Americans Pessimistic, Despondent, in Deep Despair

And it’s all at the hands of Biden’s criminal regime.

Big-Time Pessimism Is Out There — and Biden Owns It

Just as he owns the inflation stalking the middle class.

President Biden speaks to the Canadian Parliament at Ottawa, March 24, 2023. Mandel Ngan/pool

By: Lawrence Kudlow, NY Sun, March 24, 2023:

“Most Americans doubt their children will be better off.” This is the headline on a major Wall Street Journal article today about a WSJ-NORC poll. The subhead reads: “Dim view of economy underpins pessimism about future and record-low happiness in U.S.” NORC, by the way, is the University of Chicago’s nonpartisan research group.

It’s the kind of headline I hate to see because I’m a congenital optimist, but I know big-time pessimism is out there. I also know that I’m going to sound partisan, but my own view is that President Biden owns this pessimism, the same way he owns the inflation that is haunting middle-class working people.

It was his massive spending, which really continues to this day, that caused the inflation that is the cruelest tax of all, to paraphrase Maynard Keynes. On spending, a major Wall Street firm just estimated Mr. Biden’s badly misnamed “Inflation Reduction Act” would come in at a cost of $1.2 trillion, three times the CBO estimate. Spending on electric vehicles is expected to total $393 billion, 28 times what the Joint Committee on Taxation projected and bigger than the entire JTC/CBO print.

That’s just one example of the frenzied spending.

Consumer prices during Mr. Biden’s presidency are up 14.4 percent. February’s inflation ran at nearly triple the rate of the year before the pandemic began. Grocery prices up 20 percent. Gasoline up 35 percent. Utility services up 41 percent. New cars 19 percent. Used cars 22 percent. Housing services up 13 percent. And on and on.

In the NORC poll, nearly two-thirds said inflation is a major concern, and roughly four in 10 cited healthcare and housing costs. Despite low unemployment, there’s anxiety about the job market. Almost half said their finances are worse than expected. More than half have lost faith in the power of an education.

Just 12 percent describe themselves as “very happy,” the lowest share on record since NORC began asking the question every few years starting in 1972. What’s going on here is that the Biden administration has not generated any confidence in its ability to steward economic prosperity, both now and in the future.

I also believe Mr. Biden owns the banking problem, because the original sin of his bailouts was skyrocketing inflation — which ultimately led to huge interest rate increases and have sent a major shiver throughout banks all around the world.

On that point, working people do not like the bank bailouts one bit. They know the privileged few will get these bailouts, and they also know they’re going to have to pay for it, and they are already up to their eyeballs in taxes and household payments.

Keep reading.




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EDITORS NOTE: This Geller Report is republished with permission. ©All rights reserved.

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