Today's Wall St. Journal has a remarkable graph that compares the change in household net worth during the Trump administration with that for 3 years of the Biden administration. In nominal dollars, the data is very comparable. However, when the net worth is corrected for the high inflation of the Biden years, the results of the last three years are catastrophic for America's households. Here are the graphs:
The effort of American to increase their household worth has been very effectively thwarted by the Biden administration. This comes on the heels of about a 29% increase in household worth under the previous Trump administration. The low inflation rates of the Trump administration, the sane energy policies that did not attempt to kill the coal, oil, and natural gas industries, and a decrease in major economy-killing regulations, make an emphatic economic difference that allows families to increase their wealth dramatically. In contrast, the Biden economic controls create stasis and long-term stasis causes people to give up their effort to lead a productive life. The Biden governing plan is to reproduce the world Ayn Rand so dramatically pictured for us in Atlas Shrugged.
It is no wonder that so many Americans who have voted for the Democrats reliably for decades are having second thoughts about doing so in the upcoming 2024 election. Yet, it is also a wonder that many tens of millions of Americans will still vote for him. These are people who simply do not value individual merit.
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