 20.7%, gasoline up 48%, energy up 38.4%, consumer prices up 19.4%, credit card debt up 44.8%. Real average hourly earnings are down 2.63%. Inflation is real! #Bidenomics #Inflation

Sources: FactCheck, PolitiFact, Wisconsin Watch pic.twitter.com/sSgAiQQ7xT

— Clown World ™ ???? (@ClownWorld_) June 12, 2024

In fairness, you can’t blame Biden-Harris for this all: start with China for screwing with coronaviruses. Then you get what Biden and the rest of the leaders did. And gas and energy really didn’t have anything to do with the shutdowns, but, with the Biden-Harris policies.

Speaking this week in Indianapolis, Harris highlighted her support for “affordable health care” and “affordable child care.” She also charged that Trump would eliminate the Biden administration’s price cap on insulin, which the White House often cites as an example of its efforts to reduce high drug costs.

Affordable health care? That’s single payer. Affordable child care? Government running it.

And to fight inflation, the Federal Reserve, led by Chair Jerome Powell, raised its key interest rate at the fastest pace in four decades. Borrowing costs soared as a result. The average 30-year fixed mortgage rate has more than doubled, from a low of about 2.7% during the pandemic to about 6.8% last week.

I see people’s brains melt when they see that they are paying $2K to $4k more for vehicles (gross profit is still the same) and rates are considerably higher.

Perhaps most painfully, housing affordability has worsened. Both prices and mortgage rates are much higher than they were three years ago. The monthly payment for a newly purchased median-priced home has jumped nearly one-third in that time, to more than $3,000, according to Harvard’s Joint Center for Housing Studies. Would-be homebuyers need to earn at least $100,000 to afford the median-priced home in nearly half of all metro areas, the center has found.

Then there are groceries. A pound of ground beef has jumped $1.05 since Biden’s inauguration, to a national average of $5.36 a pound, according to government data. Though egg prices are far below the peak they reached during a bout of avian flu in late 2022, at $2.72 a dozen they’re still 85% more expensive than they were three years ago. A pound of chicken has surged 25% to $2.01 since January 2021.

What happened? The Associated Press has done a terrible job in trying to protect Harris. The article basically says the economy is hurting Americans.