by
M. Richard Maxson
We’ve been warning for a while now about the return of that uniquely Democratic invention “stagflation,” in which prices keep rising even while the economy and wages are stagnant. We had it under Jimmy Carter and President Reagan ended it. Now, Biden seems to be determined to bring it back again. He is calling for yet more government spending, on top of the trillions he has already called for and gotten Congress to pass. All told, Biden has called for six trillion dollars in spending during his first 100 days in office, according to the New York Times. Much, most, of Biden’s spending is unnecessary and wildly irresponsible. It’s packed with political payoffs and giveaways to his Leftist cronies.
Inflation is arriving just as the economy returns partially to normal. This could be expected to some extent just because demand will rise but Biden’s policies will add to the pain and amount to a tax that will rob Americans of their savings and force them to work harder and longer just to break even. He has stated that only those making over $400,000 per year will feel taxation. THAT IS A LIE. Inflation is a silent tax that hits the middle and lower class the hardest.
While imposing a massive agenda of economy-killing leftist legislation, he’s also been doing things that will start prices rising, like killing the Keystone XL pipeline project. The effects are already starting to be seen in your wallet. For instance, gas prices are up about 40% just since he took office. Energy industry executives are sounding the alarm on President Joe Biden’s disastrous policies and warning that they will force Americans to pay higher prices for gas and other utilities. Reality is setting in. “Biden’s reckless embrace of expensive, ineffective “green-energy” initiatives will hurt all Americans financially.” stated an industry expert who chose to remain anonymous.
“By 2022, 14.8 million jobs could be lost, gasoline prices and electricity prices could almost double, and each American family could see their cost of living increase by almost $4,000,” the Global Energy Institute warned. Every American family could face higher prices for the energy they consume and the products and services they buy, and almost 15 million Americans could be out of work. These extreme and irresponsible proposals should not be considered.”
Biden’s epic incompetence has dramatically set the country back and made it less competitive on the world stage. Deutsche Bank, Germany’s largest lender, says the U.S. might be headed for one of its worst inflationary periods in history, arguing that elevated government spending and loose monetary policy could combine to create conditions similar to prior episodes in the 1940s and 1970s.
The warning comes in marked contrast to Federal Reserve Chair Jerome Powell’s repeated assurances that elevated inflation readings are probably “transitory,” and will settle back over time as the economy recovers from last year’s pandemic-induced recession. How much time? A year? A decade? Four score and seven? After the end of this country as we have known it?
Deutsche Bank estimates that legislated stimulus packages have totaled in excess of $5 trillion, or more than 25% of gross domestic product. The U.S. federal deficit is likely to come in at 14% to 15% of GDP in both 2020 and 2021, versus about 10% in 2009. “The Fed’s move away from preemptive action in its new policy framework is the most important factor raising the risk that it will fall well behind the curve and be too late to deal effectively with an inflation problem without a major disruption to activity,” the authors wrote.
This country and it’s citizens are in for dark days and fading wealth. There will be plenty of smoke and mirror s to distract and create a false reality...for a time. It has been proven that many Americans are easily susceptible to the slickness of the media. It may be too late when the truth of the matter is accepted by the blinded masses. Stay strong and support the Constitution.
No comments:
Post a Comment