Derrick (@Derrick_L)

What was the core purpose of #Bidenomics? Was it just a meaningless slogan so the #BidenAdministration could pretend they had an #EconomicPlan? Or, was there actual substance to the concept? One might say that there was indeed a purpose to Bidenomics, but it was not to solve the ongoing #stagflation crisis. Rather, Bidenomics was a plan to hide or deny the symptoms of the #crisis and #misinform the #American public on the country's #FiscalHealth. One method which Biden used effectively for around a year was the dumping of the #StrategicOilReserves onto the global market as a means to drive down #CPI, making it appear as if #inflation was receding when it really wasn't. Now, this strategy has run its course with #oil #reserves at their lowest level in decades right as the US may be entering #war in the #MiddleEast. The next tactic was to lie the administration's role in rising US jobs numbers, as #JoeBiden claimed that he had the largest increase in #employment of any president in history. This was, of course, because #Democrat controlled states kept #lockdowns going for as long as possible, and when they were forced to reopen jobs numbers surged along with returning #business functions. On top of this, #trillions of dollars in #covid #stimulus created a short lived spending bonanza which is now starting to wane. Another trick has been to #misrepresent increased #spending and #retail numbers as if this is a sign of a strong US #consumer; all while ignoring the fact that consumers aren't buying more stuff. They are buying less and spending more because of inflation. Total bankruptcy filings for the nation rose by 13% in 2023, with 433,658 cases. Corporate bankruptcies increased by 30% this year with 17,051 cases. Bankruptcies fell sharply in 2020 as the covid pandemic precipitated the $8 trillion+ stimulus package. Helicopter money and PPP loans stalled the advance of a growing trend of economic decline in the US, but helped trigger the stagflation crisis as a consequence. Despite the massive fiat money injection, the bankruptcy train is gaining momentum once again. https://www.zerohedge.com/economics/bidenomics-winning-bankruptcies-spike-consumer-confidence-falls-five-month-lows