The financial and economic performance of Biden has been abysmal.
However, he managed to do something incredibly bewildering by handing Americans huge stimulus money. Consumers have used that to buy lots of imports, thus directly funding the economies of other nations.
Biden is Funding Other Nations with US Debt
In recent months, most public attention in that regard has been focusing on the skyrocketing inflation, spiking energy and gas prices, the stupefying supply chain crisis, and shortages of basic consumer products.
Meanwhile, there is an ongoing labor shortage, as millions of Americans have been dropping out of the workforce, goaded by Biden’s handouts, and unmotivated by the state of the economy.
In 2021, America’s trade deficit, with the rest of the world for the first time ever, surpassed the mind-blowing figure of $1 trillion dollars, according to preliminary data.
In other words, the United States bought from other nations $1 trillion dollars more in goods than we have sold to them. Proper historical research may even discover this represents the highest trade deficit in history.
Thus, according to the latest US government data, America’s trade deficit spiked to $1.08 trillion in 2021.
That is an increase of more than $110 billion, compared with 2020. 2020 actually also saw a record-breaking US trade deficit, at the time, of $893.5 billion.
Throughout 2021, Biden was busy pouring easy money into US consumers’ bank accounts. This all started with his mind-blowing $1.9 trillion “COVID relief package” in March, thus funding other nations’ manufacturing and economic growth.
Meanwhile, other countries haven’t exactly returned the favor. Therefore, the foreign demand for American-made products hasn’t grown anywhere near as much as the imports of foreign goods into the United States.
US trade deficit in goods hits record $1.01 trillion in 2021. Can’t wait to hear all the Biden supporters blame Trump for this one.
— #LetsGoBrandon 🇺🇸 (@Trump2094578522) January 26, 2022
The US goods trade deficit widened to an ALL TIME HIGH of $101 billion in December of 2021 and breaking $1 Trillion for 2021 another NEW RECORD! pic.twitter.com/Ha338OT1F3
— Golden Coast (Cassandra) (@GregCrennan) January 26, 2022
The Biggest Monthly Trade Deficit on Record
The newest US government estimate showed that in December alone, America’s monthly trade deficit grew by 3%, reaching $101 billion, up from $98 billion. That amounted to the biggest monthly trade deficit increase on record.
In December by itself, imports grew by 2% reaching $258.2 billion; US exports, however, increased only by 1.4% to reach $157.3 billion.
While some pundits have noted that America’s overall 2021 trade deficit will likely be revised to below $1 trillion (because the US typically has a surplus in service sectors, such as travel and tourism), that is of little consolation.
Let us also not forget that last year didn’t exactly see “booming” tourism and travel, with all the COVID-19 curbs on international travel, among other things.
Against this backdrop, it has also emerged that in his first year in office, Joe Biden managed to add more than $2.115 trillion in new debt to the total debt of the US government.
When Biden was inaugurated on January 20, 2021, America’s government debt was $27.75 trillion, and on January 20, 2022, it had swollen to $29.87 trillion. This is not good at all.
The US runs a massive trade deficit ($1+ trillion) and has serious labor shortages. It means the jobs don't produce what people consume – "token distribution jobs" for enabling consumption. Consumption share of GDP is a sky-high 69%. This is bankrupt economics.
Great thread. https://t.co/awziiEV76N
— Sridhar Vembu (@svembu) January 27, 2022