Democrats repeatedly have been much better stewards of our economy and budget but they never get credit for it because the media — and therefore the public — can’t shake their belief that Republicans are the party best for business and fiscal responsibility no matter how much evidence proves that wrong. Under Obama the US economy recovered better and faster from Bush’s economic crash than other advanced countries because he refused to adopt austerity policies that conservatives demanded. In contrast the UK and the EU doubled down on austerity and took far longer to recover from the ‘08 crash. That pattern repeated under Biden.
Please read this recent post from economist Dean Baker. It shows what the media refused to tell us — that under Biden the US economy was surprisingly strong despite the massive shock it had received from covid. In fact The Economist labelled the US economy “the envy of the world” because the US economy had recovered from that shock far better than any other advanced economy.
Instead of reporting on those facts our media ignored or buried them, preferring to focus on inflation, inflation, inflation without making it clear that US inflation was comparable to or lower than inflation in other wealthy countries.
Clearly inflation was not, as Republicans claimed, Biden’s fault. In fact by the end of his term inflation had come down to normal levels (much lower than the 4% under Reagan’s “great” economy) and was heading to the Feds target of 2% without the recession so many believed (Larry Summers for one) was needed to get inflation down.
Trump immediately began destroying the strong economy Biden handed him with his idiotic tariffs and is now completing that task with his insane war.