Today, the Bureau of Economic Analysis announced that Gross Domestic Product (GDP) grew 6.5 percent in the second quarter of 2021, well below the 8.4 percent estimate.
“The GDP should be surging because of the vaccine-induced recovery, but inflation as a result of irresponsible government spending has caused us to miss the mark. At the start of the second quarter, only one in 4 adults were fully vaccinated. Now, about 60 percent of adults are fully vaccinated. But we still have a long way to go. Our JCN Foundation Monthly Monitor poll from the end of June found only 9 percent of small businesses say they’ve already recovered from the economic effects of the pandemic. There are 7.6 million fewer jobs today compared to when the pandemic started. Reopening the economy alone will not bring those jobs back. The Democrats’ policies are creating a record labor shortage, paying people to stay at home rather than rejoin the workforce. Additionally, the Democrats are raising the cost of energy and raising the cost of other goods and services, leading to the worst inflation in four decades. This makes it harder for businesses to return to pre-pandemic prosperity. And if Blue State mayors and governors are serious about reimposing lockdowns, we will be in for a miserable second half of 2021. Instead of trying to ‘Make America Scared Again,’ we need to ‘Flatten the Fear’ once again.”
Last week, JCN ran a full-page advertisement in the Wall Street Journal comparing the current economy under President Biden to that under former President Jimmy Carter. High inflation, soaring gas prices, and a policy agenda threatening jobs are among the similarities. View the full-page ad here.