“President Joe Biden is still claiming there’s an economic crisis to justify trillions of dollars in new federal spending. But it’s getting harder to make the case. On Thursday the Commerce Department reported that real gross domestic product increased at an annual rate of 4% in the fourth quarter of 2020. This follows the historic 33.4% surge in the third quarter and demonstrates a remarkable rebound from the spring shutdowns wherever state governors have been willing to allow it.
“Nationwide, the last three months of 2020 featured a robust 13.8% increase in business investment, including a sizzling 24.9% surge in equipment purchases.
“Overall, the solid 4% real GDP growth is a welcome and unfortunately rare event. The last two quarters were the first to reach or exceed such a pace during the Trump presidency. Of the 31 complete quarters during the Obama presidency, only four matched or exceeded this rate. The United States has just enjoyed the best final full quarter of a presidency since George H. W. Bush presided over a 4.2% surge in the final months of 1992.
“By any reasonable measure, the economy is not in need of a ‘rescue.’ So in a spirit of unity, how can sensible Democrats explain to President Joe Biden that his spending plans may be unnecessary, irrelevant to the issues at hand and dangerous for an economy in which federal debt now exceeds GDP?”
I doubt Joe Biden will listen to any economic advice that doesn’t include more government spending. He seems to me to be a man who thinks of federal spending as inherently good.