US media： In less than a year and a half, he dragged the United States back to the 1970s.

　　Reference News Network reported on July 31,On July 28th, the website of The Wall Street Journal published an article entitled "Biden’s Stagflation Comes". The full text is as follows:

　　Call it recession, stagflation, economic slowdown, temporary deviation, or even Ethel or Fred — — No matter what you call it, the American economy described in the second quarter GDP report released on Thursday is struggling. This is distressing for American families and businesses living in it, and it is also a political burden for Democrats in charge of the economy. No wonder they want to pretend that none of this happened.

　　Consumer spending is at the slowest growth rate since the epidemic. The recent income of retailers such as Wal-Mart shows that this is because inflation is devouring household income. Thursday’s data showed this problem: in the first two quarters, the inflation rate measured by the personal consumption expenditure price index (the preferred measure of the Federal Reserve) reached 7.1%, and compared with the decline in consumer spending, the price of consumer goods showed an upward trend.

　　Real wages are falling, and the real disposable income in this quarter fell by 0.5%, which is the fifth consecutive quarter of decline.

　　Private investment is also declining, with total private investment falling by 13.5% this quarter. Fixed investment decreased by 3.9%, and residential investment decreased by 14% as the housing market cooled down.

　　Well, blame everything. The decrease in inventory investment is a sign that enterprises are prepared for the slowdown in demand. Widespread inflation has caused serious damage to enterprise costs and investment plans. Another culprit is that the Biden administration and Democrats in Congress refuse to give up tax increases or costly regulations.

　　International trade is the biggest bright spot. If there is no 18% export growth, the quarterly contraction will be even greater. However, in the context of the energy crisis, Europe is in recession and other factors will put greater pressure on American overseas markets.

　　Only when the national economic research says that the economy is in recession (it will only be said after the situation has happened for a year or more) and the employment rate drops (perhaps it is only a matter of time with the sharp drop in investment and confidence) will Biden administration officials and their allies admit that they are in recession. Their idea is to pretend that the bad news didn’t happen, but the political risk is that President Biden seems to be out of touch with reality. As he said on Thursday, he said that the negative growth in the second quarter showed "signs of economic progress".

　　Biden inherited a growing economy that was ready to recover from the epidemic, but in less than a year and a half, he dragged the United States back to the 1970s. The best way to describe our present situation is stagflation, which is an ugly combination of slow growth and rapidly rising prices. This is the result of a series of policies such as trillions of federal expenditures, strict supervision, high tax threats and loose money. It’s time to do the opposite.

　　Caption: Biden discussed the economic situation with American entrepreneurs in Washington on July 28 (Associated Press)