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Happy new year 2022.
It won’t go away anytime soon. Even when COVID-19 is finally (mostly) over and business is back to business as usual, it will not be a year of prosperity and growth, but the opposite.
For the economy as a whole, households and the stock market, things have been pretty dire.
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The only bright spot is the job market, with businesses rehiring workers at a brisk pace and showing very low unemployment throughout the year. But there wasn’t much else to brag about.
America’s economic engine stalled, slow recession Inflation exceeded 9% in the first half of this year.
For that year Consumer Price Index (CPI)) ended above 7%. This led to the largest annual price increase in nearly 40 years.
According to the Heritage Foundation, the family lost about $4,000 to $5,000 in real take-home income as gas station and grocery store prices skyrocketed.
The report of the Commission Unleashing Prosperity, A Typical 401(k) Retirement Plan Lost over 300,000.
Then there was the stock market plunge that leveled American savings and wealth. About $12 trillion of assets have evaporated in 2022. Adjusted for inflation, the Nasdaq is down 35%, the S&P is down nearly 25% and the Dow Jones is down his 9%.
The National Debt Clock (negative US government credit card balances) climbed to over $32,000,000,000,000.
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This terrible performance was no accident. It was largely the result of a series of public policy missteps in Washington and states and cities across the country.
Below is a list of the worst economic policy failures.
1. The $2 Trillion Omnibus Spending Bill.
Biden joined hands with Republicans to pass yet another bill, even as the country’s finances were in turmoil and the Republicans pledged to take control of Uncle Sam’s record deficit. Huge year-end spending bill Filled with pork, beef is on the rise at nearly every federal agency. Both parties share this Oinker responsibility. If there ever was a time limit discussion, this was it.
Shame, shame, shame — especially to those Republicans who claim to be against big government but who vote for it.
2. California passed law requiring all new cars to be electric by 2035
Polls show that Americans don’t want to be forced to buy electric vehicles, with only 6% of all new car sales being EVs by a wide margin.But California Democratic Governor Gavin Newsom And Sacramento politicians didn’t listen. They will demand that everyone own an EV for decades to come.
Then, two weeks after Newsom approved the regulation, a statewide power outage left cars stranded.
It only gets worse, left coaster.
3. Congress approves funding for 87,000 new IRS agents
Even if I fill Yankee Stadium IRS agent There are not enough seats to accommodate all the new tax collectors that Congress plans to hire in 2023 and 2024. These auditors, agents and prying eyes investigate financial transactions as small as $600. And it’s not just the rich who are subject to audits and investigations.
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But while Congress wants to double the size of the IRS, the past two years have seen it take advantage of new loopholes, carve-outs, and extraordinary gains that add hundreds of new pages of complex tax code to the tax code. I spent a lot of time adding. A simple, flat, fair, and easy-to-understand tax code allowed the IRS to fire half of its auditors.
4. Biden pleads with Saudi Arabia and OPEC to increase oil production, but will not allow more drilling here
Biden destroyed pipelines and shut down refineries and LNG terminals. U.S. natural gas exports are slowing bit by bit as Europe goes crazy for gas from Russia – Russia is just feeding Putin’s war machine more money.
We are running out of oil reserves. Gas prices soar Some parts of the U.S. hit $5.00 or more per gallon earlier this year (up from $2.59 under President Trump), and many U.S. counties have seen home heating costs triple.
President Biden has since accused “big oil” of driving up prices. This is an anti-fossil fuel American energy policy that only enemies like China, Iran and Russia can love.
5. Transportation Secretary Pete Buttigieg is charged with solving the never-ending supply chain problem
In 2022, energy shortages weren’t the only cause of traffic jams, inability to unload ships at ports, and empty shelves across America in 2022. Medicines and fertilizers for farmers to grow our food. Toilet paper was also sold out. It was like the old Soviet Union.
Before Biden became president, few had heard the term “supply chain” problem.
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To make matters worse, Transportation Secretary Pete Buttigieg, who was in charge of this logistical issue, and the man who took family leave in 2021 when the crisis began, proved completely incompetent for the job at hand. It turned out.
6. Many states paid out more than $75,000 in welfare benefits to families annually in 2022
With millions of job openings, why are there still 3-4 million fewer Americans working than they did pre-coronavirus?
One reason is that more than 20 states allow families of four to receive benefits that exceed the wages of construction workers, machinists, security guards or factory workers. Paying people who don’t work is a stupid government policy that is bad for businesses, taxpayers and families.
7. COVID restrictions and orders have not yet disappeared in major blue cities and states.
Almost three years after COVID hit these shores, there is conclusive evidence that lockdowns, school closures and mask mandates are not working and are causing more problems than they solve. They have lingered and are making a comeback in many states and cities.
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Mandatory vaccines and masks are back. Many school districts are closing schools again to protect themselves from the flu.
The government and CDC scare campaigns will not go away as Americans demand a return to normalcy.
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