This is not how Democrats thought events would play out.
Now the left is scrambling to salvage the situation.
Joe Biden got some bad news that left every Democrat sweating bullets.
When Joe Biden took office the conventional wisdom in the party and in much of Washington was that Joe Biden was set to preside over a historic economic boom.
Of course, much of this optimism was due to the vaccines developed by Donald Trump’s Operation Warp Speed bringing the coronavirus pandemic to an end allowing the economy to quickly ramp up.
But those dreams collapsed in May.
The April jobs report showed just 266,000 jobs created and eight million job openings.
In an even more concerning development, inflation worries rocked the American economy reminding Americans of the malaise they suffered under Jimmy Carter’s presidency.
Some economists claimed the inflationary pressures would only trouble the American economy temporarily.
National Federation of Independent Business Research Center Executive Director Holly Wade announced her group’s study claimed inflation would rise to 2.8% in 2021, 2.3% in 2022 and then decline.
“NABE panelists expect near-term inflation pressure, but anticipate it being short-lived,” Wade’s statement read. “Inflation expectations moved up significantly from those in the March survey, but panelists anticipate inflation easing in the second half of 2021, with no resurgence in 2022.”
But not everyone agrees.
Former Obama Treasury Secretary Lawrence Summers argued inflation will hit America harder and sooner than he expected.
“Data are pointing more towards higher inflation than I expected, and sooner,” Summers stated in an interview with Axios. “With more inflation signs sooner than I would have expected.”
Summers warned against Biden’s nearly two-trillion-dollar blue state bailout bill, predicting that continually printing money would overheat the economy.
The numbers bear out Summers’ warning.
The Consumer Price Index shot up 4.2% between April 2020 and May 2021 which was the fastest increase since 2008.
And the Federal Reserve Bank of New York released their latest survey of 200 manufacturing executives which found record inflation.
No president ever wants to find themselves compared to Jimmy Carter.
Jimmy Carter stands as the symbol of hapless, one-term American presidents in the minds of millions of Americans.
It was not too long ago that media outlets were writing stories about how Joe Biden was the new FDR pushing an unstoppable juggernaut of a legislative agenda.
But one bad jobs report combined with the rising fears of inflation turned the conventional wisdom in Washington on its head and the FDR comparisons disappeared.
Democrats are counting on the economy roaring to life as America returned to normal as the pandemic wound down to act as their political ace in the hole.
However, even left-leaning economists are warning about the specter of inflation and the damage it could inflict on Americans’ everyday lives.
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