The Election and the Economy

It makes my head spin to hear Joe Biden and Kamala Harris blame our present economic downturn on the President rather than to our response to the virus which has crashed economies the world over. Could anyone really be gullible enough to accept that argument? Old Joe is famous for his whoppers, but I think only the most rabid Trump hater would have his eyes and ears covered enough to believe that one. Unless you were asleep like Rip Van Winkle you would recall that pre-virus the economy was roaring with GDP over 3%, burgeoning stock values,  increases in manufacturing, full employment especially for minorities, increasing wages and stable prices, and energy independence. All this was based on Trumpian policies of decreasing regulations and taxes, making better trade deals and yes, the so-called "tax break for the rich" cutting the corporate tax rate to competitive levels to incentivize large companies to return home.

 

Mr. Biden has been heard to make the claim that all this abrupt economic progress was actually based on policies put in place by the previous administration, another big Biden whopper. Obama-Biden took over in a housing bust recession which typically would be expected to swing back fairly dramatically but instead the recovery was anemic. Mr. Obama explained that the time of American dominance in manufacturing with lots of blue-collar jobs was over and mocked Mr. Trump during the 2016 campaign for lacking a magic wand to bring them back.

 

Despite this record Mr. Biden loudly proclaims in his incessant ads that it is he who will have us buy American and save manufacturing as if he had completely missed, or maybe forgotten, what had transpired after he and Mr. Obama left office. In fact, despite his proclamations, almost everything he plans to do will surely sink our ship from the economic standpoint. He intends to repeal the Trump tax cuts, increase the corporate tax rate to previous excessive levels, resume environmental regulations and put a lid on American energy production with the Green New Deal. He wants to have the federal government provide our every need without considering that the government takes funding for all these grand enterprises from those of us hard at work in the far more efficient and productive private sector.

 

Besides that, he appears to be enamored of the lockdown approach to control of the virus, the very strategy that has depressed the economy to start with. He doesn't see that he can't have things both ways. His theatrical political speeches, and flashy smile are not enough to lock down businesses and have them survive at the same time. He promises to get us virus treatments and vaccines. What? He hasn't heard of Operation Warp Speed and the unheard of progress it has so far made in developing these things.

 

The President has promised a V-shaped economic return and that appears to be happening. Whether you love or hate his personality, sensible voters will hopefully understand that his longstanding experience in dealing with the difficult problems of the business world make him just the right man for our time.

 

 

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