Saturday, May 25, 2024

A Very Bad, Very Convenient, Memory

Bill O'Reilly makes the case for election of Donald Trump, and that warm feeling on your backside is smoke he's blowing up your rear end. Here, he claims

I don't care whether you like Trump or not. Trump governed this nation in a responsible way where everybody prospered. And if you don't believe that, you're a moron. Every single thing, every single indicator was on positive territory. All the working people no matter what color they were were making more money and there were more jobs. We didn't have inflation. We didn't have supply problems. We didn't have any of it. Now we have all of it, in addition to an open border.

What a great country! All the working people were making more money and there were more jobs. Except that, as Vox explains

some of Trump’s signature economic policies have also been found to have had little to no measurable effect on the economy — and a few might have even hurt. Multiple studies have shown that the Trump tariffs at best had a neutral effect on the economy and at worst cost America hundreds of thousands of jobs and higher prices for consumers. And his 2017 tax cuts, which increased investment in the economy and contributed to modest wage growth in the short term, fell far short of Republicans’ promise that they would pay for themselves and are projected to significantly raise federal debt and increase income inequality.

"On the other hand," Biden

faced the immediate task upon assuming office of heading off a recession as the country started to bounce back from the pandemic. The US did recover from that pandemic economic slump. But there is evidence that his policies, including the stimulus checks he issued, contributed to an inflationary spiral. 

The US did, however, manage to curb inflation faster than other economically developed countries, while also maintaining much lower levels of unemployment and higher wage growth.

O'Reilly seems to have forgotten that

Supply chain disruptions rose nearly 70% in 2020, with the Covid-19 pandemic leading the way as the most damaging event, according to data from supply chain risk monitoring firm Resilinc, released this week.

The data come from Resilinc’s 2020 EventWatch Report, which analyzes information gathered from the company’s EventWatch AI global event monitoring service. The report shows that supply chain disruptions were up 67% year-over-year in 2020, with 83% of disruptive events being “human caused,” the company said...

Donald Trump was President in 2020, when he constantly assured Americans that the coronavirus would "go away" and "is disappearing," Inflation was low through most of 2020 (but rose to.4.2% in January 2021) because people were sheltered at home and there was little demand for goods and services. O'Reilly says "we didn't have supply problems," a claim which should surprise suppliers and consumers of toilet tissue.

The inflation rate is now 3.4%. At 3.9%, the unemployment rate is at a nearly 50-year low. It was at 6.3% in January, 2021, when Trump left office. (It was at 7.2% and inflation at 4.1% as Saint Reagan carried 49 states on his way to re-election bragging "It's Morning in America Again.")

Bill O'Reilly supports Donald Trump. But facts are facts. In 2017, O'Reilly was worth approximately $85 million and probably is worth much more now. Therefore, Bill he knows that under a President Trump, the tax he pays on his income will be significantly lower. There probably is a connection the two..

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