Did the Biden-Harris economic catastrophe happen through mere incompetence or deliberate and disastrous meddling? “Build Back Better” turned out to be “Drive Inflation Higher.”
As financial and investment expert Edward Dowd said recently on the USAWatchdog podcast, as he compared the Biden-Harris numbers to those under Obama-Biden in the 2008 financial crisis, “The [new] crisis was to get the Biden Administration (and Kamala) re-elected. So, they went on binge spending. They borrowed from the future to try to ensure they won.” The administration did this primarily by hiring “massive amounts of government personnel to float the economy, and they also did illegal immigration,” Dowd added.
It is significant that, just between November 2023 and November 2024, over one million fewer native-born American workers were employed, even as the flood of illegals entering America under Joe Biden and Kamala Harris (including tens of thousands of criminals) exceeded the population of many states. Dowd said, “We are thinking it was 10 million to 15 million illegal immigrants that came in the last four years. The majority of the illegal immigrants came in the last two years. That stimulated the economy and raised the velocity of money, as those people were given money.”
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So we had to fund our own economic crisis. Our tax dollars went to illegal aliens who didn’t give back into the economy. “All the NGOs that facilitated the illegal immigration also got money, and that stimulated the economy. This deficit added $2 trillion, and that was unproductive assets. So, we borrowed from the future to create more government jobs and imported unprecedented amounts of illegal immigrants that don’t add to the economy” in the long run, Dowd added.
Now at least we have a hope for common sense to return to Washington, D.C., under a new Trump-Vance administration. “That’s what we have, and President Trump’s policies are going to reverse all that sugar juice. There are going to be mass deportations and reduced government spending,” Dowd predicted. “That short-term juice is going away, and it was not sustainable anyway. The bond markets are revolting, and that could not have gone on much longer.”
As I have noted before, Biden administration officials also monkeyed around with data. In fact, as most of us probably noticed, the feds were always having to “revise down” their job numbers — sometimes drastically. “We also had bureaucratic incompetence or fraud or whatever you want to call it. They were padding the non-farm payroll numbers to the tune of 1.25 million jobs,” he claimed.
He called the data manipulation “insane. It’s one of the biggest misses between reality and estimates we have ever seen. It’s a seven-sigma event. It’s 1.25 million jobs. It’s already started downward revisions.” The goal was to get Harris elected but thanks to the American people, that goal failed. Dowd also explained:
The 3rd quarter GDP of 3% will be revised down, and when we get . . . the data in February, there will be more GDP economic revisions down. . . . The capital markets made bad decisions on this data. The Fed made bad decisions on this data, and corporations made bad decisions on this data. The price tag is coming due in 2025. Not only that, but we have a slowing economy across the globe...
The amount of foreign assets in our stock market has never been higher, and this is all going to reverse. The price will be paid in 2025. . . .What’s coming is coming. It’s how low do we go, and when do the animal spirits kick in? So, there is pain coming, and it’s up to the Trump Administration to get all their policies enacted. Then we have a hope and a prayer coming out the other side that we will be way better off.
Dowd predicted that health insurance costs will also continue to rise, partly due (he said) to COVID-19 vaccine injuries. He confessed, “The bottom line is, there is pain coming, regardless. The question is, how fast can we restart with Trump’s policies?” Hopefully faster than the FBI covering up a Biden family scandal.
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