Joe Biden said today that the economic recovery from COVID is not good because it is a "k shaped" recovery. Someone needs to explain to Joe what shape is a K. He seems to have forgotten.
Biden says that what he meant was that the wealthy are doing fine in the recovery but the poor and middle class are not. Biden further says that this is the problem of the economy under the entire Trump presidency. Once again, Biden's memory is faulty. The truth is that what Biden is describing is the economy during the Obama/Biden administration. Obama came in and started with a severe economic downturn. Over the eight years of Obama/Biden, the economy grew very slowly. Only the wealthy got wealthier. The middle class and the poor never saw real growth in their incomes. In fact, the Obama/Biden years are the only presidential term of the last 100 years when the middle income and poor groups saw no increase in real incomes. Let's say that more clearly: for the last century, the only presidential term when the middle class and low income segments of the population sow absolutely no increase in their income. It was such a big problem that maybe we should call that sort of recovery a "B" shaped recovery for Biden.
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