Not least of which: Deutsche Bank Issues a Terrifying Warning for America Under Biden. “The authors warned that ‘neglecting inflation leaves global economies sitting on a time bomb.’ They noted similarities between the 1970s and today.”
Fortunately, President Biden takes economics seriously: “Milton Friedman isn’t running the show anymore.” And we’re all paying for Biden’s rejection of sound economic policies. “The irony is that Biden’s rejection of Friedman’s teachings on money, taxes, and spending may bring about the same circumstances that established Friedman’s preeminence. In a year or two, the American economy and Biden’s political fortunes may look considerably different than when Janet Yellen blurted out the obvious about inflation. Voters won’t like the combination of rising prices and declining assets. Biden’s experts might rediscover that it is difficult to control or stop inflation once it begins. And Milton Friedman will have his revenge.”
As their photo last month illustrated, Biden is Jimmy Carter, super-sized.
SPENDING: Senator Schumer Will Trigger Reconciliation on Wednesday. “Senate Majority Leader Chuck Schumer says he will meet with the 11 Democratic members of the Budget Committee to begin the process of passing a 2022 budget resolution. Included in next year’s budget will be Joe Biden’s $2.3 trillion infrastructure bill and his $1.8 trillion ‘American Jobs Plan’ using the reconciliation process to ram it through Congress on a party-line vote.”