The Biden administration is touting their economic policies as a success but the data shows that US manufacturing is at its lowest point in nearly three years and inflation is on the rise. Meanwhile, their foreign policy decisions have been met with mixed reactions from allies and adversaries alike.
Joe Biden was elected President of the United States in November 2020 on a platform of restoring America’s standing in the world and rebuilding its economy. He has accomplished absolutely nothing along those lines.
Free Beacon reports, The ISM reported that US manufacturing activity fell to its lowest level since June 2018 in March 2023 due to weak demand for manufactured goods and supply chain disruptions caused by the virus.
This news comes despite President Biden’s efforts to boost US manufacturing through his “Investing In America Tour” which includes investments in infrastructure projects such as roads, bridges, airports, ports, railroads and broadband networks.
He recently Mumbled through a speech in North Carolina to “kick off” his tour
The plan also calls for incentives for companies that bring back jobs from overseas or invest in new technology such as artificial intelligence (AI) or robotics. While these measures may help spur growth in the long term they do little to address current issues facing manufacturers such as weak demand or supply chain disruptions caused by the virus.
In addition to weak manufacturing activity, inflation is beginning to rise due to higher prices of goods and services as well as increased demand for them. This is largely due to government stimulus spending which has put more money into people’s pockets but also because of rising commodity prices such as oil which affects transportation costs across all industries. Especially in the oil and gas industry.
The Federal Reserve has stated that it expects inflation levels will remain low throughout 2023 but if it continues rising it could cause problems for businesses who will be unable to pass on higher costs onto consumers without losing sales or market share.
Additionally President Biden’s foreign policy decisions have been met with both praise and criticism from allies and adversaries alike. On one hand he has received praise from Israel after announcing $3 billion worth of military aid packages which include advanced weapons systems designed specifically for use against Iran’s nuclear program.
On the other hand he has faced criticism from Russia after his administration declared Wall Street Journal reporter Evan Gershkovich wrongfully detained while visiting Moscow last month.
Biden has also come under fire from China after his Department of Energy announced $200 million dollars worth of grants aimed at developing renewable energy sources on mine sites using materials sourced from China rather than domestically produced ones like coal or natural gas.
Overall it appears that while President Biden’s economic policies may help spur growth in the long term they are not doing much to address current issues facing manufacturers or rising inflation levels caused by government stimulus spending combined with increasing commodity prices like oil. Meanwhile his foreign policy decisions have been met with both praise and criticism depending on who you ask but it remains unclear what impact they will have on international relations going forward as the whole world is at each other’s throat, due to Biden’s lack of leadership.
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