President Joe Biden’s economy continues to improve with gas prices falling every day and shipping bottlenecks easing. With fewer that 90 days until the midterms, things are looking very good, showing signs of a healthy Biden economy in sector after sector.
Run away inflation would have meant more and more rate hikes by the Federal Reserve. And if that institution did not manage a very slim tightrope act, the country could have fallen into a recession. Thankfully, Biden’s actions and his signature Inflation Reduction Act have managed to stop and begin a strong return to a healthy American economy.
Much of what happens in Washington, D.C., and throughout the nation is dependent upon perception. The stock market swings up and down upon emotion. The president’s brilliantly-named legislation cannot help but improve our country’s financial situation.
The Biden administration has managed to pull a dramatic 60 percent drop in the cost of lumber. Used car prices have finally flatlined. And crude oil prices have dropped 25 percent. Even real estate prices have started back down. Everywhere a person looks, there has been evidence of a quickly-improving economy.
Then, there is the supply chain snarl which President Biden’s people have been tasked with sorting out.
The RSM index pulls together economic data strands from “government and private industry economic reports” and determines a supply-chain number. Other indices such as that of The New York Fed also show “great improvement,” according to The Axios:
‘It shows a significant improvement in the backlogs, delays and general unpredictability of doing business amid the economic recovery from the pandemic. (Other supply chain indexes — like one from The New York Fed — also show great improvement, though not quite “back to normal” territory.)’
And The Bloomberg News showed Americans the reason why part of the reason Biden took the gas prices down for every day beginning 60 days ago. Lower gas prices helped light a fire under the economy:
‘Lower crude prices have also reduced gasoline costs, which reduces inflationary pressure and improves the likelihood of the Federal Reserve being less aggressive in tightening policy.’
As any shopper will say, falling prices are not the same thing as inexpensive costs. But in fewer than two years, President Biden has taken us to an upward trending stock market, and a Federal Reserve no longer forced us to take more rate hikes.
Democratic action groups have sunk $10 million in an ad campaign to show Americans what the Inflation Reduction Act will do for them, according to The Bipartisan Report. And 46 is sending out his Cabinet for a very public victory lap.
Hopefully, the pandemics, wars, and disasters have abated, and our president can get back to the business of building our nation back better than before.
In Gloria Christie Reports & Three White Lions Substack newsletters, Gloria Christie includes her week’s most important news/ commentary stories in the liberal online newspaper The Bipartisan Report. Gloria Christie Report her newsletters are for people on the go. Written in her own unique style with a twist of humor in a briefer version of Bipartisan Report. Christie’s Mueller Report Adventures In Bite-Sizes a real-life compelling spy mystery (in progress). Find her here on Facebook. Or at Three White Lions her book on Amazon Kindle Vella.