LETTER: About that Biden economy …

In his Saturday letter, Darryl Cornelius has made many assertions about the economy that need to be addressed.

If Mr. Cornelius would look deeper, he would discover that GDP gross numbers are adjusted to reflect changes in imports. Without that adjustment actual GDP last quarter grew by about 0.1 percent.

To what “solid” growth under former President Joe Biden does Mr. Cornelius refer to? That which for four years had a negative increase in full-time employment? And the Bureau of Labor Statistics keeps lowering the numbers of people actually employed. So the Biden administration lied first to appease the village idiots and then multiple times lowered the numbers in a late-night Friday news release.

Under Mr. Biden, we actually had two recessions. Of course they were not reported as such. But take some time and review the data. Two consecutive quarters of negative growth is a recession.

Finally, Fed chief Jerome Powell was exceedingly accommodating during Mr. Biden’s term, keeping interest rates low except when he could no long keep up the lie that there was no inflation and he increased M2 money supply rapidly. That, along with record spending, resulted in the inflation to which we were subjected.