Wednesday, June 9, 2021

BIDENOMICS - DESTROYING THE AMERICAN ECONOMY AS FAST AS LAWYER HUNTER BIDEN CAN SUCK OFF THE BRIBES FOR THE 'BIG GUY'

 

Biden to Harris: Disaster 1 to Disaster 2

That “President” Biden is an unmitigated disaster as our chief executive is so painfully apparent to everyone that it hardly seems necessary to point it out.  Nonetheless, just briefly consider:

Catastrophic Governance

His policies -- anti-energy, anti-business, anti-military, anti-America First -- have wrecked the economy, driven gas to over $3.00/gallon, given us the absolute worst illegal immigration crisis in our history and bankrupted the country. In a warped way, it’s kind of impressive that he’s done that in only a bit over four months.

Leadership Vacuum

No one believes Biden is calling the shots, He’s totally malleable to behind-the-scenes operatives, acting in a confused, unknowing fog, reading as best he can from the teleprompter, and hiding behind his weird “I’ll get in trouble if I answer any more of your questions” excuse.

Made America Weak Internationally

The ayatollahs from Iran, Russia’s Putin, and Xi Jinping of Communist China are licking their chops at the prospect of having their way with poor ‘ol Joe.

Family Corruption

Has there ever been a “First Family” with anywhere near the decades-long, indisputable record of dishonesty, financial misdealings and outright graft that even approaches that of the Bidens?

Diminished Mental Capacity

For those among this readership who have a compromised older family member, it isn’t merely the grotesquely obvious signs of dementia that mark Biden as severely limited. It’s the more subtle behaviors that betray his overwhelming incapacity. A clear example occurred just recently when the ever-admiring and forever-excusing liberal media caught up with Biden as he was eating an ice cream cone. Breathlessly shouting out, “What flavor?” the media proceeded to float a softball his way, asking if there was any possibility that the Republicans might compromise with him on his infrastructure proposal.

That Biden (pre-coached, no doubt) predictably belittled the Republicans is not the point. The issue for those who have the experience with elders is the manner in which Biden was eating his ice cream cone: the tentative little bites and the way in which he seemed so preoccupied and protective of his treat, in an almost childlike way. It’s tough to put into exact words, but anyone with a badly slipping elder family member or friend recognizes this demeanor. Biden is well past even the vaguest pretense of mental competence.

This brings us to Kamala Harris. For these and other reasons, the Democrats will ditch Biden for Harris when they believe Biden has outlived his usefulness and feel that a Harris presidency can be leveraged for maximum political advantage. But other than transparently boasting that Harris is the country’s first female president, how would a Harris administration benefit the country? It won’t.

In modern times (since, say, 1960 Kennedy vs. Nixon), there has never been a vice-president or vice-presidential candidate more ideologically radical and more singularly unqualified to be president than Kamala Harris. Cabot Lodge, Miller, LBJ, Muskie, Shriver, Dole, Mondale, Ferraro, Bentsen, Kemp, Gore, Lieberman, Edwards, Palin, Ryan, Kaine and Pence all had their strengths and shortcomings, but each one was a serious, experienced politician who was qualified to be president if the need arose.

The mainstream liberal media would be quick to say that GHW Bush’s VP -- Dan Quayle -- was not qualified presidential material. As they are wont to do, the liberal media jumped all over his totally inconsequential “potatoe vs. potato” spelling controversy and lined up against him when he opposed the TV show Murphy Brown’s character’s decision to have an out-of-wedlock child. How dare he have the temerity to question the moral decision that the distinguished and sophisticated liberal icon Candice Bergen would bring to a mass television audience?  Conservatives will rightly point out that while Quayle had a penchant for saying inopportune things, he was not the ideological extremist that Harris is, nor was he beholden to the farthest reaches of his party the way Harris is and he certainly was not the inexpert, experiential lightweight that Harris is.

With her constant situationally inappropriate hyenalike cackling, her astonishingly unserious, wild proclamations about matters of critical national import (such as her preposterous assertion that “climate change” is a root cause of illegal immigration), and her bizarre narcissistic need for self-promotion as evidenced by her passing out “Kamala Harris” cookies to reporters, it is clear that Harris is nothing more than a hastily cobbled together collection of progressive checked boxes: Person of Color? Check. Female? Check. Victim of discrimination? Check. Radical ideology? Check.

Yet these boxes remain distressingly unchecked:

  • Detailed understanding of economics and taxation
  • Job creator
  • Successful manager in the “take no prisoners” private sector
  • Scientific/technical expertise
  • Awareness of American and world history.
  • Knowledge of military strategy, hardware and weaponry

To be fair, not all great presidents check every single box. But every passable president checks at least a few of them. Harris comes up totally empty.

Exactly when the Democrats will decide to discard Biden like three-day-old bread remains to be seen. Perhaps it will be after the Democrats have passed all the extreme legislation and executive orders they feel they can get away with. That would make some sense: get as many radical policies in place as possible, have them fall on Biden, then get rid of Biden in order to distance and inoculate Harris from Republican attack for those policies in 2024.

The flaw in this thinking is Harris’s incredible weakness and unsuitability for the job of commander-in-chief. Her leadership tenure would be a total catastrophe for America. She’ll be far more concerned with satisfying woke obligations than acting in the country’s interests as a whole. America under a Harris administration will be more divided and polarized along racial, gender and ideological fault lines than ever before.

The Republicans had better get this entire election integrity/fraud situation resolved by the 2022 midterms. Every thinking person knows that Joe Biden did not legitimately win the 2020 presidential election. His term has been the absolute fiasco for America that people feared it would be. A President Harris will be even worse. If she “wins” in 2024, the negative consequences for the country will likely be permanent and irreversible. That is the very definition of “disaster.”

How Biden’s Bloated Budget Could Cause an Economic Collapse

Justin  Haskins
|
Posted: Jun 09, 2021 12:01 AM
The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
How Biden’s Bloated Budget Could Cause an Economic Collapse

Source: AP Photo/Evan Vucci

  

President Joe Biden released his budget for the new fiscal year last week, and while many words could be used to describe its far-left policy proposals, perhaps the most important is “reckless.”

The price tag for Biden’s budget is a whopping $6 trillion, and it includes absolutely massive increases in domestic spending.

Among the laundry list of big-ticket items proposed by the Biden administration are $174 billion for electric vehicles, $100 billion to expand high-speed internet, $200 billion for “free” universal pre-K, and $109 billion for “free” community college.

To partially offset the gargantuan costs of these programs, Biden wants Congress to increase taxes by $3.6 trillion, including one of the largest tax hikes on corporations in U.S. history. (The corporate income tax rate would increase from 21% to 28%.)

The tax increases on corporations and some small business owners wouldn’t come close to covering the costs of Biden’s budget, and they might be enough on their own to trigger a recession. After all, America is, in case President Biden has forgotten, still in the midst of recovering from one of the largest economic catastrophes in world history. You don’t need to have a brilliant economic mind to know that raising taxes on job creators while millions of people are out of work doesn’t make much economic sense.

But perhaps even more troubling for America’s future than Biden’s tax increases is his proposed increase in government spending.

According to Biden’s own, almost certainly flawed budget estimates, the United States would run a $1.8 trillion deficit next year, a figure that’s larger than nearly every deficit recorded in American history prior to the COVID-19 pandemic. (The only exception could be 2009, which also experienced a $1.8 trillion deficit.)

Even worse, the Biden administration estimates the national debt would grow to117% of the U.S. GDP by 2031. That means Biden’splanis to increase the national debt by so much that it would be larger than the total value of the entire economy — and all within just one decade.

The only conceivable way the U.S. government could pay its bills under a Biden budget would be to continue “printing” unprecedented amounts of new dollars. The Federal Reserve created trillions of new dollars in 2020 and early 2021, more than it had ever issued before, causing its balance sheet to skyrocket.

Now that the economy is starting to reopen, the trillions of dollars created by the Fed and distributed by the federal government are starting to drive inflation, devaluing the dollar.

Based on the Consumer Price Index (CPI), the inflation rate in April 2021 was 4.2%, nearly62% higher than it was in March 2021, a month that had also experienced a sharp increase in inflation compared to most of 2020 and early 2021.

According to one CNBC analyst, “The increase in the annual headline CPI rate [in April 2021] was the fastest since September 2008, while the monthly gain in core inflation was the largest since 1981.”

The Federal Reserve cannot possibly continue to finance America’s out-of-control debt, a national debt that will get substantially worse under President Biden’s budget, while also continuing to allow interest rates to remain at historically low levels. Interest rates will need to be increased soon, especially if Biden’s budget — or anything close to it, for that matter — is enacted.

The more the national government spends, the more interest rates will need to be raised to curb inflation in the coming years. And the more interest rates rise, the more likely it is the U.S. economy will crash because at present, much of it is being propped up by cheap lending.

If interest rates are forced too high too quickly, the costs associated with financing a home or car, business loans, and some student loans would all become substantially larger, putting downward pressure on those markets and limiting economic growth.

Under such a scenario, the Biden administration would not be able to simply print more money to stimulate the economy, because higher interest rates would make it too costly for the government to pay the interest on the debt. The country could potentially find itself in a catastrophic economic situation.

If the Fed refuses to raise interest rates, then inflation will get much worse.

Either way, the economy will suffer if Biden gets his way.

The U.S. economy does not need more debt, higher deficits or larger government programs. It needs the Biden administration to restore fiscal sanity by reducing government debt to responsible levels and to limit burdensome taxes and rules so that businesses can grow and Americans can get back to work.

Unfortunately, that’s not likely to occur. Americans everywhere should plan accordingly.


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