Joe Biden Is a Total Failure
Barring a miracle (and they do occur sometimes), Biden will not go on for another three-and-a-half years.
By Conrad Black
September 6, 2021
As cant and emotionalism subside, it is becoming possible to give a clear and fair assessment of the performance of the Biden Administration and of the president himself: a total failure.
The shortfall of 500,000 in the expected net new job figures for August shows that stagflation is upon us: employers are afraid to hire employees as they normally would coming out of the COVID recession because they don’t know if they will be able to afford them. Hourly pay scales are increasing at 7.5 percent, new car prices at 10 percent, rental accommodation at 12 percent, and new homes at 20 percent, all well ahead of the official rate of inflation, contrary to the smug assurances of Treasury Secretary Janet Yellen and even some Federal Reserve spokespeople, that inflation was a mere bubble.
Historically, the only sustainable way of fighting stagflation has been to counter inflation with increased supply and achieve that goal and the corresponding non-inflationary increase in demand through the encouragement of demand in the tax system. The present administration is committed to raising taxes and to colossal spending increases, which will exacerbate both stagnation and inflation.
After 13 years of negligible interest rates, there isn’t much that’s useful left in the toolbox. The inflation of the sort that is already building up historically has been attacked by reducing demand and sharply increasing interest rates. Any such policy now would produce a disaster that would be a fiscal and monetary replication of the debacle in Afghanistan. Not since Herbert Hoover prescribed higher taxes, higher tariffs, and a shrinkage of the money supply as the remedy for the Great Depression has an American administration more poorly judged the policy prescriptions necessary to fight deteriorating economic conditions.
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