The Biden economy is poised for a big year in 2022, as the real economy is very strong.
Video of Ron Insana on MSNBC:
Ron Insana on the economy, “The real economy, people are forgetting, is quite strong. Growing better than 5% this year, probably growing faster in the fourth quarter…Holiday sales strongest in 17 years. The absence of product is the only thing holding the economy back.” pic.twitter.com/Ui0i3yaIxM
— Sarah Reese Jones (@PoliticusSarah) December 31, 2021
I would say, look, we had a phenomenal rebound. The stock market doubled in 18 months off lows. Highly unusual. And of course, we saw a flood of cash come from the federal government and federal reserve that propped up markets, in many ways more than the real economy. But the real economy, people are forgetting, is quite strong. Growing better than 5% this year, probably growing faster in the fourth quarter when we get numbers.
Holiday sales strongest in 17 years. The absence of product is the only thing holding the economy back. The saving rate is still around 6%. Going into 2022, the rate of economic growth may slow, but as I said before, inflation comes down a lot. That’s barring any big political or geopolitical surprises where I think all the risk might reside this coming year as opposed to recent years.
If Insana is correct, it will change the expectations for the 2022 midterm election. Democrats have already done better in redistricting than anyone expected. If inflation and gas prices fall, while the economy continues to grow, Republicans will have nothing to run on.
You wouldn’t know this by watching Fox News, but the economy is in really good shape, and Biden could be riding a wave of economic growth in 2022, which will turn the Republican hopes of riding an angry wave to victory to dust.
Mr. Easley is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association