On more than one occasion, Joe Biden has declared that he’s the president of “jobs.” He’s also spoken from the White House, alleging low unemployment rates and claiming that America’s economy is “coming back” under his leadership.
Unfortunately, America’s economy is not “coming back.” If anything, it’s going under.
Right now, across the United States, multiple gas stations are modifying their price displays to be able to add an extra digit. This is for the projected $10.00+ per gallon gas prices that are coming.
Meanwhile, 401Ks are crashing as the stock market does terribly. Inflation is still gutting the American public and economists have not walked back their predictions of a recession during the middle of next year.
Now, more bad news about the US economy is in. Major retailers are currently losing serious profits.
Bad News For Large Companies
Big businesses across the United States are starting to get steamrolled by an economy that’s in a freefall.
During 2022’s very first quarter, Target saw its profits suffer a 52% decline. On top of this, Walmart’s stock has fallen by 32%. That’s not to mention Dow Jones which dropped by more than 1,100 points in Wednesday’s trading.
Days ago, Netflix also announced the layoffs of 150 employees. The company’s subscriber base has tanked significantly. In a company statement, Netflix explained that its financial situation, rather than the actual performance of its employees, is the reason for the layoffs.
As the expenses of freight and gas become more costly, large companies are finding themselves forced to make some hard choices. Unfortunately, this does not bode well for Americans who rely upon these companies in order to support themselves.
The Myth of “Corporate Greed”
The Biden administration and Democratic officials have claimed on multiple occasions that higher market prices are merely due to “corporate greed.” Unfortunately, it is the spending of the federal government (which Democrats control) that has caused such massive price increases.
Target’s expenses are projected to increase over the next year by $1 billion, according to chief executive Brian Cornell. During a call, Cornell also admitted that Target has a long road ahead before it gets back to strong levels of profit.
As the economy continues to struggle, Biden and his allies are still calling for more spending to be approved by Congress. This is one key reason why so many Americans remain hopeful for the GOP to regain the congressional majorities.
A Republican-led Congress would not approve Biden’s spending bills that are quickly dragging the US economy to utter ruin.