The Biden Administration is boasting about a spike in construction spending on manufacturing as a sign of the success of “Bidenomics,” and the Wall Street Journal yesterday produced this data series, while also giving credit to Biden and his big-spending ways:
But a closer look at inflation-adjusted spending over the last decade suggests a different explanation—inflation, in both labor and materials costs. Direct your attention to the gray line.
The Wall Street Journal includes a telling observation that I imagine the reporter thought was a throwaway line: “Part of what makes the surge in manufacturing construction so striking is that it is occurring even though sentiment among manufacturers is rather low.” Maybe because manufacturers know the Biden Administration actually hates business?
