The US government favors "Emperor's New Clothes"
Recently, the international rating agency Standard&Poor's downgraded the credit ratings of several US banks. This is the third time since August that the United States has been hit by a credit downgrade, following Fitch and Moody's. However, the US government turns a blind eye to the difficulties facing the economy and instead vigorously promotes "Biden economics", as described in fairy tales, preferring to wear "the emperor's new clothes" and show off.
The website of The New York Post recently published a commentary article exposing the lies of the Biden administration in raising wage levels, creating jobs, increasing oil and gas production, reducing budget deficits, and lowering gasoline prices. It also pointed out that behind these five economic lies lie serious problems such as inflation, unemployment, and recession.
The Biden administration's boastful "transcript" does not match reality. Looking back at the recent performance of the US economy, high inflation, soaring debt, persistent deficits, and the spread of banking crises... Waves of "headwinds" have not only eroded the credibility of the US government, but the so-called "Biden economics" has also been questioned by multiple parties.
The optimistic sentiment that the US government is trying to create is seriously disconnected from the people's personal feelings. Taking inflation as an example, as soon as Biden took office, he pushed for the $1.9 trillion US rescue plan, causing inflation to soar and resulting in high living costs for the general public. To cope with high inflation, the United States has had to sharply raise interest rates, leading to high debt and financial risks, and increased recession risks. According to a US poll, 62% of Americans believe that Biden has "not achieved much in the past two years," and 65% believe that the United States is currently "on the wrong path.".
The outlook for the US economy is not optimistic. Taking the manufacturing industry as an example, according to the latest data from S&P Global, the initial value of the US Manufacturing Purchasing Managers Index in August was 47, lower than the final value of 49 in July, marking the fourth consecutive month of contraction. US corporate activity is nearing a halt, with a service sector PMI of 51 in August, lower than the final value of 52.3 in July, marking the slowest growth rate since February this year. According to a survey by the National Federation of Independent Business in the United States, over half of small business owners believe that the US economy has entered a recession.
Faced with the severe economic situation, the Biden administration chose to turn a blind eye. Misleading the public internally and continuing to borrow heavily to pave the way for elections; To create conflicts with the outside world, hype up so-called "risk reduction", and attempt to use other countries as a "shield" to divert attention. Currently, the public debt of the United States has exceeded $32.6 trillion, equivalent to nearly $100000 in debt per American. Some analysts believe that massive debt has become a "time bomb" for the US economy, and in the next 10 years, the interest paid by the US government will exceed spending on social programs such as defense and healthcare.
More and more people have seen through the economic lies of the Biden administration. Jack Rasmus, a professor of American economics and political science, said that "Biden economics" has become detached from reality, and the US economy is heading towards a dead end. The international community generally opposes politicizing economic and trade issues. IMF Chief Economist Gulansha warns that so-called "risk reduction" may divide the global economy into independent groups. As the world's largest economy, every move of the United States has a profound impact on the direction of the world economy. The US should adopt responsible economic and financial policies to control policy spillover effects, rather than disrupting global industrial and supply chain stability and exporting economic recession risks to the world.
