Joe Biden’s Economy

October 23, 2022 Hunter Wallace 2022 Midterms, Conservatism, Economy, Inflation, Politics, Populists, Progressives 22

I’ve been craving a Philly cheesesteak over the past few days and swung by American Deli this evening to get one. The combo was $7.49 on the Trump menu.

Guess how much the same combo is today on the Joe Biden menu? It is $11.99.

Note: Someone has justifiably scrawled FJB on the gas pump outside with a black sharpie marker. I’m sure that guy is sick of paying high gas prices for Ukraine too.

22 Comments

  1. Inflation is the only way to deal with the huge federal debt. If by inflation you can reduce the value of the money owed by 10% a year, in 5 years your debt is cut in half. I think both parties are in on it. And inflation will remain high no matter who is in charge.

    • It doesn’t work that way, inflation only breeds more inflation, it has no effect on debt service.

      The German Government after WWI thought they could pay off the Versailles debt and domestic debt with inflated currency—all the German Government accomplished was to ruin the value of the mark. Which led to hyper inflation and a worthless currency.

      Our banking system has only one proven way to stop inflation, that is by raising interest rates.

      The Congress and the Administration have fiscal tools, but, for their own reasons will not use them.

      Changes are needed November the 8th, if we wait longer it will be too late to stop things from getting much worse.

      • “The Congress and the Administration have fiscal tools, but, for their own reasons will not use them.”

        The last time they stopped inflation was in 1980, when they raised interest rates to 20%. Voters do not like high interest rates. Thats all there is to it.

      • The germans were forced to pay monthly reparations for decades in addition to an outstanding debt.

        you could use price and wage controls, after factoring the cost of production and stimulating production to meet non-monetary demand.

  2. “value of the money owed by 10% a year”

    10%, that would be nice. By my general calculations inflation is 18+%, of basic essentials, rent , fuel, ground beef.
    I’m seeing some items on Amazon jump 50% in 2 months, just common household items.

  3. “The fight is not about inflation, it’s about the cost of living.”

    Whew. Only a chronic liar thinks that idiocy will float.

    (Where are our ‘fact checkers’ to fact check the true inflation numbers ?)

  4. We are a monetarily sovereign country. We cannot become insolvent. Federal finances do not work the same as state finances or household budgets because the federal government owns the printing press. Inflation is caused by scarcity. Historically, inflation has typically been caused by shortages of oil or food. Can you think of anything that might have disrupted the globalist, free trade supply chain recently? Can you think of any country that might have recently announced they are going to curtail oil production? As for meat prices, there are shady things going on between the ranchers and the rest of the industry. Could be related to some kind of environmentalist push from the top down, but who knows. There have also been some droughts recently.

    For those that still worry about the federal debt, the federal debt is the total number of dollars deposited in T-security accounts. These accounts are similar to bank safe-deposit accounts in that the federal government does not touch the money other than to add interest dollars. The federal government removes dollars from T-security accounts only to pay off owners of the accounts. The dollars in T-security accounts do not fund federal spending. There is a federal law that says the government is not allowed to run deficits that arithmetically are greater than T-security deposits. This law creates the illusion that somehow, debt is the total of deficits when it actually is not. What happens if the total of federal deficits is greater than deposits in T-security accounts? The Federal Reserve steps in and, having the ability to create dollars, it deposits enough dollars into T-security accounts to balance the total against total “debt” (deposits).

    Do these stories from 1940 and 1960 sound familiar?
    https://www.nytimes.com/1940/09/26/archives/deficit-financing-is-hit-by-hanes-aba-head-says-insolvency-is-time.html
    https://www.nytimes.com/1960/02/11/archives/mueller-assails-rise-in-spending-in-address-here-commerce-chief.html

    • If you look at the big picture, we are in a fairly well play by play of the 1920’s moving into the 1930’s and the depression. The FED opened the floodgates to financial bankers who bought every stock and property they could find, then the FED raised rates and brought the whole country to it’s knees. Those in the know bought at rock bottom level prices once the crash happened.

      Now they would like you to think that there was no other way because of the banking crisis due to Jews selling mortgage backed securities with liar loans packed all in them. So they gave them a fortune AND the houses that defaulted. We know from Ron Paul’s forced “very” limited FED audit that they received $800 billion cash plus over $16 trillion in essentially zero interest loans. The covid attack they gave the bankers another $9 trillion in zero interest loans and there’s very good financial data that the banks have received in total about $40 trillion or more in low to no interest loans. They own everything. Everything.

      What’s the alternative? What if instead of giving banks these loans they made them to the American people and just let the bad banks close their doors while protecting depositors? With the known $16 trillion, $9 trillion and 300 million Americans, this would mean a zero interest loan of $333,333 per every family of four. Maybe not the whole country but in most of it that would buy a house and a couple used cars. The whole economy would roar with the extra pocket money people had. Inflation would not be too bad because people are already living somewhere now. So instead of bankers buying houses and driving up the prices, it would be families and them having a lower cost place to live.

      People jump up and down about socialism but I’d rather have populist socialism than I would have banker socialism.

      • “I’d rather have populist socialism than I would have banker socialism”:

        Of course there is no such thing as bankers’ socialism (I know you were joking) but populist reformism, which may claim or appear to be “socialist,” is also a fake, and temporary, and will disappoint and lead you right back to the old evil system.

        You should insist on having the real thing.

    • “We cannot become insolvent.”

      Famous……….
      ……………last……..
      ……………………words.

  5. The generic half and half went from $3.98 a few months ago to $5.23 the other day. Wishbone Salad Dressing always used to be $1.99 now it’s $2.68. The cup of chocolate mousse in the bakery went from $1.98 to $2.44 recently to name a few off the top of my head I know the actual numbers for. One of those tiny breakfast sandwich meals at McDonalds used to be around $6 now it’s over $8 for that miniature slab of fried potato and a tiny biscuit with some sausage and egg on it. Even females have to notice this, they may not be smart enough to understand big picture items, but when their purse is empty that even the suburban bimbos can understand.

  7. “Red” wave, my eye! Neither party is RED. BOTH of the twin parties exist only to serve the bankers and business, the elites and the bourgeoisie. Ignore the (s)election. Nothing will be changed by voting.

  8. America is already in a recession. They literally had to change the definition to pretend we aren’t.

  9. Skip breakfast (intermittent fasting, 16 hours with no calories; black coffee and tea without sugar or milk are both OK), and all but stop eating out (prepare a lunch and take it to work) — it’s easy and you save money.

    OT

    Giorgia Meloni’s new cabinet is business as usual — Giorgia Meloni has been sworn in as Italy’s first female prime minister. Anyone anxious about profound change will be reassured — just as anyone hoping for a bold and exciting new direction will be disappointed. Meloni understands that having the support of the European and American establishment is crucial if she wants to remain in power.

    Mal sehen.

  10. “Joe Biden’s” economy of mass immigation and population growth, mass ignorance and disinformation, class division and exploitation, austerity and endless imperialist war, is nothing new or unusual; it is the same ideal economy that was described, and recommended by Bernard Mandeville in his Essay on Charity, in 1724. Excerpts:

    “(I)n a free nation, where slaves are not allowed, the surest wealth consists in a multitude of labouring poor, and besides, they are the never-failing nursery of fleets and armies.”

    “(Since) no great nation can be happy without vast numbers of them, would not a wise legislature cultivate and breed them with all imaginable care?” for “Without them there could be no enjoyment, and no product of any country could be valuable.”

    “To make society happy…under the meanest circumstances, it is requisite that great numbers of them should be ignorant, as well as poor….”

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