Inflation's The Nail In the Coffin Of Biden's Spending Plans

[92TigerME]

The government tells us that supply shortages are because suppliers can't keep up with the growing demand and economic growth. Actually, they can't keep up with the spending which is the very definition of inflation.

So here are some takes from a zerohedge article posted today. https://www.zerohedge.com/economics/inflations-nail-coffin-bidens-spending-plans

Even liberal economists like Larry Summers have warned that Biden's spending blowout can overheat the economy and "set off inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability." Summers argues, "the primary risk to the U.S. economy is overheating — and inflation." Biden's spending would fan the flames

Many of Biden’s economic advisers believe that fiscal profligacy has no downside. They implicitly subscribe to “Modern Monetary Theory,” an economic doctrine that holds that sovereign debt can keep rising with no cost to future generations or the U.S. economy. We are still searching for any example, at any time, where this approach has worked. In most cases – Venezuela, Argentina, Mexico, Zimbabwe, and Germany after World War I -- the policy ends very badly.

Consider how Biden's supplemental unemployment insurance, extended as part of his Covid relief package, is contributing to inflation by preventing businesses from hiring the workers they need to meet consumer demand. Biden's $300 per week in extra benefits allows families with both parents out of work to earn about $72,000 a year in unemployment benefits -- not including the value of other social welfare programs like food stamps.

Biden's historic tax hikes on small businesses and investments would reduce the supply of both. His proposed labor regulations -- from a $15 minimum wage to the Pro Act, which would increase forced unionization and outlaw swaths of independent contractors -- would increase costs for some small businesses while forcing others to close up shop.
To prevent the enormous regressive inflation tax from getting much worse, Congress must block Biden's runaway spending and debt agenda. To borrow a phrase from the president, that's something that should unite all Americans.

I'll go ahead and post the usual response from

dpic73, nytigerfan, deshawnwatson4, trich24, yoshi121374, clemsontiger02, DW4_2016, Iceheart08, Other1, hopefultiger13 and TheVally91

It's ok though because this was written by a Trumpian 🤣

Stephen Moore is a former Trump economic adviser, co-founder of the Committee to Unleash Prosperity, and a Job Creators Network board member. Alfredo Ortiz is the president and CEO of the Job Creators Network.