Bidenomics Will Bankrupt Us
PJ Media,
by
David P. Goldman [Spengler]
Original Article
Posted By: Hazymac,
1/18/2021 8:23:43 AM
In a new essay at Law and Liberty, I characterize Bidenomics as “paranormal.” Here’s a teaser:
US government debt now stands at $20 trillion, or roughly 100% of GDP. This should be a concern, but Democratic economists are not worried. A much-discussed November 30 paper by former Treasury Secretary Lawrence Summers and former Council of Economic Advisors Chairman Jason Furman suggests that Democratic thinking has veered into the paranormal, with an emphasis on levitation. Governments will be able to borrow and spend as much as
Reply 1 - Posted by:
hershey 1/18/2021 8:29:12 AM (No. 664772)
They don't care...they just want to get their agenda into operation...'PRINT MO' MONEY' dude!!! The democrap cry!!!!
18 people like this.
Reply 2 - Posted by:
RayLRiv 1/18/2021 8:38:11 AM (No. 664782)
BIDEMONICS more like it. God Save Us.
19 people like this.
Reply 3 - Posted by:
Gruntmedic 1/18/2021 9:05:17 AM (No. 664820)
Have watched many you tube videos of different economic guys showing the Dollar is collapsing,and housing bust.
6 people like this.
How else do we get to the Great Reset, Goldman? Something our fake media never talks about but it's all over European media. The globalists are now in charge.
7 people like this.
Reply 5 - Posted by:
Jethro bo 1/18/2021 9:12:14 AM (No. 664829)
Sorry but untrue. We are already bankrupted and have been since Obambi got his Porkulus passed. Biden is just hastening the final outcome. Once China quits buying our debt, it is gonna be Hades. And all those poor goobernment dependent folks (not just welfare but corporate welfare and state and local goobernments) are gonna catch the real Hades of being broke.
12 people like this.
Reply 6 - Posted by:
reefdiver 1/18/2021 9:26:06 AM (No. 664844)
Welcome to the new "Make America Broke Again" DemCommunist regime.
12 people like this.
Reply 7 - Posted by:
RuckusTom 1/18/2021 9:34:17 AM (No. 664849)
I think you're off by about $10 trillion. It's more like $30 trillion. By the way the main way to take excess cash out of the economy to avoid inflation is to raise interest rates. There's a big difference between 0% interest on $30 trillion and 20% or 30% interest on $30 trillion.
6 people like this.
Reply 8 - Posted by:
Jebediah 1/18/2021 9:43:39 AM (No. 664861)
But since the Press will keep quiet about it, who will know? "If a tree falls in the Forrest....?"
9 people like this.
Reply 9 - Posted by:
mariboo72 1/18/2021 9:51:09 AM (No. 664871)
Probably true. But you know that Trump will get blamed. Truth be told, Bush and Obama ruined the economy. Trump overspent, too, but was trying to make a difference until covid hit. The dems wanted to ruin what was an improving economy with the covid lockdowns knowing that Trump would get the blame.
8 people like this.
Reply 10 - Posted by:
bigfatslob 1/18/2021 10:02:40 AM (No. 664889)
Like Germany's Deutschmarks in 1925 down the tubes we go.
8 people like this.
Reply 11 - Posted by:
Venturer 1/18/2021 10:05:15 AM (No. 664895)
Inflation is going to hit like a bomb.
12 people like this.
Reply 12 - Posted by:
planetgeo 1/18/2021 10:05:22 AM (No. 664896)
"Traitor Joe Dollars" will soon be worthless. It will be like Zimbabwe by springtime.
5 people like this.
Reply 13 - Posted by:
MDConservative 1/18/2021 10:26:26 AM (No. 664919)
This is all crybaby whining. Our $20 trillion debt is a bi-partisan product. PDT and REPUBLICANS are no less responsible for the spending we've done over the past four years, or last four decades. The Dems aren't afraid to say so; the Republicans too embarrassed to admit their own profligacy. There are palms all around the political spectrum that demand grease...and they get it.
8 people like this.
Reply 14 - Posted by:
davew 1/18/2021 10:36:36 AM (No. 664929)
The economic impact of the Biden policies is secondary. If you look at the main thrusts of their agenda, climate change, pandemic health care, social justice, and globalist immigration policy there is one common thread to their madness. This will be a period of massive redistribution of private property. Both real and intellectual property will be confiscated through regulation, taxation, intimidation, and mass propaganda programs and redistributed to other "worthy" populations that just happen to be loyal voters to the oligarchs in charge.
The test will be whether the laws and Constitution are strong enough and clear enough to thwart this effort through legal challenges. As we've seen with the election fraud and Biden crime family activities the lower courts have been politically compromised. With the loss of the legislative branch the only firewall to their redistribution scheme I believe will be the SCOTUS.
2 people like this.
Reply 15 - Posted by:
DVC 1/18/2021 11:19:24 AM (No. 664960)
Yes, of course, that is the ChiCom plan and their evil minions are happy to comply.
1 person likes this.
Reply 16 - Posted by:
NeverForget 1/18/2021 11:40:14 AM (No. 664984)
Sometimes one must ve very educated to believe some very stupid things.
2 people like this.
Reply 17 - Posted by:
lakerman1 1/18/2021 1:18:08 PM (No. 665105)
#5, it started in George W. Bush's second term. And it may go on forever.
Fiscal sanity may be impossible to reestablish.
2 people like this.
Reply 18 - Posted by:
Foont 1/18/2021 2:29:23 PM (No. 665213)
U.S. bankruptcy is very much a bipartisan effort.
1 person likes this.
Reply 19 - Posted by:
stablemoney 1/18/2021 2:40:42 PM (No. 665226)
We are already bankrupt. We cannot pay the debt, and the promises are above the heavens. Our standard of living is going to decline. You can only achieve prosperity by work, not by printing money.
2 people like this.
Reply 20 - Posted by:
doctorfixit 1/18/2021 7:37:20 PM (No. 665491)
At some point it's like, get it over with already. There is no point in trying to stave off economic collapse, the longer it gets put off the worse it will be. What can I do to help bring down the cesspool of corruption in DC? Stop paying taxes? Stop buying stuff? Invest in survival?
0 people like this.
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