It’s no secret that Hollywood often leans towards the left politically, with many celebrities openly supporting Democratic candidates during election seasons. This year is no exception, with the potential return of Donald Trump causing quite a stir among the stars. One such celebrity is Barbra Streisand – a renowned singer and actress who is also a staunch Democrat. Recently, she made some intriguing claims about President Joe Biden’s economic achievements.
From Breitbart:
“According to Barbra Streisand, over the last 40 years America has enjoyed only economic good times under Democrat presidents and economic recessions under Republican presidents…”In January of 1981, Ronald Reagan (1981-1988) inherited a disastrous economy from Jimmy Carter and rescued the economy with year after year of robust economic growth…
Clinton did a great job managing this inherited economy… However, when Clinton left office in 2000, we found ourselves in another shallow recession…
Until the once-in-a-century pandemic hit in 2020, Republican Donald Trump’s (2017-2020) economic record was outstanding. His pro-growth policies returned America to real and sustained growth, unemployment hit record lows, and mortgage rates dropped to around three percent.
However, an examination of historical facts paints a different picture than what Streisand suggests. Ronald Reagan stepped into an economically troubled America in 1981 and initiated substantial growth – a momentum that Bill Clinton capitalized on during his presidency. But it’s worth noting that Clinton’s term ended amidst another recession which was largely mitigated during George W. Bush’s tenure.
Moving forward to the financial crisis of 2008, it was largely due to government policies and further exacerbated by Barack Obama’s decision to increase taxes, tighten regulation and implement Obamacare. Before the pandemic, under Trump’s administration, the economy was thriving with mortgage rates hitting a low of 3 percent. It begs the question of how much more severe the economic impact of COVID-19 could have been under a Democratic leadership.
Although there has been some economic recovery in 2021, Joe Biden’s approach to government spending and tax hikes surpasses Obama’s policies. Streisand’s claim not only lacks factual support but also misleads those who are not familiar with economic history.
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