In 1992, James Carville said, “it’s the economy, stupid.”
Today, we are listening to a media which keeps pushing this statement, using it against Democrats and President Joe Biden. Wrong, stupid media.
The cover story of a recent Economist magazine is as follows: “It’s not just inflation.” One cannot say, “it’s the economy.”
1992 Unemployment: 7/4%; GDP: 3.5%; Inflation: 2.8%; Event: NAFTA drafted
2021 Unemployment: 3.9%; GDP: 5.7% ; Inflation: 7.0% Event: COVID-19 pandemic and recovery
1992 and President George H.W. Bush was in control. It was an election year, but Bill Clinton did not take power until Jan. 1993. Sadly, the Democrats joined with the Republicans in implementing NAFTA. Unemployment was already bad in
1992. NAFTA did not help the situation, but the fallout from NAFTA did not happen for years, as Bill Clinton reduced unemployment during his tenure as president. In those years following 1992, GDP and inflation fluctuated, but unemployment was reduced. By the time Bill Clinton turned the government over to George W. Bush, the Federal budget was a balanced one, due to the tax credits given to the MIDDLE CLASS, not so much the UPPER CLASS with its people who refuse to pay taxes (as today).
During the period under Democrat Bill Clinton, for the first time in years and two Republican administrations, the interest rate came down to single-digit percentages. I know. I purchased a home in 1988, under Republicans. Double-digit rates. I purchased a home in 1996 under Clinton. Single-digit rates. Facts from my personal experiences.
I suggest the media and many others read The Economist. In this way, they will stop yelling,, “inflation is the end-all description of all our problems and therefore, Biden and the Democrats are at fault.” I suggest, by reading this Economist article, the media will stop being lainbrains in their coverage of the political situation in America. They will begin to say, the economy is following a period of recovery as we attempt to overcome a pandemic. That, compared to 1992, unemployment is down and the GDP is up. Two basic parts of the economy (plus others), are decent, while inflation is the bad thing. But then, how is the problem of inflation solved? One means of doing so is to raise interest rates, something the president of the USA has very little DIRECT control (indirect? yes).
But by making the other two parts of this economy equation going more smoothly today and not pushing overseas business over American (as Republican Bush wished to do by throwing the American auto industry under the Japanese bus, plus NAFTA). n contrast, today, President Biden and the Democrats wish to encourage development of American business v. those in Asia, with his infrastructure bill (perhaps to help avert war with an Asian nation, too?).
The media is failing to present these ideas and to shut up the signs with “Biden sucks,” and so forth. What lainbrained stupidity and the fault of the media for allowing it. Again. The media should begin to read The Economist more frequently.
It’s not just inflation, stupid.