Commentary: Biden Gaslights America on the Economy

Biden Speaking

Joe Biden is gaslighting America on the economy. His administration is trying to oversell what has underperformed for several reasons: First, the economy is the one issue that affects most Americans most significantly. Second, Biden is doing worse on virtually every other issue. Finally, time is short: the economy is about to get worse, and the election is close. The administration’s strategy is to get Americans to believe what they hear and doubt what they see.

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More Investors Bet Inflation Is Here to Stay amid Disappointing Price Data

Investor at Work

More investors are projecting a “no landing” scenario where inflation remains elevated but economic growth continues at its current levels following a disappointing inflation report on Tuesday, according to Reuters.

Nearly one out of five fund managers polled by Bank of America predicted a “no landing” scenario as the most likely outcome in the next year, with concerns about such a scenario being intensified by a poor inflation reading that sent U.S. markets into a frenzy on Tuesday, according to Reuters. Tuesday’s consumer price index (CPI) report showed inflation decelerated in January to 3.1% year-over-year from 3.4% in the preceding month, higher than expectations of 2.9%.

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China Finishes Off Year with Sluggish Growth as Economy Fails to Recover

China flag

China’s economy grew at a rate of 5.2% in 2023, failing to return to the same growth of around 6% year-over-year that was common before the COVID-19 pandemic, according to The Wall Street Journal.

The year’s growth was an improvement on the even worse growth in 2022, which totaled just 3% for that year, and economists expect similar sluggish growth in 2024 unless a big policy change occurs, according to the WSJ. A number of different indicators added to the dismal report, including real growth in urban disposable income, which grew at just 4.8% in 2023 and was the lowest year since 2002, barring 2020 and 2022.

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