Posted on 07/06/2023 6:45:36 AM PDT by MtnClimber
Bidenomonics has been, and will continue to be, a disaster. This is what happens when lawmakers manipulate economies. No one should ever expect a different outcome when politicians enact ideas that they believe are so brilliant that they will overcome the laws of economics. The way out of this mess is to make a policy U-turn to both unleash the economy and expand precious liberty.
President Joe Biden last week bragged that his economic policies — straight from the Democrats blueprint that says “borrow, tax, spend, regulate, then do it all again” — are working. But as we’ve noted, Bidenomics has been a wreck, a flop that is taking us into a recession.
Not only did Biden openly boast as our sclerosis grows worse, he also, as Democrats always do, took a jab at “trickle-down economics,” claiming it has “failed the middle class … failed America … blew up the deficit” and “increased inequity.”
He probably would have blamed the Canadian wildfires on “trickle-down economics” had he thought about it. But there’s not much thinking going on in his head — and in fact there never has been, with his ungovernable mouth leading the way throughout his career as an elected grifter.
We don’t see Biden or any other Democrat ever coming around to supply-side economic policies, the correct terminology for what they sneeringly call “trickle-down economics,” which asserts that lower taxes and less regulatory meddling fuel economic growth. Yet they are exactly what our economy — any economy – needs, now and forever.
In our post-lockdown world, the states that have the strongest economic recoveries are the red ones on the map. And what do they have in common? Low taxes and light regulation.
We can see this vividly in the rankings of states that have had the greatest increases in hiring over the last year. Of the top 10, only two are blue, or Democratic, states.
(The Washington Post marks Georgia, fourth on the list, as one of three blue states because Biden took its 16 electoral votes, but that is misleading [intentionally, we’re sure] because it is a red state with large Republican majorities in both chambers of the legislature and a popular [53% of the vote in 2022] GOP governor. Nevada, next at fifth, is also considered blue even though it too has a GOP governor.)
The next seven states, according to the Post, are also red or Trump states and they tend to “have unusually low tax rates and lean on extractive industries such as mining or petroleum. We’ve seen firsthand the economic boom that gas and pipelines can bring to struggling regions.”
But then even after making that statement, the Post goes on to try to discredit the red states. Maybe next time the reporter should instead interview our friends at the Committee to Unleash Prosperity, whose lineup includes economist Art Laffer, modern father of supply-side theory. They would have told him that “the supply-side economics revolution” of the 1980s broke inflation and activated the moribund economy, as “the U.S. embarked on what became a quarter-century boom.” And they could have provided the data that backs up their observations....
The democRATs would probably argue that North Korea is doing better than any of the RED states.
Sarah Huckabee Sanders and her Arkansans report a surplus of 1.6 B as of June 30. ....wasn’t specifically cited in this story but surely is part of the success.
Before one declares that Bidenomics is Not Working, one needs to discern the goals of Bidenomics. One might find that Bidenomics is, indeed, Working as designed.
At the Federal level, look what the Reagan Tax Cuts did for the disastrous Carter economy; one of the longest sustained growth periods of US economic growth ever. Did the Dems learn the lesson? No, because to them higher taxes is the means to buying more power. That's all it is to them...
Just don’t start with the RINO GOPe “Tax Cuts” crapola again.
How about starting with NOTHING for Ukraine?
Secure the border and promote LEGAL immigration for skills?
How about 25% Government reduction at all levels?
How about eliminate the handcuffs put on domestic energy production?
How about giving land and resources back to the States?
How about prosecuting DEI/ESG corporate malfeasance?
China is collapsing, just get out of the way and pass the popcorn.
I bet NONE of that is on the table.
It’s amazing that it needs to be said. The Left conceded most of the economic debate in the mid to late 90s. The uniparty has picked away at the edges ever since. How are we still debating this stuff with them?
You might as well throw term limits on the wish list of things that are common sense repairs but pure pipe dreams.
Yep, and the spread between 2- and 10-year treasuries is at the deepest inversion since 1981...the Jimmy Carter recession era. This indicates that Treasury investors see more near-term risk than long-term risk.
Just an observation ... while it is a current trend to use the term ‘Bidenomics’ when referring to the abject failure of so many infrastructure sub-systems, we should probably be calling it ‘Obamanomics’.
Remember “We are going to change your world as you know it.” No one thought to ask what his objective actually was ...
Indeed.
Supply-side economics means you let the big greedy dogs have a degree of freedom to implement greed-satisfying ideas and employ people to manufacture those ideas. The rest of have the manufacturing jobs and enjoy the good products.
In other words, supply-side economics is harnessing greed.
The alternative is a society with no energy, no fun, crummy stuff.
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