The United States is in very good shape overall with the world’s strongest economy and largest military. We have the oldest democracy in the world, still thriving 230+ years after its founding. We enjoy a robust private enterprise environment with myriad opportunities for individuals to succeed by virtue of their own initiative and willingness to work.
This has mostly been achieved independently of the quality of our political leadership. We have had a smattering of outstanding presidents during our long history but also a large number of poor ones. (Not to mention any names!) Our success as a nation is based primarily on the soundness of our underlying institutions, regardless of the quality of any particular president.
Regrettably, nevertheless, our current President, Joe Biden, is making lots of mistakes. America will most likely continue to thrive regardless, but still, bad policy decisions at the top do slow down our historically steady progress. Consider the following series of bad decisions by President Biden:
- Overstimulation of the economy thereby risking an inflationary spiral. Already this year, Congress has passed a $1.9 trillion America Rescue Plan. The Senate just passed a $1.1 trillion Infrastructure Bill and Congress is poised to pass a $3.5 trillion expansion to the social safety net. Of course, these measures will greatly increase the national debt, already swollen to $28 trillion. But even more immediately dangerous is the likelihood of an inflationary spiral careening out of control. Annual rates of increase for the last four months (April through July) are 4.2%, 5%, 5.4% and 5.4%.
- Speedy withdrawal from Afghanistan. The Taliban is rapidly capturing provincial capitals in Afghanistan and is threatening the national capital Kabul. American credibility is already sustaining a blow. Just keeping a small residual force of U.S. troops would have been enough to keep the Taliban at bay indefinitely.
- Open southern border. Almost 200,000 arrests of illegal immigrants were made at the southern border in July alone. Most of these migrants are being released “temporarily” into the U.S. This surge in border crossings has been caused by the Biden Administration’s unwillingness to crack down on illegal entry into the U.S.
- Extension of the eviction ban. The Biden administration wants to further extend the rental eviction ban even though the economy is booming and employers are desperate to find workers. Many small landlords are suffering financial harm in the meantime. It is past time to end this emergency measure.
Conclusion. President Biden is exhibiting bad judgement on an increasing number of issues. The biggest long-term threat is, of course, setting off an inflationary spiral which could careen out of control. If this were to happen, it could easily lead to a new financial crisis, caused by rising interest rates which would lead to huge increases in the interest payments on our swollen and out-of-control national debt. His other mistakes, as described above, are also serious but will do less long-term damage.