Biden's Manufacturing Failure Exposes Economic Disarray Nationwide
Submitted by MAGA
Posted 7 hours ago
**Failure** is the only phrase that seems fitting to describe the Biden administration's much-ballyhooed efforts to reinvigorate American manufacturing.
Recent reports from the Federal Reserve and S&P Global have torpedoed the White House's narrative of a manufacturing renaissance under President Biden's watch.
The administration celebrated October as "Manufacturing Month," touting an economic revival that simply does not align with reality.
Despite lofty claims from the President and Commerce Secretary Gina Raimondo about revitalizing American manufacturing and creating good jobs, the economic indicators suggest otherwise.
S&P Global's Manufacturing PMI reveals a dismal state of affairs, falling well below analysts' expectations, and marking six consecutive months of contraction in factory activity.
Furthermore, the Federal Reserve's latest report indicates a decline in industrial production, illustrating a sobering picture of economic stagnation.
Capacity utilization dropped to 76.8 percent, significantly below the historical average, signaling that production is waning across all sectors.
The situation appears particularly grim in regions like Philadelphia, where the Federal Reserve Manufacturing Index has reported alarming drops, contradicting any optimism expressed by the Biden administration.
As the holiday shopping season approaches, consumer sentiment is equally bleak.
Only one in six shoppers anticipates spending more than last year, with over a third planning to cut back on expenditures.
This translates into a troubling reality for retailers, with more than 7,000 store closures in 2024 alone, representing a staggering 69 percent increase compared to last year.
The narrative of a thriving manufacturing sector is, quite frankly, a facade, masking the economic pain felt by countless families struggling under the weight of rising costs.
Far from heralding a manufacturing boom, Biden's policies have resulted in increased economic strain, leading many to question the efficacy of his administration's approach to economic revitalization.
As CEO departures surge in various sectors, it is evident that a change in leadership may be necessary, both in corporate America and Washington.
This series of setbacks serves as a wake-up call, highlighting the urgent need for effective, conservative leadership that prioritizes American jobs and economic growth.
Sources:
theepochtimes.com
thecentersquare.com
thenewamerican.com
Recent reports from the Federal Reserve and S&P Global have torpedoed the White House's narrative of a manufacturing renaissance under President Biden's watch.
The administration celebrated October as "Manufacturing Month," touting an economic revival that simply does not align with reality.
Despite lofty claims from the President and Commerce Secretary Gina Raimondo about revitalizing American manufacturing and creating good jobs, the economic indicators suggest otherwise.
S&P Global's Manufacturing PMI reveals a dismal state of affairs, falling well below analysts' expectations, and marking six consecutive months of contraction in factory activity.
Furthermore, the Federal Reserve's latest report indicates a decline in industrial production, illustrating a sobering picture of economic stagnation.
Capacity utilization dropped to 76.8 percent, significantly below the historical average, signaling that production is waning across all sectors.
The situation appears particularly grim in regions like Philadelphia, where the Federal Reserve Manufacturing Index has reported alarming drops, contradicting any optimism expressed by the Biden administration.
As the holiday shopping season approaches, consumer sentiment is equally bleak.
Only one in six shoppers anticipates spending more than last year, with over a third planning to cut back on expenditures.
This translates into a troubling reality for retailers, with more than 7,000 store closures in 2024 alone, representing a staggering 69 percent increase compared to last year.
The narrative of a thriving manufacturing sector is, quite frankly, a facade, masking the economic pain felt by countless families struggling under the weight of rising costs.
Far from heralding a manufacturing boom, Biden's policies have resulted in increased economic strain, leading many to question the efficacy of his administration's approach to economic revitalization.
As CEO departures surge in various sectors, it is evident that a change in leadership may be necessary, both in corporate America and Washington.
This series of setbacks serves as a wake-up call, highlighting the urgent need for effective, conservative leadership that prioritizes American jobs and economic growth.
Sources:
theepochtimes.com
thecentersquare.com
thenewamerican.com
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