I got a note from a friend asking what we should label the current economic mess we are in as a nation. Is it Bidinflation or Bidenflation or something else entirely? I opted for a longer version that describes the opponents of the current economic absurdity. Something like antidisestablishmentarianism, you know the people who were against the people who were against splitting the Church of England from the State.
My version would have been either AntiBidenDisinflationCodification or AntiSleepyJoeDisinflationCodification. Those of us who oppose the passing of a law so stupid that it is labeled as the “Inflation Reduction Act,” when in fact it does the opposite. This act is so egregious and so irresponsible that it is like pouring gas on a burning fire to put it out. It illustrates the contempt that Congressmen and Congresswomen now have for the average voter. It shows a degree of arrogance rarely seen in America and shows we now have few if any Statesmen remaining.
We settled on Bidenflation!
This is a bit more memorable, and spellable. In other articles we have noted the skill of the left in naming things, and the Inflation Reduction Act is right in line with those attempts. See “I Admire the Left, Sort of” posted earlier.
We now have the FED working as hard as possible to reduce inflation by raising interest rates and shrinking its balance sheet. Both of these measures have the effect of removing money from the economy and slowing down the velocity of money. Given a little time, basic economics shows that the economy will slow, and things will come back in balance. For the average American this means that a more normal level of inflation will begin match wage growth and you will actually be able to put food on the table without having to put gas on a credit card. Our elected officials all ride in chauffeur driven limousines these days and they do not know the price of gas, eggs, or bread. Perhaps they think this will slide right in line with Modern Monetary Theory where we pump unlimited quantities of money into the system as we slide into socialism.
But going into an election season all logic seems to be out the window and Congress has passed, and the President signed the “Inflation Reduction Act.” Anyone who knows basic economics knows that this Act will undo the work of the FED and increase money in circulation. The long-term effect on the economy is more inflation and the Americans hit hardest are the everyday working people who are the backbone of the Nation. The absurdity of signing the Bill on a day where the latest inflation numbers show we are back to the days of the Carter Administration should not be lost on anyone.
When you run for President, you know the lay of the land, the condition of things before you are elected. You especially know that when you have been in Washington for fifty years and have become part of the problem and not part of the solution. Jimmy Carter learned this painful lesson as an outsider, so an insider like President Biden should and did understand what he was in for once in office.
A President does not get to pick the condition of things when he or she runs. They are running on their ability to improve the condition of the nation and improve our daily lives. They are running for the opportunity to make a difference for all of us and to hopefully unite us against all enemies both domestic and foreign. Unfortunately, President Biden has proven to be inept as all aspects of his job. President Biden is out of touch with voters and working people and has failed in foreign policy to a degree rarely seen in our history.
So far President Biden has amassed an impressive record. He failed at the withdrawal from Afghanistan, inflamed inflation, worked diligently to kill our energy independence, opened our borders the flow to illegal immigrants and illegal drugs, spent our strategic energy reserves, and killed domestic production of raw materials. He accomplished this in less than two years, so in four there is no telling what America will look like unless the Republicans can take Congress and provide a needed counterbalance to this far left agenda.
The seeds of this crisis, and it is a crisis, were sewn all the way back to President Lyndon Johnson who discovered he could have both “guns and butter” if he financed the Viet Nam war. He became the first President to kick the can down the road for his successors to wrestle with after he was gone. This proved so successful that all his successors repeated the process, so the voters never had to pay for a war in their lifetime. Each generation left the mess for the next to work out, and Congress went right along to get reelected over and over. We are now at the point where kicking the problem down the road is no longer possible, and President Biden knows it. His solution is to fatally weaken our economy by increasing the debt and buying votes.
Is it all Joe Biden’s fault, no. But when you run for the office of President you are saying you are big enough for the job and you can make things better. We are finding out that President Biden is not only no better than his predecessors, but he is also worse even to the point of ineptitude. He has endorsed, even led, a far-left movement that will destroy us from within if not stopped at the polls this November.