Bidenomics Has Decimated American Wealth
Some have suggested that the 70s economy under the peanut farmer, Jimmy Carter, was worse, but I don’t see it. Not nearly so many were out of work as there are today – some 106 million – and even as young as I was, I wasn’t without a job from the time I was thirteen and toting shingles for one of our local roofers. Whatever is happening across the board, it’s almost as if some black plague has hit at the heart of our economy and businesses aren’t quite as willing to give new entry level workers as much as a chance as what I witnessed during the 1970s, much of which stems from corporation’s current lack of tolerance for anyone who is unwilling to go along with political correctness and the Woke ideology that’s being forced down everyone’s throat.
The Congressional Budget Office has noted that if we stay on this trajectory, the Biden regime would add $1 trillion to our national debt every forty-five days, giving one a new understanding of what Saul Alinsky meant when he suggested the Communists should overwhelm the U.S. system in ‘Rules for Radicals’. But whatever the case or the cause, it’s outrageous, unsustainable and an affront to the sensibilities and the conscience of all good and decent American patriots who have worked their entire lives to leave something better behind for their children and grandchildren.
Americans have had big dreams, from the first days they landed on this continent, dreams that were fired by the great expanse of the country and all the potential it held; but today, the American Dream is being put out of reach for the next generation of those in their 20s and 30s, and really for all Americans, due to Bidenomics. The American Dream, simply put, is no longer affordable for the majority of Americans, whose dreams have been inhibited and stifled by the Biden regimes regulations and bad policies that have created one of the worst economies in U.S. history and trampled on everybody’s pursuit of happiness.
Nearly all who are current members of the Biden regime are already independently wealthy and a good portion are childless too, so they aren’t particularly concerned with how you and I – the average, everyday, ordinary working class American – are going to be able to make ends meet in the coming years ahead, which explains why they continue their massive stimulus and spending bill projects that have created the worst inflation we’ve experienced in forty years.
The Biden regime’s detachment from real world American life and their self-absorbed unattainable, delusional utopian Marxist-Maoist worldview is the reason they facilitate the global warming hoax that places an added tax burden on all Americans for which they receive no benefit, as those dollars go to foreigners overseas; and it’s why they try to force us to buy $100,000 electric vehicles we can’t afford, even tho’ there aren’t enough charging stations to enact their insane mandate. And it’s also the driving force of their push to destroy all fossil fuel extraction in America, from coal mining and coal-fired plants to oil and natural gas extraction, killing the Keystone Pipeline and closing other pipelines already in operation, which has driven our energy cost to unreasonable heights.
Bidenomics has decimated American household wealth and damaged small business and forced families to reach into their savings or max out their credit cards just to keep up with the rising prices, while farmers across the country have been hit hard by the rise in their operating costs. Biden’s failed economic policies have made it incredibly harder, nearly impossible, for Americans to obtain a higher education, a home, a family business or the necessary wages and salaries based on a sound dollar that are currently out of reach for approximately eighty percent of Americans.
In other words, Bidenomics has ensured that unless you earn $250,000 a year or inherit family wealth, the American Dream and all the things normal Americans hope to have and own are out of reach, without borrowing a small fortune for them.
Although we can’t print our own money like Biden’s Treasury and the Federal Reserve Bank does, many Americans are borrowing like there’s no tomorrow — engaging in what is commonly known as “doom spending” – just like the Biden regime has been doing. On the whole and on average, they have been forced to spend over fifteen thousand dollars more for groceries, gas and other household goods every year over what those same goods cost them in January of 2021.
Twenty-one years ago, Ben Bernanke, former Federal Reserve Chairman, ended a speech by saying:
“I would like to say to Milton [Friedman] and Anna [Schwartz]: Regarding the Great Depression, you’re right. We [the Federal Reserve Bank] did it. We’re very sorry. But thanks to you, we won’t do it again.”
HahaHahahahahaha — Yea, Right! Just you wait and see.
The economic woes of our population are compounded by a $1750 drop in the real median income for American families for the third straight year in a row, according to the U.S. Census Bureau, which, in part, explains the eleven percent increase in U.S. credit card balances at an average of $6000 per cardholder. By dumping trillions of dollars into the U.S. economy for unnecessary spending to facilitate a bullshit “climate change” New Green Deal and insane programs such as Critical Race Theory and Transgenderism in public education, sports and the U.S. Armed Forces, the Biden regime Marxist-Maoists have emptied Americans’ wallets and drastically depleted their retirement and bank accounts, forcing them to amass unsustainable levels of credit card debt just to survive Bidenomics.
High inflation feels exactly like you were just forced to take a pay cut, and when taken in conjunction with many other financial factors, it’s one big reason most Americans say the economy is terrible under Biden, despite his administration’s glowing propaganda that suggests it’s booming like never before.
One must remember that inflation is cumulative, and once prices go up, they very seldom come down, except in rare cases when an economy is hit by stagflation as well. Despite assurances that inflation currently rests at approximately four percent, the actual inflation rate since Biden took office is whopping twenty percent, which just happens to be the magic number by which my property taxes rose this year, probably to fund the new expansion of the Rutherford County Sheriff’s Department and help shed the expense of the $73 million Rutherford County Judicial Center that was built in 2018; and, some of my friends in northern Democratic held states have reported their property taxes are increasing by as much as thirty percent.
A Big Mac “Value Meal” that cost $10 in 2018 will cost you $18 today. Some “value”, huh?
A person walks out of their local grocery store feeling like something is really wrong. What they thought was their normal fare ran $80 more than they thought it should have. Did cheese always cost that much? Or eggs? What about that case of coke and the gallon of milk for their children’s morning cereal?
In October, Paul Krugman, New York Times columnist and Biden sycophant, wrote:
“The war on inflation is over. We won, at very little cost”
One can expect to spend $3700 more this year on their combined house and car insurances. Coffee is up by $2 per pound, and fresh produce has increased in cost by 14%. And a pound of ground beef currently costs about $5.25, up from $3.90 in January of 2020.
My Mom used to cook ground beef all the time when I was a boy, in the 60s, but who the hell can afford it regularly to feed their family, especially for those who have three or four or more children.
Yep! The war on inflation is over, if you exclude gas, utilities, mortgages, groceries and every other necessity of life.
Has your household income increased by $15,000 a year since 2021? For most of us, our income has barely moved, and in many instances it has decreased. Over half of all Americans made less than forty-one thousand dollars last year, and for those who are in that group, life is not easy in 2023, and it’s looking to be worse in 2024.
Jamie Dimon
Spending by the Biden regime is out-of-control, and it’s causing everything to cost more than it once did, and our standard of living just keeps dropping lower. Even Bidenomics, JPMorgan Chase CEO, has admitted that “inflation is hurting people”. The truth is that inflation is out of control too.
By printing and borrowing so many trillions of dollars, to fund the sort of massive structural deficits currently prevailing, the Biden regime has placed America on a path to broad based penury across the country. But his regime and cronies will amass wealth from it in some of the most corrupt manners we have already seen, as cronies’ businesses are subsidized and the kickbacks roll in.
Ultimately, it’s simple. Those who print the money receive the most immediate benefit from it, while those second in the chain benefit nearly as much; but those who receive it last are the ones most harmed.
As Richard Cantillon, an 18th century economist, philosopher and banker, noted in his day:
“When new money is created, those closest to the wellspring drink first. They get preferential access to capital (lower price of money) and as they then flood the system are the only ones buying with non (or at least least) inflated currency. They cause the first wave, the prices of those first assets they trade rise first and fastest, and the change in the price level is then passed on downstream.”
We have witnessed this in several economic bubbles manufactured by those in the game. This is what has been at the heart of every boom and bust cycle America has witnessed since 1929, manufactured by the bad actors of the Federal Reserve Bank to the detriment of the American workers and the American middle class, which is currently being eradicated by the Biden regime.
This is putting America on track with the Weimar Republic, Zimbabwe, Argentina and Venezuela.
It’s worth noting that Barack Obama added $9 trillion to the national debt in eight years, but Joe Biden’s spending makes Obama seem miserly. In October alone, the Biden regime added over $600 billion to the debt, and if we hold this pace, America – with a $34 trillion national debt and a 120% debt-to-GDP ratio right now – will breach $41 trillion in one year, which should frighten all Americans.
And as insane as it will sound to normal Americans, the U.S. federal government regularly borrows money just to make the interest payments on the national debt. It also borrows more to finance all spending that exceeds tax collection, which also increases the national debt and keeps us in a destructive spiral, whereby interest payments on debt are also borrowed to make interest payments on the national debt. This is virtually the same thing as seeing a stone cold broke person getting a stack of new credit cards to make the interest payments on their old stack of credit cards, and at its core, it is financial and national suicide.
Economic havoc and a deflationary crisis will more than likely be the end result we witness from all this massive debt, which will eventually stall inflation. A hint of this is already appearing by way of layoffs, frozen wages, the crash across manufacturing, bankrupt freight haulers and bank branch closings; and meanwhile, the price of any home continues to rise, as home sales take a plunge marking a thirteen-year low.
Rather than following the example of the American people, who have seen fit to cut back on luxury spending and spending on anything outside of necessities, “Ain’t-Seen-a-Bribe-I-Don’t-Love” Biden is attempting to gaslight the American people and change their poor opinion of his economic policies so he can double down and spend America into an even deeper hole. It’s just not in him to do the right thing or the hard thing and tell the American people the truth and place the country back on a fiscally responsible path that starts cutting back on spending, cutting government agencies and programs and paying off the national debt, or at least paying it way down.
Biden and his crooked political cronies and the Democratic Party Communists believe in the Modern Monetary Theory and the Keynsian nonsense that says no amount of debt is dangerous for the economy. They believe one can print and/or borrow whatever they need to meet the costs of the future and no ill winds will ever blow their way, that no consequences will ever hit home in America. And it is this sort of idiocy that’s going to finally destroy what was once the most powerful and prosperous economy of the world, devastating the American people in the process.
Biden’s attitude is one that seems to ask of his critics, “How can I be out of money when I still have my printer at the Federal Reserve?”
Whether or not the Federal Reserve keeps interest rates steady and risk deflationary implosion or debt default or they cut rates and return to stimulus payments on the national debt moving inflation into double digits, the American people lose on both counts.
America needs an immediate course correction and all Her people, Her citizens in good standing who love traditional America and her virtues and principles, should demand as much.
We must stop tolerating people we know without a doubt intend to do America harm – those whose ideas are so unsound and startlingly deceptive and dishonest and treasonous, such as we find among the Biden cronies. To actively seek to crush the system in such a manner as to aid and facilitate their fundamental transformation of America is nothing less than treason, once one understands they support an ideology that goes against our Bill of Rights completely and in every meaningful way.
There is a means to remove a dictator wannabe who holds himself and his political allies above the law. The real Americans of this country have only to put it to use.
Come hell or high water, Americans must remove Traitor Joe from office as soon as they can to stop his regime’s wasteful spending policies that have hurt American families, bankrupted our country and weakened our economy. It’s imperative that we stop printing trillions of dollars and reverse Biden’s executive orders that have reduced our domestic energy infrastructure to shambles and exacerbated the cost of living crisis facing all hardworking Americans.
Today, Uncle Sam is seen standing on the steps of the Capitol, or perhaps on some distant corner in small town America on any given day, and his pants pockets are turned inside out to show just how broke he really is.
American life in 2024 will be one of constant sticker shock, and our economy is going to get a whole lot worse from this day forward. Take advantage of pricing now and plan accordingly, while you can, because at some point our economy will have nowhere to go but all the way down. And unless I miss my bet, someone behind the mechanics of this mess hopes to cash in on our misery. We’re headed for a dark era in our history and a massive economic collapse that will require years of recovery for Americans and U.S businesses, unless we take drastic measures now.
December 10, 2023
Justin O. Smith ~ Author
~ The Author ~
Justin O. Smith has lived in Tennessee off and on most of his adult life, and graduated from Middle Tennessee State University in 1980, with a B.S. and a double major in International Relations and Cultural Geography – minors in Military Science and English, for what its worth. His real education started from that point on. Smith is a frequent contributor to the family of Kettle Moraine Publications.
