Updated July 23, 2023-
The self-defeating economic and public policies of the Biden Administration are the catalysts for massive buyers’ remorse.
Almost immediately after Joe Biden moved into the White House, millions of search results illustrate Why ‘Regret Voting for Biden’ Trends on Google.
According to The Hill, even a reliably Democrat-voting block, Black voters, are “fleeing Biden in droves.”
Why? He’s violating every principle for economic growth and prosperity.
The economy had been recovering from the coronavirus pandemic.
Why President Trump was successful
Despite all the complexities, it’s simple to understand why the Trump Administration was so economically successful. As a billionaire, former President Trump understands the principles of capitalism.
You could see positive signs everywhere. Jobs were coming back and we have the Trump track record to examine before the pandemic.
At 3.5 percent, the unemployment rate was the lowest since 1969. The unemployment rates for Blacks and Hispanics were the lowest in history.
Small business owners’ confidence skyrocketed accordingly.
Businesspeople credit the Trump Administration’s major tax reforms along with the other elements in the pro-growth economic agenda.
Trump Administration energy policies ended America’s sad dependence on foreign oil.
We had become an energy exporting nation — so much so that SUV and truck sales have been soaring.
President Biden’s looming disaster
Sadly, President Biden continues to dismantle all the productive policies that worked so well thanks to President Trump.
Businesspeople, employees and would-be workers were encouraged after the Obama Administration era after President Trump went to work (working for free — he donated all his salary during his four years as president).
Under the Obama Administration, you might recall that many jobs created following the Great Recession were only part-time. College graduates couldn’t get meaningful jobs.
Noted economist Peter Morici said the real unemployment rate in those years was a whopping 11 percent.
President Obama’s nightmarish policies
Nightmarish trends from 2008 to 2016 prompt a review of those dysfunctional public policies:
— Expensive ObamaCare with its dysfunctional and countless unfulfilled promises
— The federal budget deficit under President Obama soared to $20 trillion (he increased the deficit more than any president in history)
— Massive stimulus spending
— Mr. Obama declared he would improve the $600 billion trade deficit and create substantial family wage jobs. It never happened.
— Americans sent their money abroad for goods and oil, but the dollars didn’t boomerang back to the U.S.
Fortunately, the Trump policies led to stronger growth in the U.S. gross domestic product, which was 50 percent higher than the Obama eight-year average.
All of the unproductive policies were reversed for our positive economic environment. And after the pandemic, America began coming back.
Unfortunately, the Biden policies are even more socialistic than Obama’s. Economic disaster is looming unless a miracle occurs — whether the latest presidential policies implement seven capitalism principles for sustainable economic growth and prosperity.
Capitalism principles
There needs to be a wide-acceptance of seven capitalism principles and business:
- Businesses are not launched to merely create jobs.
- Businesses are established to create products and services that customers will buy.
- Businesses can thrive in competition – to keep the cost of goods and services affordable.
- Businesses with savvy management are profitable – if not, the companies fold and employees are laid off.
- Businesses that enjoy success invest in new equipment and hire employees.
- Businesses that are productive will attract investment and grow.
- Businesses experiencing growth will fund retirements and pay taxes.
From the Coach’s Corner, if you buy into these principles, here are profit-making strategies:
For Profits, Align Your HR Program with Your Business Strategy — For profits, a successful human-resources management strategy should complement your overall business strategy. Here’s how.
Hunting for Profit? How to Become a Lion, King of the Jungle — The quest for profits is challenging if you’re lost in the wilderness of uncertainty. But success is possible. Hard work isn’t a cure-all for success in business. True, passion and enthusiasm help to a degree, as well. But success requires more than just these qualities.
8 Simple Strategies to Give You Pricing Power — If you’re struggling with pricing strategies, you’re not alone. Many big companies struggle, too. By way of explanation, according to a 2011 study, almost 90 percent of executives in a global survey forecast their continued growth.
12 Tips for Profits to Keep Your Business Dreams Alive — Most businesspeople agree the economy continues to be challenging. Signs of a lingering downturn are everywhere. Business activity is slow. Governments at all levels report low tax revenue and are restructuring, and not spending. On top of it all, customers want you to cut prices.
11 Management Strategies for a Successful Turnaround — When it comes to management strategies for a successful turnaround, a quote by financial-world wizard Warren Buffett is apropos. “Risk comes from not knowing what you’re doing,” Mr. Buffett said. My response: “Touché.” It’s all about capital mobility created by effective management.
“Capitalism is what people do if you leave them alone.”
–Kenneth Minogue
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