by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Joe Biden, the leading Democrat in the overcrowded presidential sweepstakes (there are more of them running than horses in the recent Kentucky Derby), appears to want to take America back to the days of the Obama administration, which he was a part of for eight years. What would that look like?
In a 2010 interview on “60 Minutes,” President Obama spoke of a “new normal” in which businesses had to become accustomed to fewer employees and the American job market would never expand. When Obama and Biden left office, GDP was just 1.9 percent. Many economists and pundits believed it would not go higher. Obama and Biden and certain opinion writers claimed Donald Trump’s promise of economic growth of 3 percent or better and the return of manufacturing jobs was a “pipe dream.”
According to the Dept. of Commerce, economic growth has reached 3.1 percent, manufacturing jobs have returned in many industries and unemployment is at the lowest rate in nearly 50 years. Wage growth is up, as is the stock market, which, in spite of the recent dip due to uncertainty over trade with China, remains at record highs. This must be pleasing to investors and especially retirees whose IRAs and other accounts are producing more income than during the Obama-Biden years. …
… Biden and every other Democrat running for president would likely raise taxes, re-impose regulations on businesses and Wall Street and name liberal judges to the federal benches who will interpret the Constitution according to their personal biases.
Would a majority of voters be OK with all of this, assuming Trump and other Republicans frame it this way?