Photo by Dawn McDonald on Unsplash
Feb. 24, 2022-
How badly will Americans suffer as inflation and prices continue to skyrocket in Bidenomics? The ultimate nightmare because it leads to stagflation.
That’s the simple definition of stagflation. Sadly, many economists forecast long-term high inflation. (For economic insights, see the regularly published analyses by noted economist Peter Morici).
America’s crisis has been prompted by President’s Biden dysfunctional policies, which are reflected in the polls such as the Gallup Poll: Biden Ratings on Economy, Foreign Affairs, Russia Near 40%.
Russia
President Biden lacks the punch of former President Donald Trump, with his off-putting personality, kept America safe and Russia at bay. You might recall Mr. Biden was vice president in the Obama Administration when Russia attacked Crimea in 2014.
Now, as president, Russia has invaded Ukraine. Furthermore, Mr. Biden’s failure to deter Russia could be foretold by his attitude years ago.
Do you remember what he and President Obama asserted in the 2012 Presidential Debate when Republican candidate Mitch Romney warned about Russia? See for yourself:
The debate was followed by sarcastic treatment of Mr. Romney by the media.
Oil is a valuable commodity. From home heating to transportation of food to your grocery store, even electric cars depend on fossil fuel. But Mr. Biden’s attacks on American energy are partly responsible for Russia’s aggression.
Now, with Mr. Biden’s inflationary spending, and cancelation of the Keystone XL pipeline and other drilling projects in the U.S., America is terribly vulnerable. Instead of being energy independent thanks to President Donald Trump, the U.S. imports 12 to 26 barrels of oil each month from Russia.
Déjà vu
Mr. Biden’s disastrous record is reminiscent of former President Jimmy Carter’s administration.
In the 1970s under President Carter, the U.S. suffered under crippling inflation, massive energy prices, and from being bullied by Russia and Iran. As a result, Mr. Carter’s re-election bid failed in a landslide to Ronald Reagan.
A measure of the economy, gross domestic product (GDP), is doing well as America recovers from the pandemic. However, again, astute economists predict a worsening economy.
Calculated three ways – expenditures, production or incomes – the GDP is defined as the total amount of value created by the economy – the value of goods and services minus the values needed to produce them.
That’s the rub. The average small business and personal American’s buying power have been badly deteriorating by the Biden policies.
For small businesses, margins are tighter but they pay higher costs and taxes. This is totally unnecessary and we’re facing an economic crisis.
Dismantling of successful policies
Mr. Biden inherited the strongest economy in decades despite the pandemic thanks to President Trump’s Operation Warp Speed and the Tax Cuts and Jobs Act.
Mr. Trump’s policies were widely successful. However, despite his promises, Mr. Biden has reversed the Trump policies as his policies further have divided us.
Mr. Biden and Democrats pushed for trillions in pandemic rescue packages in taxpayer handouts that led to many people not wanting to work. Help-wanted signs appeared everywhere. President Trump’s 3.5 percent historically low unemployment rate disappeared.
Then, inflation from the radical Bidenomics soared with prices skyrocketing on everything from food to gas. All of this meant a higher tax on small businesses and workers.
So instead of Mr. Trump’s energy independence, Americans are suffering from Mr. Biden’s attacks on fossil fuels with his absurd energy policies and inflationary pressures.
News media bias
Moreover, the media has been disingenuous in covering President Biden. From the beginning of his term, he has received favorable biased coverage.
Not to mention the silence over Biden’s links with Ukraine.
Simply put, the common denominator since President Carter — the disastrous policies of Mr. Biden, who has also been arrogantly dismissive and gaffe-prone:
Democrats led by the Socialist wing are proposing the highest tax increase ever – higher than much of the struggling economies of the European Union and Venezuela.
Democrats and Mr. Biden clearly want to force Americans to be dependent on the government and control Americans’ decision-making – whether you wear a mask, when to work, what type of car you drive, and the flawed Critical Race Theory imposed on children by leftist school teachers.
Despite what half of Americans thought about President Trump’s aggressive approach, Americans enjoyed their freedoms, wages were the highest in decades, businesses were thriving and the unemployment rate was the lowest in more than 50 years.
Vis-à-vis Presidents Carter and Biden, President Reagan restored American dignity in values for hard work and business courage in risk taking.
Ditto for Mr. Trump. What a difference a year made.
As a student of history and having interviewed two U.S. presidents in my earlier career — covering business and politics as a journalist starting in 1970 — I’m scratching my head. What will go wrong next?
Bidenomics? Mr. Biden gets my vote for the worst president in American history.
From the Coach’s Corner, here are more public policy articles.
“If I don’t run for president, we’ll all be OK.”
-Joe Biden
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