Joe Biden’s Economy Is a Disaster

This week, the stock market took a turn into bear territory on the heels of yet another brutal monthly inflation report. With the Federal Reserve considering larger rate hikes in order to tamp down record inflation, the possibility of a near-term recession now looms quite large, despite the feeble protestations of Treasury Secretary Janet Yellen. As former Clinton Treasury Secretary Larry Summers — the man who predicted President Joe Biden’s inflation — stated, “I think when inflation is as high as it is right now, and unemployment is as low as it is right now, it’s almost always been followed, within two years, by recession.”

All of this was perfectly predictable. Firehosing money into an already-hot economy was a recipe for inflation — and yet that was precisely the policy pursued by the Federal Reserve and the Biden White House. According to The Wall Street Journal, the Biden White House and the Fed thought that the post-COVID-19 period would follow the 2007-2009 pattern: “weak demand, slow growth, long periods of high unemployment and too-low inflation.” This was incontestably preposterous. The 2020 economic crash was not the result of systemic flaws in the economy like the 2007-2009 subprime mortgage crisis; it was the result instead of an artificially induced economic coma, supported by an unprecedented infusion of government cash, preceded by a historic economic boom.

This meant that when vaccines became available, when Americans headed back to work, when children went back to school, we should have been poised for an explosion in demand. To instead predict weak demand, and to build an extraordinary framework of continuing fiscal and economic stimulus on that basis, was an act of either total insanity, epic stupidity or purposeful malice. Perhaps it was a combination of all three. As the Journal observed, “many Democrats saw their control of the White House and Congress as a rare opportunity to shift Washington’s priorities away from tax cuts favored by Republicans and toward expensive new social programs.” Or, as Biden himself put it this week, “I don’t want to hear any more of these lies about reckless spending. We’re changing people’s lives!”

They sure are. It turns out that “experts” in the back room constructing a supposedly better world rarely consider the possibility of unpredicted side effects. They are so busy building glass castles in their minds that they neglect the realities of human behavior. The result is generally that those the “experts” seek most to help are actually those harmed the most.

But the Biden White House refuses to change course. Instead, they insist that the American people are too foolish to understand just how good they have it; that the answer is more government spending; that the Federal Reserve, whose loose monetary policy prompted the current price spiral, will magically draw the proper balance between rising interest rates and low unemployment.

The real answer to America’s current economic woes is simple, and the same as it ever was: Leave Americans alone. Stop pumping money. Stop subsidizing boondoggle projects directed at bolstering political allies. And stop pretending that our supposed intellectual superiors have the ability to predict, control and boost an economy comprised of 330 million citizens, all of whom are better qualified to make decisions for themselves than an incompetent and incoherent president and his unjustifiably arrogant lackeys.

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Ben Shapiro

Ben Shapiro's new collection, "Facts and Furious: The Facts About America and Why They Make Leftists Furious," is available now. Shapiro is a graduate of UCLA and Harvard Law School, host of "The Ben Shapiro Show," and co-founder of Daily Wire+. He is a three-time New York Times bestselling author.

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One Comment

  1. Biden said when he was campaigning that he was going “to end fossil fuel in America”. Why didn’t anyone pay attention? Of course now he lies continuously and blames Putin or greedy oil companies and next it will be “white supremacists”. It’s all been done intentionally to force Americans to “go green” and destroy the middle class. That is, what’s left of it after they’re draconian COVID mandates destroyed hundreds of thousands of small businesses and put millions out of work. Their Federal vaccine mandates are still in place and causing shortages of truckers and pilots and air traffic controllers; but that’s another story…..

    Here’s some more truths that need to be known. Biden said he was going to bankrupt Putin with his gas and oil sanctions. But the truth is that while our dollar is crashing, the ruble is rising and Putin is getting richer. The Europeans, who spent decades dismantling their fossil fuel industry with their own “Green New Deal” became totally dependent on Russian gas and oil because, of course, the sun doesn’t always shine and the wind doesn’t always blow. So you won’t see it reported anywhere but they are STILL buying Russian gas and oil because they can’t survive without it. So we are sending billions, that we don’t have, to Ukraine for a war that we don’t want and didn’t vote for. In the meantime, NATO countries are effectively funding Putin. That’s insane! Consider that as Biden will soon ask for more money (on top of the 40 billion) to go to Ukraine and all the Democrats and RHINO’s like Mitch McConnell and Lindsey Graham will waive their Ukrainian flags and shout we must “protect their sovereignty and territorial integrity” while they do nothing about our “territorial integrity” and the millions of illegals crossing our open border along with criminals, cartels, terrorists and the Chinese made fentanyl that literally kills a hundred thousand American citizens every year.

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