As America lowers its interest rates to near-0 with no end in site, it incentivizes all of its citizens to spend and gamble in order to maintain or grow their wealth because saving money inevitably leads to loss of wealth as the dollar value declines and inflation skyrockets.
Including Biden’s new ‘stimulus’ spending spree, America has pledged $6 trillion in total during the CCP Virus pandemic.
Biden claims that his spending won’t tax people making under $400,000 per year, but this is demonstrably false. At the very least, the ‘printing’ of endless trillions of dollars debases the value of the dollar for every American, regardless of their income. Especially since 35% of all dollars ever in existence were created in the last 12 months or so and this ‘printing’ only seems to continue accelerating.
This means that the few dollars that normal people do have are worth much much less.
And to make matters so much worse, the religion of wokeness that has infected most major corporations almost ensures their future failure, furthering the decline of our economy.
Even some progressive minds appear to be getting wise to all of this. But, is it too little too late?
Piers Morgan has this to say about Joe Biden’s endless spending after just 100 days in office:
“…President Biden seems to have appointed himself as the nation’s chief croupier – dishing out free chips to everyone, on the (White) House!
He’s only been in power for 100 days but has so far pledged to give away $20,000 for every single American citizen – a commitment of $60 billion for each day in office.
Last night, he gave his first address to a joint session of Congress and enthusiastically pitched his $2.3 trillion ‘blue-collar blueprint’ American Jobs Plan and $1.8 trillion investment into ‘human infrastructure’.
Biden insisted he wasn’t going to ‘punish’ anyone to pay for all this – well, apart from the rich – and definitely wasn’t going to add to the tax burden for the middle class.
But as he spoke, he looked and sounded more and more like Santa Claus – a benign, smiling old man announcing he was giving away free gifts to everyone.
And the problem with Santa Claus, as Jordan Belfort pointed out, is that we all want to believe in him, but he doesn’t exist.
He’s a figment of our imagination – a wonderfully inspiring, romantic, feel-good figment, but a figment all the same.
And the cold, snow-encrusted reality about Santa Claus and his incredibly generous ‘free ‘gifts is that the bill for them actually gets paid by the people he ‘gives’ them to, as America’s parents all know when their January credit card charges come in.
…he’s the least generous person in the world. He just talks a good game.
Piers also warned of a massive 1920’s-style market collapse, which many economists feel is right around the corner as our debt balloons to near-$30 trillion.
“…the roaring 2020s may crash and burn as fast as the roaring post-war 1920s did if Biden’s not very careful.”
Biden is, of course, not very careful at all in this context. In fact, he is one of the major purveyors of wokeness in America that is intentionally destroying our economy, sovereignty, and culture. Piers, despite being a staunch progressive, agrees that it is detrimental as well. He sees the Oscars last weekend as a bellwether for the future of American economy and government, which are positioning themselves behind endless failing wokeness.
‘Go woke, go broke’ is a familiar refrain these days, because it’s a very real thing.
…If the same ludicrously self-harming woke mentality displayed by the Academy of Motion Picture Arts and Sciences and CBS is allowed to prevail in the US Government, then America could easily propel itself into another economic disaster.
And all the warning signs are here: the US national debt is currently sitting at $28trillion. This is a staggering, eye-watering sum of money of the scale which if left unchecked could imperil the US economy and the country’s ability to borrow money.
Yet President Biden seems totally oblivious to this danger and intent on increasing the debt exponentially.
And Piers also recognizes that Biden shows no sign of closing the money-printing spigot or being honest or effective in his placement of the trillions being spent.
…Now Biden’s chucking yet more trillions at his heavily woke influenced infrastructure plan, much of which has nothing to do with conventional infrastructure and everything to do with the ultra-liberal green agenda like electric cars and climate change, along with childcare facilities, science research and care for the elderly and disabled.
In fact, only 5 per cent is dedicated to repairing roads, bridges, highways, train tracks and streets.
And economists are growing increasingly worried that the taxes he needs to introduce to pay for it all will lead to a surge in consumer costs and inevitable inflation.
…The reality of Biden’s rant about billionaires and the urgent need for the rich to pay more taxes is that those targets would barely notice the impact on their bulging wallets because they will simply pass it onto their customers as they always do. And if inflation soars, It will be the working and middle classes who will end up paying even more for all their products and ultimately losing out from the very plans Biden insists are designed to save them from being financially penalised. Ultimately, they will be punished in the way he insists they won’t.
…Biden has persistently painted his predecessor Donald Trump as the Devil, but for all his many faults, it’s worth remembering that Trump got the economy purring until the pandemic struck, with a very different strategy based on large tax cuts.
And for all the sniping about him only doing that to benefit his rich friends, the truth is that he also delivered a substantial rise in the incomes of working-and-middle class Americans.
As Glenn Harlan Reynolds, a law professor at the University of Tennessee, warned: ‘U.S. incomes increased more in 2018 than the previous 20 years combined. Will President Joe Biden match that record? Time will tell, but his hasty efforts to undo much of former President Donald Trump’s economic policy suggest that he intends to return to the approach of the three previous administrations. That approach was good for Silicon Valley and Wall Street but devastating for the American working and middle class. A return to the policies of previous decades is likely to produce the results of previous decades: Wage stagnation or worse.’