Posted on 04/30/2024 11:03:59 AM PDT by John Semmens
White House Council of Economic Advisers Chair Jared Bernstein dismissed concerns that the economy is under-performing, saying "I can't get myself worked up over mere statistics in the GDP or CPI. Folks don't eat the GDP. The CPI includes volatile components like food, energy, and housing. If we exclude the price spikes in these areas inflation doesn't look so bad."
"A key strength that our Republican critics overlook is that government spending remains robust," Bernstein added. "Under Bidenomics we're not at the mercy of private sector investments for economic growth. Their anti-social quest for increased profits is supplanted by a greater appreciation of the collective welfare of the masses. We are investing funds without worrying about whether there will be a net gain on the bottom line. We are motivated by need, not greed."
Republican presidential candidate former President Trump called Bidenomics "sheer idiocy. GDP stands for Gross Domestic Product--what we actually produce. This includes the food that people eat, the structures they live and work in, and the energy to heat and cool their homes and fuel their transportation. CPI stands for Consumer Price Index. When prices soar people's cost of living also soars. The Democrats' disdain for profits is also a disdain for growth and prosperity. Government spending on unprofitable green energy schemes and massive subsidies for illegal immigrants siphons funds away from the investments and work that are essential to the real well-being of productive Americans. We must replace Bidenomics with sound economic policies before our country is driven into bankruptcy."
In related news, President Biden's budget for 2025 calls for raising the capital gains tax to 44.6%--the highest its been since the 1920s. E.J. Antoni, an economist at The Heritage Foundation, said "whenever you tax something you get less of it. Investment is what gives you productivity gains. Investment is where you get factories and machines — it's where businesses are able to provide their workers with tools and equipment that allow them to increase their productivity, to increase wages and standards of living."
If you missed any of the other Semi-News/Semi-Satire posts you can find them at...
https://www.gopbriefingroom.com/index.php/topic,530490.0.html
Libtards are fine with failure
Well, hey, they’re OK with slow Joe.
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