economics

The Federal Government Is Leading Us Toward Economic Ruin

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As long as I can remember, with the exception of the late 1990’s various politicians, economists and financial pundits have been predicting economic doom in the US due to irresponsible government spending. Sometimes it was valid, but most of the time it was not as the country has always been able to borrow and grow with the ballooning deficits. With the passage of the despicable omnibus budget last month totaling $1.7 trillion, however, I fear the US has finally crossed the Rubicon to eventual financial disaster. The country is already saddled with trillions of dollars of debt from the ruinous Covid lockdowns and bloated “emergency” spending programs that came at the end of the Trump presidency and Biden’s first two years. Piling on even more spending because “the country has a lot of problems” is the epitome of stupidity and recklessness. In addition, this egregious spending, supported by some 16 Republicans in senate by the way, will make the Fed’s job of tackling inflation much harder. Spend more money, get more inflation. One of two things must happen: either the Fed has to continue on its tight money policy to bring down inflation which will wreck economic growth, or it must monetize the debt by printing more money which will lead to high long-term inflation. But the clowns in DC don’t care. The pain will be felt by the poor and middle class. Congress and the entire Biden administration should be impeached and removed from office for its ruinous policies. This is the purposeful destruction of our economy, just as the Marxists planned.

https://www.zerohedge.com/political/big-spending-bill-big-problem-feds-inflation-fight

https://hotair.com/david-strom/2022/12/26/marvel-at-this-spending-n520011?cx_testId=1&cx_testVariant=cx_undefined&cx_artPos=1&cx_experienceId=EXIO3RTI8YOF#cxrecs_s
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Joe Biden/Democrats on Inflation:

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  1. “It doesn’t exist.”
  2. “It’s proof of super stupendous growth!”
  3. “It’s transitory!”
  4. “It’s Putin’s fault!”
  5. “It’s greedy corporations!!”

Notice the progression of lies, propaganda, denial and downright stupidity by these people. The only ones who bought any of this was the really ignorant and the Dems hard-core Marxist supporters. Once again, leftists get an F in basic economics.

Fed President Blames Endless QE on High Incarceration Rates For Blacks and Latinos

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Just when I think government has reached peak stupidity, some buffoonish bureaucrat surprises me. This time it was the Atlanta Fed president who equated high rates of incarceration of minorities with sub-optimal employment. Of course the suggestion here is “systemic racism” or something. Here’s a news flash for this moron and other leftists who can’t grasp basic economics: the incarcerated are not counted in the labor force. Secondly, there are currently as many job openings as there are unemployed in this country. That’s right – there is a job waiting for every person without one.

Fed President Blames Neverending QE On High Incarceration Rates Of Blacks And Latinos | ZeroHedge

What we have is not an incarceration problem but a government interference problem. When you shut down half the economy, destroy hundreds of thousands of businesses, print and spend money to make up for it, misallocate capital, and pay people to NOT WORK, then you have a labor problem.

Whaaattt?!

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Is Joe Biden really not so dense that he realizes when you give people endless jobless and hardship benefits that many people will choose not to work? Is this really the beginning of the end of overly generous leftist welfare? The left constantly fails at basic economics. One universal rule: people respond to incentives. When you can earn as much or more simply sitting around many people will do that. It has become painfully obvious that the country has a shortage of willing workers. Companies in just about every industry are desperate for workers as the economy has rebounded and federal benefits are keeping people from seeking work in many cases. It is a national problem. So you end up with McDonald’s in Tampa offering to pay $50 per hour.

Biden: Anyone collecting unemployment must seek a suitable job or lose their benefits – HotAir

Democrats Fail Economics

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Two separate articles. In the first one several California cities enacted “hero pay” rules for “front line” workers in such places as grocery stores during the Wuhan Flu epidemic, giving these workers $4 to $5 more per hour, effectively increasing the already excessive minimum wage in the state. You see, thanks to California’s generous labor laws workers were already making $18 to $24 an hour. Anyone who knows the first thing about the grocery business know it operates on razor-thin margins. The result of this state sanctioned pay boost? A number of large grocery chains, including Kroger closed multiple stores and let go of workers. Hundreds of workers lost their jobs overnight. The kicker? This only applies to the big retailers. That makes sense.

More California cities experiment with “hero pay” leading to predictable results (hotair.com)

In the second article it is pointed out that there is a nasty little rider attached to the government’s just passed “Covid relief bill” that prohibits states from cutting taxes. What does this have to do with Covid relief? So bad is the situation in Democrat states and so bad is leftist economics that they actually have to try to punish well-run conservative states. I suspect this will be challenged in court and struck down. It is a gross violation of Federalism.

Democrats slip sneaky little rider into stimulus bill to forbid states from cutting taxes – American Thinker

Buffoonish President-To-Be Killing Jobs Before Taking Office

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Because, you know, climate change. Yeah, this will end well. I’d say the country gets what it deserves for electing this clown and giving Marxist Dems a majority, but there is little evidence it did. Or I could say the country gets what it deserves for allowing rampant vote fraud. That’s for sure.

Biden to Cancel Keystone XL Pipeline Permit on Day One – Thousands of Jobs Gone | Neon Nettle

The Three Biggest Lies About Trump and How To Easily Disarm Them

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The far-left Democrats do nothing but lie. Joe Biden does nothing but lie. He has no platform. His entire campaign is “I am not Trump”. Here are the three most egregious lies about Trump and how he can easily dismiss them, hopefully at the final debate.

  1. “Trump mishandled Covid.” Answer: the experts said we’d have 2 million deaths by now but instead we have had 210,000 and 94% of those were WITH Covid, not OF Covid. We have more and better treatments than any other country leading to a steep drop in mortality and we are well on our way to a vaccine.
  2. “Trump killed the economy”. Answer: No, Democrat governors over-reacted and killed the economy. The Federal Government cannot enforce national lock-downs or closures. It is up to the states. The Feds chip in with monumental stimulus and thanks to Trump’s pro-business agenda the economy is roaring back.
  3. “Trump is a racist.” Answer: talk to all my friends over here. Look at all the awards I got before I ran for president. Criminal justice reform. All-time low black unemployment until Covid. Numerous cabinet promotions. Record funding for black colleges. Sound like a “racist” to you?

And then he adds one thing: Democrat supporters in Antifa and BLM and literally burning some cities to the ground! Is this what you want?

AOC Is The Dumbest Politician On The Planet

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I hesitate to say “dumbest person”…that would be a stretch. There is stupid and then there is weapons grade stupid. AOC tweeted and then deleted a post cheering the collapse of oil prices to the never before seen level of less than zero, saying that “with oil worthless now is the time to invest in our green future!” or some nonsense. Uh, Earth to Sandy, $0 oil and really cheap natgas means that the relative cost of your green fantasies just became A LOT MORE EXPENSIVE! This will likely kill any green vanity project that is not economically viable.

Leftists in general and Sandy from the Bronx constantly receive an F- in economics. The fact that this dope allegedly has an econ degree from BU puts a real stain on college education.

AOC: The collapse of oil prices is great news (Update)