Continuing with our theme from yesterday’s Daily Chart that we should not soon let up on pointing out how supremely awful the Biden (p)residency was, today we can point to the trashing of “Bidenomics” by Jason Furman, the chief economic adviser to President Obama. (Hat tip to our friends at the Committee to Unleash Prosperity for noting this startling defection from the party line.) Writing in Foreign Affairs under the subtitle “the Tragedy of Bidenomics,” Furman tries to be supporting of the overall liberal disposition in favor of government economic intervention, he cannot disguise the massive policy mistakes Biden and his minders committed:
Overall domestic industrial production remains stagnant—in part because the fiscal expansion Biden oversaw led to higher costs, a stronger dollar, and higher interest rates, all of which have created headwinds for the manufacturing sectors that received no special subsidies from the legislation he championed.
The Biden administration failed to seriously reckon with budget constraints and to contend with the effects of “crowding out,” when a surge in public-sector spending causes the private sector to invest less. Both missteps reflected a broader unwillingness to contend with tradeoffs in economic policy. . .
Most damning of all: wage growth stagnated:
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