Now, just over one hundred days into his presidency, Joe Biden has already made several major blunders that are likely to come back and haunt him and the Democratic Party. Consider:
- Exploding national debt. The bloated, totally deficit funded, $1.9 trillion American Rescue Plan, ensures the next, debt-related, fiscal crisis will occur that much sooner. Furthermore, along with the Fed’s promise to maintain low-interest rates into 2023, “the unprecedented combination of monetary and fiscal stimulus” creates a big risk of setting off a new round of uncontrollable inflation.
- The jobs slowdown. With 7.4 million job openings, U.S. employers added a net of only 266,000 jobs in April. The problem is the additional $300 weekly federal jobless bonus that means too many unemployed workers can make more money by staying home than returning to work. Even when average hourly earnings rose 8.4% in April (on an annual basis) and even faster for low-income workers.
- The coming chaos in Afghanistan. President Biden has decided to pull all U.S. troops out of Afghanistan by 9/11/2021. This is a major mistake and will lead to utter chaos as the Taliban and al Qaeda take control and exact revenge on civilian and military supporters of the U.S. In fact, it is already starting to happen with a school bombing yesterday in Kabul.
- The crisis on our southern border. President Biden has proposed an eight-year path to citizenship for all 11 million illegal immigrants and the result is not surprising. Our southern border is swamped with individual adults, families, and unaccompanied minors entering the U.S. illegally. They are putting a huge strain on our immigration officials at the border. It will be politically impossible to solve our undocumented immigrant problem until firm border control is established.
- The vaccine IP debacle. President Biden has endorsed a patent waiver for Covid vaccines and treatments. This would simultaneously destroy billions of dollars in U.S. intellectual property and set a destructive precedent that will reduce pharmaceutical investment and surrender America’s advantage in biotech. Pfizer, BioNTech, Moderna, and AstraZeneca are already ramping up production to meet worldwide demand. Why would the U.S. want to give IP away to China, for example, when we are so concerned about China stealing IP from us?
Conclusion. Under the strong influence of the progressive left, Mr. Biden is risking calamity in both domestic and foreign affairs. Of course, the Democratic Party will pay a steep price for these missteps in the 2022 midterm elections. But how much lasting damage will he have created in the meantime?
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The most distressing news coming out of the Biden administration is not the decisions credited to Biden, but rather that his administration has been hijacked by the same left-wing cabal that ran against him right up to the Democrat convention. The policies advocated, or already put into place, would not have originated with Joe Biden. Those policies have originated in the fertile political minds of the most ardent progressive wing of the Democrat party and represent activists who have little or no fondness for the United States.
I agree with you, of course. Nevertheless, Biden is going along with this program and so will have to take responsibility for the major blunders which will result.
Given the rock and a hard place of our times, we are likely subject to the unknowns of the current pandemic. Given a possible reset of the pandemic, the recurring recession occurrence of 8-10 years might well be informed by the last recession having occurred 10-12 years ago. And so, the burgeoning federal stimulus will eventually trigger inexorable inflation that will require another extended use of high-interest rates to abate. In short, short-term political gains eventually requiring extended Long-term economic pain. Meanwhile, reductionism as the mantra for healthcare reform will continue to aggravate its cost, and we will also continue to ignore the pockets of poverty within every community.
Jack, good piece about our nation’s ethnographic improvement!
It appears to me that we have reached herd immunity, judging by the dropping rate of new daily infections. Rampant inflation is now the biggest threat of all to our economy. I used to think that controlling healthcare costs is the key to controlling our debt problem. Now the problem is much worse and even stronger measures will be needed. But what will they be?