I’m far from an economist, not to mention business type. I lack any credentials in this department, except to say (echoing the common sense of millions) that there should be more laissez-faire in this realm. Much more than the Biden administration’s been giving us and contemplating.
Is that administration taking its cues solely from experts like Janet Yellen? More, I’d say, from “kindergarten economists” such as AOC, Bernie or Liz. The result? All this would be funny if it weren’t so tragic. Not least given recent, significant price increases in many sectors from fuel to lumber, food to copper, and the list goes on and on.]
Why then does Biden keep listening to these types on his far left? When, in fact, he campaigned (what little he actually did) as a moderate and promoter of unification? While citing, in the latter regard, his own record in Congress and, in a more gingerly way, his VP experience under Obama.
Meanwhile, how to screw up an economy within months will doubtless become a teed-up book subject, and probably for a number of authors. Or so it feels ...
But destroying an economy is even easier than writing about it. Heck, the Huns, Visigoths et al. were masters at it. They didn’t speak as smoothly as the Democrats mentioned above and many others like them, but the effects in both cases are feeling ever more similar, not that contemporary humans can recall the Roman empire’s collapse in the West.
But back then (circa 400 A.D.), things sure went backward or downward, and fast, and stayed down for a long time. To the point where Robert Peel could note that Roman roads (the real kind of infrastructure) weren’t surpassed until the 19th century! Ah, iter, itineris being Latin for road, which some had to learn back when (the second form generally supplying the source of our English derivations).
As in ... itinerants! That’s what this new economy made by kindergarten mavens is going to bring us: A substantial increase in beggars! Or vagrants. A national atmosphere that used to be featured only in places like the Bowery or, more latterly, in disease-prone tent enclaves of the West Coast. Because inflation’s already been doing its nasty work, and we’re only at the start of an astronomical spending program that’s going to tap out the national credit card, and make prices soar through the roof and into the stratosphere.
Those on fixed incomes, as in post-World War I Berlin, will be most adversely affected when they have to go to the pump or supermarket, or buy a house, you name it. The good old days (pre-Biden) will feel exactly like that: not a golden era back in the ‘50s or ‘60s, but one simply antedating his still recent inauguration.
If only this new president weren’t the quintessential politician. But that’s exactly what he is.
And for that reason, he has little or no courage to defy utopian, in-the-clouds types occupying radical swaths of his party, a sector which has been almost completely driving the Democrats and their policies. Oh, they can all talk of human-made climate problems, and of course they’re real. But what of this person-crafted series of economic problems? To reiterate (the latter word also from “iter”): how to quickly wreck an economy and rival the Huns will be a lucrative topic for bestsellers. Because that’s the “iter” we’re now on; though unfortunately, only near the starting line, before we go from proverbial frying pan into an infinitely hotter fire beneath.
One thing sure: Bernie and the rest will keep talking a good game, and indefatigably. That they’re good at. Yet their fingerprints will clearly be on this horrendous series of economic blueprints, i.e., the kindergarten variety we now have spinning like dangerous tornadoes on our near horizons. All those dizzying pages of huge, difficult-to-read bills will make a poor weather report, indeed; even worse than the annihilation of this or that crucial pipeline, which also didn’t need to happen.
But of course no responsibility will be claimed, no apologies issued. And meanwhile, above everyone (as in “the buck stops here”) remains President Biden, the one person who could put a brake to such nonsensical, gargantuan spending, before it’s too late. Instead of kissing up to those who’ve pushed a … well, a kindergarten economy.
B.B. Singer has taught at several area colleges including Niagara University.