This week, the stock market took a turn into bear territory on the heels of yet another brutal monthly inflation report. With the Federal Reserve considering larger rate hikes in order to tamp down record inflation, the possibility of a near-term recession now looms quite large, despite the feeble protestations of Treasury Secretary Janet Yellen. As former Clinton Treasury Secretary Larry Summers — the man who predicted President Joe Biden’s inflation — stated, “I think when inflation is as high as it is right now, and unemployment is as low as it is right now, it’s almost always been followed, within two years, by recession.”
All of this was perfectly predictable. Firehosing money into an already-hot economy was a recipe for inflation — and yet that was precisely the policy pursued by the Federal Reserve and the Biden White House. According to The Wall Street Journal, the Biden White House and the Fed thought that the post-COVID-19 period would follow the 2007-2009 pattern: “weak demand, slow growth, long periods of high unemployment and too-low inflation.” This was incontestably preposterous. The 2020 economic crash was not the result of systemic flaws in the economy like the 2007-2009 subprime mortgage crisis; it was the result instead of an artificially induced economic coma, supported by an unprecedented infusion of government cash, preceded by a historic economic boom.
This meant that when vaccines became available, when Americans headed back to work, when children went back to school, we should have been poised for an explosion in demand. To instead predict weak demand, and to build an extraordinary framework of continuing fiscal and economic stimulus on that basis, was an act of either total insanity, epic stupidity or purposeful malice. Perhaps it was a combination of all three. As the Journal observed, “many Democrats saw their control of the White House and Congress as a rare opportunity to shift Washington’s priorities away from tax cuts favored by Republicans and toward expensive new social programs.” Or, as Biden himself put it this week, “I don’t want to hear any more of these lies about reckless spending. We’re changing people’s lives!”
They sure are. It turns out that “experts” in the back room constructing a supposedly better world rarely consider the possibility of unpredicted side effects. They are so busy building glass castles in their minds that they neglect the realities of human behavior. The result is generally that those the “experts” seek most to help are actually those harmed the most.
But the Biden White House refuses to change course. Instead, they insist that the American people are too foolish to understand just how good they have it; that the answer is more government spending; that the Federal Reserve, whose loose monetary policy prompted the current price spiral, will magically draw the proper balance between rising interest rates and low unemployment.
The real answer to America’s current economic woes is simple, and the same as it ever was: Leave Americans alone. Stop pumping money. Stop subsidizing boondoggle projects directed at bolstering political allies. And stop pretending that our supposed intellectual superiors have the ability to predict, control and boost an economy comprised of 330 million citizens, all of whom are better qualified to make decisions for themselves than an incompetent and incoherent president and his unjustifiably arrogant lackeys.
Ben Shapiro, 38, is a graduate of UCLA and Harvard Law School, host of “The Ben Shapiro Show,” and Editor-in-Chief of DailyWire.com.
COPYRIGHT 2022 CREATORS.COM.
While I agree with the author that our current economic situation was completely predictable, based on the actions that this administration and the Democrat controlled Congress implemented from Day One, the fact of the matter is we have to endure and survive another 2.5 years of this until we have the potential for any meaningful improvement come January of 2025. Should there actually be a “red wave” come this November, with even both chambers of Congress going to Republican control, all that will likely happen will be Biden will rely exclusively on executive orders and regulations from his departments and agencies to continue the implemention of these disastrous economic policies for the remainder of his term. I don’t see a viable path in the Senate to Republicans winning a veto proof majority of 60 seats based on which seats are up for grabs. Best I can see is maybe 54 or an outside shot at 55 GOP seats. So anything Biden chooses to veto will be dead.
A Republican controlled Congress could of course refuse to fund the federal government unless Biden agrees to reverse some of his onerous policies, but that is highly unlikely based on past actions by both McConnell and McCarthy. Neither has the stomach for a hard fight as has been shown over and over again. So with the only real leverage Congress has, that being the power of the purse, off the table, it is hard to imagine an obstinant Biden would feel any need to moderate his destructive economic policy positions. The next 2.5 years will indeed be challenging for everyone.
I’m sure by now everyone is just a little tired of listening to the hypocrite and liar constantly blaming everyone and everything else for his destruction of our country and our world’s respect, disgusting
This Admin’s disaster started on day one by the new President himself. Like he stated with all the Executive Orders on the desk, “what is this for?”, he didn’t know what was placed in front of him or what the heck he was signing. No, it’s not “the previous administration’s fault”, it’s not Trump’s fault, it’s not Ukraine’s fault, it’s not Russia’s fault, it’s not the oil company’s fault, it’s not the shipping company’s fault. Joe Biden, it is YOUR fault, for not knowing what the hell is going on or how to run a country, much less the office of the Presidency! And this was supposed to be the guy with all the experience?? God help us all, still.
Our Puppet-In-Chief’s Marxist handlers are the real disaster as well as the real president combined.
You know, the “they” little Joey said wouldn’t left him go to Ukraine and the “them” he also said he did not want mad at him. Sheesh, you’d think a president would be the boss.
My observation is that Biden & his Regime are achieving exactly the results they intended. Their platform in 2020 was full of objectives from the Manifesto of Marx & Engel-I don’t remember anything about improving or even sustaining the economy.
My statements on my retirement funds are very depressing! Slow Joe is screwing the whole country (except his millionaire friends.).
Disaster is the goal.
Obiden is just plain horrible- worst president ever!! He wants to destroy America and he is doing a fine job at that!!
The only things that cost less now than 18 months ago, is stock. It’s like getting a 25% discount. Fortunately, I have no stock, but I’m sure my retirement system does. Make haste, Brandon.
It’s way deeper than Ben realizes. Biden is a puppet of the Globalist deep state and the great reset. These wicked people are hell bent on destroying America and must be stopped at all costs.
The economy “took a turn into bear territory”, its BEEN THERE FOR A WHILE…….am I the only person that tracks their IRA accounts? Brandon is………..killing us. Makes one wonder if a self defense plea might come in handy for some newly broke long time responsible saving……brave individual that might need to utilize the plea.
My God……..can’t the drooler in chiefs own party take the clueless moron aside and tell him its “time to go home and eat ice cream now Joe”?
My God……………”took a turn” my ass!!
SAVE THE U.S.A….EXTERMINATE ALL demonrats, commies, and nazis!!..Its time for a new civil war against the far-left loonies!..,,,//
Yes, Loopy Joe is a lying, Godless, Marxist. Yes, he’s a moron. But it wouldn’t matter. All that is happening, from the Covid, the economy, and all other horrors perpetrated on Americans, it is all planned. America must be destroyed before we can be re-built into a Marxist one-world government. Biden’s brain is oatmeal but the one’s controlling him are not that stupid, just evil. It’s part of a Satanic plan to build up the globalist dream.
The arrogance of the left is staggering to me! The left just doesn’t care how many get hurt as long as they live in their fantasy land being King of the Hill! We need adults back in Washington cuz this bunch act worse than my 5 and 6 year old Sunday school students!
I have a contest for our president, let’s see who can SPIT the furthest. It would be a honor to have such a talent to show exactly how much honor and appreciation we all have for our leader. I bet we would all get in on this talented and prestigious opportunity. Who’s in?
I have seriously thought about what a fool he is ! He waited all these years to be president, just so he can be known as the worst idiot in American history ! I can’t even stand to watch this nut on TV or any of his swamp creatures. The most free loving country in world turned ghetto. I pray for our country and to bring her people together again. I hope we all can hang on through the rest of the term cause we all know the big guy not done destroying us
In summary: The Nation needs term limits of Congresspeople & exec branch heads (e.g., IRS, etc.) AND a balanced budget amendment with penalties applied and adjustments applied when they fail, AND the voting system needs fixing so insure it cannot be rigged or illegally used.(with prison penalties for abusers who support cheating or aiding in cheating.
In case anyone doesn’t get …. Inflations in the economy is primarily and to a great extent merely a way for government to tax the citizenry in such a way that they can’t directly understand what’s being done to them. INFLATION IS ALMOST 100% TAXATION IN DISGUISE BECAUSE IF THE CITIZENS KNEW AND UNDERSTOOD WHAT WAS BEING DONE WITH GOVERNMENT SPENDING AND FISCAL MAN AGEMENT, THE DEMONCRATS COULDN’T GET ELECTED TO DOG CATCHER………
WHAT ECONOMY? Feds already said Unemployment is going UP and will continue through 2024 thanks to DICTATOR Beijing biden INFLATION and ZERO ENERGY OUTPUT FOR NEXT 2 1/2 YEARS BUT WILL CONTINUE DRAINING ALL OUR STRATEGIC RESERVES THAT PRESIDENT TRUMP HAD FILLED FOR US.
DICTATOR Beijing biden has already put the UNITED STATES back in TIME by OVER 60 YEARS WITH HIS FASCIST POLICIES.
SO, I SAY AGAIN. WHAT ECONOMY?
I’ve never been a particular fan of Ben Shapiro, perhaps it’s because of his youthfulness, can’t really say for sure, however he has done a credible job here laying it out on the current Biden administration’s ” lackeys ” that know more than the 330 million Americans do, as all of us are the living proof of this administrations absolutely terrible decision making processes or more aptly put, a total lack thereof…
Steve Bannon predicts, after the Nov. midterms the GOP will be in control of Washington, DC for the next 100 years…
I didn’t know whether to laugh or cry when I heard him speak those words, just yesterday in fact.
According to Bannon, the Dems will be splintered into ( 2 ) groups, the WOKE nut jobs we are currently stuck with & the other more reasonably minded Dems that refuse to go along with all the crap being hoisted on America by their fellow colleagues…
The problem I’m having with the Republicans running the show for the next 100 years is the current crop of GOP members of both houses, my best guesstimate is maybe 25% of the current GOP lawmakers are true patriots of the cause with the approx. remaining 75% Republicans on the take from outside sources, making them no better than the Dems, i.e. they are all a bunch of CROOKS!
Bill… :~)
Biden is a useful idiot being run by someone else…who knows who? No matter how you frame it, he is an idiot – always has been, always will be. He tries to imitate Trump by yelling out he doesn’t want to hear any more lies. What he doesn’t get is that when Trump called people out it was normally all true. Biden doesn’t have any idea what truth is. As the saying goes, you can put lipstick on a pig, but it’s still a pig. And so is Biden.
You are so right! Biden wants socialism and broke Americans! I don’t know any American that would be happy in a Socialist Country, and those people that are, are flooding through our border to be free!!
This is being done on purpose. It’s all about power and control
Bribden is the worst President in my lifetime.Thought Carter was bad, but this guy is usless. Lie after lie, of course he has been a liar since he first was elected to congress. I fear that many people do not understand socialism and do not fear it
Dems are an issue due to thier beliefs. The GOP is not much better. The problem is DC, as a whole. The GOP spends useless $’s as fast as Dem’s. Printing money and spending beyond what could realistically be collected is destroying our country. We would be in an inflationary cycle, if Trump had been elected, due to all the stupidity of the COVID response BS and decades of poor financial management by previous cogresses. The only difference would be gas prices would be more manageable.
WHERE ARE THE ARTICLES OF IMPEACHMENT TO IMPEACHMENT PRESIDENT BIDEN BECAUSE HE HAS NOT ABIDE ON HIS DUTIES HE SWORED TO UPHOLD LIKE
THE BODER
CRIME
DESTROYING OUR ENERGY INDEPENDENCE
MAKING DEALS WITH OUR ENEMIES NOT ENEMIES TO THEM BECAUSE THE DEMOCRATIC PARTY IS PREDOMINANT MARXIST, SOCIALIST, COMMUNIST.
Biden is not so nice to Ukraine because all Americans are wanting to help Ukraine on the other hand Ukraine was helpful to tram in anything President Trump needed Biden does only when he gets what he wants which is power through corrupt means like the saying Biden keeps Ukraine on bread and water just enough for Ukraine to wiped out from the face of the earth.
Is not that democrats do not want to make Puttin angry is that the Democrat Party and Puttin are socialist and communist=Marxist American haters
Biden do not go all the way Marxist because a lot more people are not socialist and communist=Marxist
The women in the socialist and communist=Marxist Democratic Party do not say anything against the desecration of woman that shows you that they are socialist and communist=Marxist all they care is about power they do not care about the well being of humans look at January 6 that is exactly the model they have for Americans desecration and total destruction.
Impeach Biden why are we so out of bravery.
When you take the house and congress you Republicans need to straighten the tower of pizza allegory the USA government because now is lining towards socialism—communism—-Marxist this government is republicans are to slow to correct the course of our government or they go on bunny trails or are to sensitive to criminals against the constitution or against humanity like Joe Pags says if you do not like go where you came from because you left because you didn’t like the form of government now you come to USA and want to impose the same corruption unless this people are illegal and are being paid by democrats to riot and protest in illegal places like outside the justices.
Joe Biden is a disaster!
We are on the only constructive path and that’s to hog tie Biden in November with a landslide take over in the House and Senate. That would hog tie Harris too.If they impeach Biden we would have to deal with KH in the WH. God forbid! I abbreviated so they wouldn’t pick up on the plan! Neither are very bright, but both can read. And how do we know that? Because we are the first country to have a teleprompter for President!
Biden is a puppet for Obama and Soros. This is Obama’s third term. That is why he bought a house in DC close to the Whitehouse. They picked Biden to run because he has dementia so bad that he doesn’t know where he is most of the time. Obama is a communist and is determined to make the US a communist nation. We need to get rid of MOST of the politicians and replace them with business men who love the US and want it to grow and hold the other nations responsible to pay their fare share. We CANNOT support the whole world.
Record gas along with lights and food costs will show the American people how to vote The dems are acting as if the future is in their bag What ever they want is party time. The only way I see such an attitude being displayed is if the next election is also rigged The proof is in the pudding Good old George the billionaire has his puppet Biden sitting on his knee just like a ventriloquist act . If the dems stay in power load up on ammo and learn to speak Chinese cause they are coming for a weak and dumb down populace whose military will not be able to defend America. May God bless America and Trump or his methods
The American people see socialism Over there. They have never lived Nader it. Today Denmark Ian told income tax is 52% .A large home is 1200 sq.ft. Imagine living in that environment. Gas was 6.00 30 years ago and sold by the liter I’m told. The dems want all government and no lndividual input. I hate to see our country in such a mess .We need leaders not money and power seekers in office .Americans have short memories and want some else to do the work and leading.Like politicians sending troops everywhere but not themselves. Come November remember America and vote for her future. My nickel
Biden is a fool and an SOB by no other name. Biden and his Marxist Nazi Pig regime are traitors. Biden’s DOJ and FBI are comprised and are corrupt, they are the Nazi Brown Shirts.
By decreasing supply (supply change shortages) and raise crude prices, the only thing raising interest rates will do is cut back on things most take out loans to purchase (eg homes, cars, remodels, etc). It will not stave off inflation of all the other things that are used to calculate inflation. This is by design and will fix nothing.
It is POLITICALLY ORCHESTRATED TREASON against We, the People….
Plain & Simple …
No question about it!