The Immutability of Economic Principles
It only took Joe Biden less than 5 months to confront economic reality. Earlier this month the returns finally came in on Joe Biden's big bold spending. A sharp slowdown in job growth combined with a rise in unemployment, and the biggest rise in retail prices in more than a decade was enough to declare an economic state of emergency. There were already certain factors driving up prices, without Joe Biden's radical policies. Businesses reopening or expanding to normal size are desperate to regain their laid off work force. Joe Biden, despite warnings from Republican Senators, added enough to unemployment benefits that entry level workers & service sector personnel were better off staying home.
The problem is going to be what we know Biden will do. He is committed to the radical left agenda. He only knows to double down and the more he does, the worse it is going to get. For all those youngsters, who benefited so much from 2020 election rule changes, this will be a good education. You see, boys and girls, the last time we had an incompetent democrat in the White House it took over a decade of draconian measures to defeat inflation.
Paul Volker
As the tough guy from Jersey taught us in the early 80's, it will be a long hard ride. The Prime Rate will have to be raised. The Fed has been sitting on it since the early days of Obama. In 1981 the Prime Rate had risen to 21.5% which led to a recession. Such a rise now would also lead to a bear market. Curing the mess Biden has already caused will be painful.
The warnings have come from the most unusual places - Larry Summers for example.
Lawrence Henry Summers is an American economist, former Vice President of Development Economics and Chief Economist of the World Bank, senior U.S. Treasury Department official throughout President Clinton's administration, and former director of the National Economic Council for President Obama. He is a former president of Harvard University, where he is currently a professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government.
"Former Treasury Secretary Larry Summers said he is skeptical of massive spending increases under Biden and the Federal Reserve – and is now worried about inflation more than ever, according to a report.
“The traditional role of the Fed is to remove the punch bowl before the party gets good, right?” Summers told Axios . “They have announced that their new policy is to remove the punch bowl only after they have clearly seen a number of people staggering around drunk.”
His comments come just days after April’s Consumer Price Index showed prices surged 4.2 percent from last April , making it the largest jump in prices since 2008. Over the past year the Fed has flooded the markets with money — $120 billion a month — as part of its bond-buying quantitative easing effort to stabilize markets.
Last week, Fed vice chairman Richard Clarida admitted he was surprised by the CPI report, but said the central bank still believes steep inflation will be temporary as the Fed sticks with its easy-money policies in a bid to prop up the labor market.
In February, Summers penned an op-ed for the Washington Post where he laid out his worries about Biden’s massive spending and said the trillions of dollars Biden wanted to spend could create “inflationary pressures of a kind we have not seen in a generation.”
Summers said now he is even more concerned as Biden unveils more plans to ramp up spending. Summers notes that spending first and taxing later could “add fuel to the [inflationary] fire” even if Biden does intend to raise taxes down the line to pay for coronavirus relief and infrastructure.
Summers has been a key figure in crafting economic policy for Democrats since the 1990s—in addition to serving as Treasury Secretary, he also served as Chief Economist of the World Bank and head of the National Economic Council under President Obama.
Other democratic economists have also broken rank with Biden. President Obama’s Council on Economic Advisors chief Jason Furman has also been critical of the massive spending — calling Biden’s coronavirus relief package “too big for the moment.”
The Biden White House is quick to defend its fiscal approach, saying once people are vaccinated and go back to work, any inflationary issues will be ameliorated."
https://nypost.com/2021/05/17/larry-summers-raises-inflation-concerns-as-he-blasts-bidens-spending/
When Obama's economic advisor warns us of inflation and calls the Biden coronavirus relief package “too big for the moment”, we can finally start to call out the people who voted for all this because they didn't like the way Donald Trump talked.
Buyer's remorse - anyone?
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Off topic.
"It seems to be a bit of a struggle for Team Biden to get on the same page between prioritizing energy pipelines and the sudden move to ditch masks amid the coronavirus pandemic .
As the country worries about the recent Colonial Pipeline hack, causing gas prices to skyrocket and putting national security at risk, the administration continues to portray the incident as a nonissue while pushing the vitality of pipelines for fuel transportation.
Meanwhile, Biden’s harsh cancelation of the Keystone XL Pipeline was fully supported by his inner circle, including Department of Energy (DOE) Secretary Jennifer Granholm, who defended the president’s decision during her Jan. 27 confirmation hearing.
But Granholm preached during a news conference last week that pipelines are "the best way" to transport energy, and, according to the Duluth News Tribune , advocated back in 2016 to do "everything possible to keep fossil-fuel energy in the ground."
Off topic.
Unfortunately the author of all your seeds, whoever that may be, insists on inserting this nonsense into most of your seeds.
Donald Trump wasnt impeached twice because of "the way he talked" , he was impeached because he did things that proved he is unfit to hold office. Sadly, he was also obviously unfit to hold office on Nov 9, 2016 when he was elected president.
Trump did hundreds of inappropriate things during his 4 years in office. To boil it down to "people didnt like the way he talked" is dishonest garbage.
Explain that one?
Donald Trump wasnt impeached twice because of "the way he talked" , he was impeached because he did things that proved he is unfit to hold office.
Nope. Wrong again. He was impeached because the democrats were determined to impeach him simply because they hated him the way you do. Those impeachments were virtually meaningless. History will look back on them as transgressions committed during the era of the left - an era that will not last.
Trump did hundreds of inappropriate things during his 4 years in office.
And he did what the country absolutely needed. I recall when General Curtis LeMay incinerated a huge force of Chinese troops during the Korean War. He said I'm gonna trap 'em and kill 'em. People were upset that he said that. He saved the lives of thousands of US ground forces. He faded away quietly, unheralded, but we needed him. Thus it was for Donald Trump as well.
If Trump was doing what the public wanted and needed he would have achieved 50% approval at least once in his miserable term. He is the only president since Gallup started polling to never hit 50% approval at any point in his first term in office. Whether you like it or not that means something Vic.
Not only do you excuse every atrocity on decency Trump committed, you claim its ok because he did good things for all the people. Never once did a majority of Americans agree with you about that.
Even when he ran in GOP primaries in 2016 , in most of the states he failed to gain a majority of the votes but won because the opposition could not coalesce around one or two alternatives to Trump until it was too late.
No John, for most of his tenure he was under investigation for being a Russian agent, a story the American public was subjected to 24/7 for the better part of 3 years. When it wasn't that it was a bull shit story about the Ukraine and when it wasn't that it was misrepresenting things he said. He actually did restore America to it's rightful place. He made us prosperous and safe. He restored the integrity of the Court. He rebuilt the military and he found a way, with Mexico to secure the border. And let us never forget, he got this country and the world a vaccine. Think how many lives that saved. I'm sure it saved mine.
Now the country will see exactly how good he was. Joe Biden quickly undid everything Trump did. The results are just starting to roll in.
PS:
Keep your eye on where people are moving to - places like Florida, where peoples money goes a little further, where they are safe, where they can say and do what they want - where they are free.