Joe Biden has only been in office for a relatively short time, but his political agenda is already at great risk. His plans to spend money like a drunk prom date might fail, because his previous spending plans hurt the economy so much.
Explaining economics is a tricky business. But it basically boils down to this: you can’t spend money you don’t have. But that’s exactly what Biden did soon after entering office. And the results are evident all around us.
Biden’s “stimulus” bill gave thousands of dollars in free checks to most Americans. It also extended unemployment, with additional monthly payments to those not working. Sounds good? Well, no, if you realize he did this by increasing America’s debt. He basically had to print new money to pay for all this.
Which led to inflation—a rising cost of goods and services. And paying people not to work, surprise, surprise, ended up hurting businesses just coming out of lockdown.
And Biden wants to spend even more money—this time by raising taxes that will add insult to injury. But it looks like he might not get what he wants.
As problems for President Biden multiply at home and abroad, Bidenomics — the massive public spending that drives the president’s economic and domestic agenda — suddenly faces especially strong headwinds, as bad reports on jobs and inflation have raised giant yellow caution flags…
“[U]nless we want to have a lot of inflation, or tax companies to the point that they leave the country,” he warned, the U.S. can really only afford to invest in necessary infrastructure — not spend trillions “building out the state.” [Source: Just the News]
There’s no such thing as a free lunch, despite what Sleepy Joe says. All that government spending will end up hurting Americans more than helping.
Most experts claim that there is only enough money to help improve actual infrastructure (roads, bridges, etc.) But Biden wants to spend trillions on brand new social services, pump money into “green” industries (which already receive billions in subsidies), and other wasteful programs.
But if the inflation and other problems we’re seeing now are any indicator, Biden’s future spending plans would mean our country’s doom.
Just look at some of factors currently coming together. Joe Biden is paying people to stay home and not work. Businesses big and small are struggling to hire workers. Meanwhile, Biden is letting in hundreds of thousands of illegal aliens by the month. They need places to stay and some way of earning a living.
Where do you think those businesses are going to look, when they get desperate for workers?
Sooner rather than later, all that unemployment will dry up. Then millions of Americans will have to go back to work. Surprise! Your job has been taken by someone else (a non-American). Now you don’t even have unemployment to fall back on.
What’s going to happen to the economy, then?
It’s almost as if Biden did all this by design. But why would he knowingly damage the U.S. economy? Only, perhaps, if he was trying to appease globalist influencers in D.C.
What was that old nickname he had? China Joe? Hmm…
Author: Alex Smith