The present year of 2022 comes to an end in just a few more days. It will mark 23 full months of the Biden administration and the democratic controlled congress. (Feb. 2021-Dec. 2022). The year closes out on a positive note with legislation that avoids a national Railroad strike, the Respect for Marriage Act, a long term spending bill that prevents a government shutdown and finances the government thru the fiscal year that ends 9/30/23, lower inflation for November year to year, the consumer confidence index up for December and a third quarter GDP of 3.2%, up from the 2.9% reported earlier. And a record number of jobs added to the economy in the first 23 months.
Those 23 months also produced positive legislation for the country and its people, lower unemployment at historical levels, an economy where consumers continue to spend despite inflation because they have jobs and are making progress with rising wages. Deficit spending decreased 50% to $1.4 Trillion compared to $2.7 trillion in Trump's last fiscal year. Total federal spending also decreased 8% at $6.2 trillion compared to $6.8 trillion in Trump's last fiscal year. Following the information given by Scientists, COVID was brought under control.
The negative voices and their enablers who preached doom and gloom thru out 2022 and were predicting an economic recession in the third quarter were wrong on everything concerning the economy and job creation. Politidose commentary in December 2020 and January 2021 predicted how the Biden administration would turn the economy around when the Trump/GOP failed so dramatically.
So, what can we project and or look for in the new year 2023 and beyond? The President will have a divided congress, the negative voices are still predicting an economic recession sometime in 2023 and supports the FEDS raising interest rates high and fast which could harm the economy, create loss jobs and higher unemployment in order to cool off a economy that is working beyond their belief. They are willing to do that because they want to harm the President's policies that are working. And so far, the FEDS. agree with them by their own actions. The GOP who takes control of the U.S. Houe in January has already stated how they will oppose the President's future plans.
Those are the two greatest threats to the well being of the economy in 2023 along with the GOP's threat to oppose climate change and the President's economic policies. But precedent tells us that democratic administrations are better at governing during hard times as well as good times so this writer believes President Biden and his administration is the best answer to the problems the new year will bring. They were the only sane voices on the economy for the past 23 months and will continue the tradition that democratic policies are not based on the belief the economy has to be weakened and accept higher unemployment and the loss of jobs to control inflation. That is a corrupt ideology dogma proven to be wrong, unacceptable and dangerous.
It was progressive policies that put the economy where it is today and it will be progressive policies that will continue to move the country and its people in the right direction in the future.
This commentary written by Joe Lorio
