Biden takes helm as new data shows economic disaster
Ramin Mazaheri
Press TV, Chicago
The terrible economic data just keeps on coming for the United States during the coronavirus era. A new study found the yearly increase in the poverty rate was the highest in 60 years; at least 8 million people were added to the poverty rolls in 2020.
Fresh weekly unemployment data saw the number of jobless claims reach their highest in four months.
The weekly joblessness disaster provoked the mainstream media Politico to publish an article which calculated what they called the “True Unemployment Rate”. When the underemployed and the working poor are included, unemployment is over 25% in the richest country in the world.
Fourth quarter economic growth data just came in under expectations at only a 4% increase. That is especially dismal considering it only had to improve on a record 33% plunge in the 3rd quarter.
2020 saw widespread political demonstrations; many wonder if the dire economic situation will spark street protests.
Joe Biden is the new president, but the longtime elite politician has already helped preside over a five-decade failure of right-wing economic policies.
Top media are openly asking: “Can Biden succeed where Obama failed?”
During Barack Obama’s first two years, Democrats also controlled both houses of Congress and even had a filibuster-proof 60-vote majority in the Senate. Despite the urgencies created by the 2008 economic crisis, Democrats rejected progressive economic programs and the crisis would grow into what would later be termed the “Great Recession”.
The new economic data helped shock Wall Street into its worst daily drop since October. However, the S&P 500 stock market index gained $14 trillion in market value in 2020; that has caused many to say that stocks are no longer tied to market fundamentals and warnings abound of another economic crisis provoked by high finance.
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