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COVID-19 response

Federal Reserve Lowers Interest Rates—Signaling Democratic Success

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Donald Trump’s economic mismanagement, particularly through trade wars, tax cuts for the wealthy, and a catastrophic COVID-19 response, played a major role in driving inflation—an issue that has been wrongly blamed solely on President Joe Biden. As Federal Reserve Chair Jerome Powell noted in December 2020, monetary policy operates with “long and variable lags,” meaning that the effects of Trump’s policies, including aggressive monetary interventions to counter the pandemic, laid the groundwork for inflation that manifested under Biden’s term. Republican propaganda has conveniently shifted blame onto Biden while ignoring the delayed consequences of Trump’s decisions.

However, the Biden-Harris administration’s Inflation Reduction Act helped stabilize inflation, particularly by supporting low-income workers and ensuring wage growth kept pace with rising costs. Today, with the Federal Reserve lowering interest rates, it’s clear that Democrats have won the battle on inflation. The question remains: Why would anyone want to return to the policies of the person who caused the problem in the first place? Trump’s reckless economic strategy favored the rich, disrupted supply chains, and burdened ordinary Americans, while Biden’s leadership has delivered relief and recovery for the people that needed it the most. F right-wing propaganda.

The 4 Years Democrats Held Full Power: A Period of Unmatched Progress in the Last 16 Years

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The Republican claim that Democrats held power for “12 out of the last 16 years” is highly misleading. In reality, Democrats had control of the Senate, House, and White House for only 4 of those years—2009-2010 under Obama, and 2021-2022 under Biden. During these periods, Democrats passed significant legislation like the Affordable Care Act (ACA), the Lilly Ledbetter Fair Pay Act, and the Dodd-Frank Act, which helped stabilize the economy after the 2008 financial crisis. In Biden’s term, key achievements included the American Rescue Plan, the Infrastructure Investment and Jobs Act, and the Inflation Reduction Act.

For the remaining 12 years, Republicans either held the House, Senate, or both, and they used their majorities to obstruct Democratic efforts to pass meaningful legislation. The myth that Democrats have held continuous power ignores this obstruction and undermines the legislative progress made during the brief periods when Democrats held a unified government.