“The collapse in economic confidence means that President Biden and congressional Democrats are facing strong headwinds as they head into the November elections,” Peter Hanson, Grinnell College, March 23. Republicans are working hard to make people believe our economy is collapsing and Democrats are to blame. They talk about inflation and rising energy costs as if this is all new under President Joe Biden. That’s because they have no actual ideas on how to fix anything. All they can do is complain. If Republicans were honest, they would remember when inflation soared to record-breaking heights under Republican President Gerald Ford and continued under President Ronald Reagan. (Reagan also oversaw the collapse of the savings and loan industry, a major blow to the economy). They would remember the energy crisis of 1973, when gas stations literally ran out of gas. They would remember the “Great Recession” and housing collapse, brought to us by Republican President George W. Bush. Inflation: During the 1970s, inflation was at an annual rate of 14 percent. To fight this, Ford created a program called “Whip Inflation Now,” even passing out little WIN buttons. Sadly, the buttons didn’t solve the problem. President Jimmy Carter inherited high inflation. When Reagan became president, inflation was at 13.5 percent. In 1981, it fell to 10.3 percent, still very high. By 1982, it was at 6.1 percent. Our current inflation rate is around 7.87 percent. The rate began to climb in April 2021, when supply chain issues due to COVID-19 became severe. This rate is painful, but nowhere near what it was under Ford, Carter and Reagan. Gas prices: I vividly remember the 1973 energy crisis, under Republican President Richard Nixon. Oil prices jumped 350 percent. Gas prices soared. Gas stations were allotted a certain amount of gas; when supplies ran out, there was no more. Drivers lined up for blocks, hoping for a few gallons. Some even threatened gas station attendants with guns, believing they were “hiding” extra gas. Today, prices are up, but supplies aren’t restricted. Republicans claim prices are high because Biden has reduced domestic drilling. In reality, “Oil companies currently have nearly 14 million acres of unused leases and more than 9,000 unused and available drilling permits, of which 5,000 were approved in 2021 alone. Here in Nevada, more than 97 percent of the 872,000 acres of authorized leases lay idle.” (Reno Gazette Journal, March 20) Oil companies are not being restricted in their drilling; they have 9,000 unused permits. They just don’t see the need right now. They’re making record profits and will drill for more oil when it becomes economically attractive for them. Those who care about truth should acknowledge that. Jobs: President Donald Trump had a net four-year loss of about four million jobs. Under Biden, jobs are being created at a record-breaking pace; unemployment is 3.6 percent. “The number of Americans applying for unemployment benefits last week fell to its lowest level in 52 years.” (Reno Gazette Journal, March 25) Economy: I’ve read Republican comments that we are currently in recession or even depression. Again, in the housing collapse of 2007-2008 under GW Bush, housing developments were abandoned. Half-built houses were left to rot. Now, houses are being built at what seems a record pace. Driving around Churchill County, it looks like a forest of 2x4s, so many houses are being framed and completed. Empty lots are being filled. New businesses such as Arby’s and Boot Barn are arriving, indicating optimism in the economy. This is not what a recession looks like. Since the mid-1940s, the economy has grown just 2.54 percent on average under Republican presidents, but 4.35 percent under Democratic presidents. Recessions have occurred almost exclusively under Republicans, while employment is stronger under Democratic presidents. (USA Today, May 28, 2020) What we are experiencing is very painful, but electing Republicans won’t bring relief. “The U.S. economy has performed better when the president of the United States is a Democrat rather than a Republican, almost regardless of how one measures performance.” (“Presidents and the Economy: A Forensic Investigation.” Nov. 2013) Republicans hope everyone is as ignorant of history as they are. What they are good at is spinning tales. Unfortunately, those are often fairy tales, created to appeal to their base. When choosing our leaders, we should rely on facts, not fairy tales. Our economy, including here in Nevada, is improving. History shows that Republicans have consistently done poorly. Don’t let Republican lies win. Vote for those who have real solutions. Jeanette Strong, whose column appears every other week, is a Nevada Press Association award-winning columnist. She may be reached at news@lahontanvalleynews.com.
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