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Biden’s Climate Policies Damage America and Don’t Help the Climate

By H. Sterling BurnettTownhall

Biden’s Climate Policies Damage America and Don’t Help the Climate
Source: AP Photo/Susan Walsh

Fighting climate change is at the center of President Joe Biden’s administration, because, Biden claims, “[Climate change is] the number one issue facing humanity.”

Biden’s solution, as outlined at the time and subsequently on multiple White House fact sheets, is to use a “whole of government approach,” achieving a 50-52 percent reduction from 2005 levels in economy-wide net greenhouse gas emissions in 2030, and being net-zero emissions for the nation as a whole by 2050.

Although Biden’s goals are clearly stated, his energy and climate policies have been inconsistent. 

Energy is the lifeblood of the economy. The actions taken by former President Donald Trump to achieve energy independence delivered low prices, created jobs and kept the economy humming, until the pandemic hit. Biden’s policies have done just the opposite with the result that his and the Democrats’ electoral prospects in the coming elections are falling almost as fast as the average American’s energy, food, and fuel prices are rising.

As one of his first acts in office, Biden canceled the Keystone XL pipeline partnership with Canada. This may have been the first time in history a president used his first day in office to kill thousands of American jobs and disrupt critical infrastructure. It also told our allies, especially Canada, the United States can’t be trusted to keep its word.

In the following days, Biden implemented a moratorium on new oil and gas leases on federal lands. A federal court soon declared Biden’s moratorium illegal, ordering the administration to resume lease sales as the law demanded. For months, the Biden administration thumbed its nose at the court’s ruling and refused to resume leasing, only doing so months later under threat of court sanctions.

Despite rescinding federal approval of Keystone XL and supporting or leading efforts to block other pipelines, Biden waived sanctions the Trump administration had imposed on Russia’s Nord Stream 2 pipeline. This odd “pipelines for thee but not for me” action undermines U.S. interests, especially our efforts to expand U.S. liquefied natural gas exports to reduce Russia’s geopolitical influence in Europe.

Biden’s approval of the Russian pipeline is directly at odds with his domestic efforts to fight climate change. It makes no difference to the Earth whether natural gas comes from Russia or the United States, but it makes a huge difference to the people of those respective countries.

Since then, Biden has proposed methane emission restrictions that would make it harder and more expensive to develop, store, and transport oil and natural gas in the United States, and increasing the fees and royalty rate oil and gas producers must pay the federal government.

As high oil and gas prices have begun to hammer average citizens’ pocketbooks—and, more importantly to Democrats, poll numbers—Biden went hat in hand to Saudi Arabia and other OPEC members, pleading with them to open up the spigots and release more oil into world markets to moderate prices. In less than four years, Trump broke OPEC’s stranglehold over U.S. energy markets. In less than a year, Biden has made us once again beholden to hostile foreign powers for a growing portion of our energy needs. And the effect on the climate is likely zero at best.

As noted by Forbes, there are multiple ironies in Biden’s begging OPEC for oil, not the least of which is the “Biden Administration asked OPEC to pump more oil, undermining its COP26 messaging of reducing fossil fuel consumption.” Getting oil from OPEC increases emissions relative to producing it in the United States, because OPEC’s is produced under laxer environmental rules and enforcement, and must be shipped thousands of miles.

After OPEC predictably refused Biden’s request to shore up Democrats’ election prospects by putting more oil on the market to moderate prices at the pump, Biden decided on a desperate course of action: releasing oil from the U.S. Strategic Petroleum Reserve (SPR).

The SPR was established in 1975 after oil supplies were interrupted during the 1973-1974 oil embargo, to mitigate future supply disruptions in cases of international crisis or war. The SPR was not instituted as a plaything for presidents to use to manipulate energy markets or elections, but that’s what Biden did. Biden’s SPR release did little or nothing to reverse high gas prices or prevent climate change, but it did leave the United States with fewer reserves to draw on should a true emergency such as a war or large-scale natural disaster disrupt supplies.

Biden’s policies have been a contradictory mishmash of domestic energy restrictions which harm Americans, and foreign energy promotion benefitting international competitors. The climate is unimpressed.

If there is one bright spot in Biden’s bipolar energy policies, it is that, should 2022 be anything like 2021, it is likely Biden is a one-term president and Democrats are a one-term party in power.


Inflation Harms Americans & Small Business

Fairfax, VA – Frontiers of Freedom released the following statement from President, George Landrith, about a Report published by U.S. Senator Rand Paul on the harmful impact inflation is having on American families and small businesses. The full report — “The Hidden Tax: Inflation’s Effect on American Families and Small Businesses” — can be found HERE

Frontiers of Freedom President, George Landrith, said: 

U.S. Senator Rand Paul (R-KY) has done Americans everywhere a real service by bringing into focus how the hidden tax of inflation hits hardworking middle income and lower income Americans the hardest and how this hidden tax burdens and weakens small businesses from coast to coast. If you’re a billionaire, you can afford to absorb this hidden tax, but if you’re a lower income American or even a middle income American, this hidden tax increase hits you hard and steals your hard-earned dollars — making it harder to feed and clothe your children, and provide for their future. And if you’re running a small business, this hidden tax makes it harder to grow the business, hire new people, and pay the ones you’ve already got. Simply stated, this hidden tax can be the difference between making it, and not making it. 

Many Americans know what its like to have too much month, at the end of the money. But the hidden tax of inflation means that more and more Americans will have more and more of the month still to go when the money runs out. 

Senator Paul correctly points out that one of the primary causes of this hidden tax is the almost $5 Trillion that was spent on COVID stimulus. Those who promoted this out of control spending argued it would benefit American families and small businesses. But as usual, it was America’s families and small businesses that are suffering as a result of this so-called COVID-stimulus. The primary beneficiary was government and allies of big government who grew at unprecedented rates. But American’s incomes and small businesses took unprecedented hits.  Americans have seen the power of their paychecks shrink and small businesses have been forced to close because they cannot bear the hidden tax burden that inflation has imposed upon them. 

The bad news is that so many in Congress see nothing wrong with out of control spending that caused this economic catastrophe. And the truth is it isn’t likely to get better nearly soon enough. For example, the Producer Price Index (PPI) reveals that prices for businesses have jumped by nearly 10 percent during 2021. That is the largest one year increase in prices in the history of the Labor Department tracking such information. And if businesses are seeing those kind of price increases, they will continue to fail and we will continue to see prices rise. This will severely limit the recovery and opportunity for Americans who desperately need a break from the bad news the last two years has brought. This is a 100% self imposed problem. We did this to ourselves. Or more precisely, the big-government apologists in government did this to us.

Frontiers of Freedom and the millions of Americans who support our work and our mission statement in all fifty states express our sincere thanks to Senator Paul for speaking out about inflation. More importantly, he has correctly identified why inflation is hitting us so hard. Getting government spending under control is necessary for at least two important reasons — first, we cannot saddle future generations with mountains of debt. But secondly, we don’t need to look to future generations to see how harmful out of control spending can be — here and now, we cannot continue to impose the hidden and heavy taxes of inflation on so many struggling Americans. 


Taxing Economic Credibility

Although politicians have always had incentives to cast themselves and their policy proposals in the best possible light, they now seem to be going further than ever into the realm of hyperbole. And, increasingly, the public isn’t falling for it.

By Michael J. BoskinProject Syndicate

boskin80_BRENDAN SMIALOWSKIAFP via Getty Images_bidenbuildbackbetter
Brendan Smiawalski/AFP via Getty Images

Gone are the days when political leaders saw credibility as their most precious asset. From presidents and prime ministers on down, economic policymakers have crossed into territory beyond the familiar terrain of political hyperbole, becoming increasingly disconnected from voters’ own understanding of reality.

There are multiple explanations for this. First, today’s communication environment favors extreme statements over cold, dispassionate, fact-based analysis. In a polarized society, politicians have grown more interested in feeding their extremist base than in offering moderation or compromise.

Second, forecasts sometimes turn out badly. The claim that “inflation is transitory” was not unreasonable at first; but it became more dubious with every passing month, partly because the public has a different understanding of the term than economists do. To the average voter, transitory means “gone quickly,” a description that does not fit a problem that has not only persisted but worsened. The American baseball legend Yogi Berra famously observed that prediction is tough, especially when it is about the future. In fact, because economic data sometimes must be substantially revised, even a description of current conditions can go astray.

Third, political leaders hate to be the bearers of bad news, preferring to blame problems on their opponents or some political foil like the oil and gas industry. Every time gasoline prices spike, the left claims it is the result of a nefarious conspiracy of domestic producers. Yet to my knowledge, no such conspiracy has ever been found. Though the OPEC cartel may seek to profit from market shifts, the price at the pump is ultimately subject to the forces of supply and demand.

The failure to see this reflects widespread economic illiteracy, which is the fourth reason for the current situation. Most voters have limited capacity or time to absorb seemingly subtle points such as the differences between “high” and “rising,” “net” and “gross,” and “short run” and “long run,” let alone to understand probability. And, unlike economists, politicians usually don’t bother much with nuance.

Consider inflation. To economists, statistical agencies, central banks, and finance ministries, inflation means prices are rising. But to the general public, inflation implies that prices are uncomfortably high for one’s budget. Suppose the 6.8% year-on-year increase in the US consumer price index were to fall to zero over the next 12 months. Many people would still feel that inflation was not under control, because the previous increase in prices would not have been reversed.

Or, consider how economists and statistical agencies define a recession. Technical issues aside, it means that the economy is contracting – hence the oversimplified rule of thumb that a recession occurs when real (inflation-adjusted) GDP growth is negative for two consecutive quarters. A recession therefore ends when the economy starts to grow again. But to the layperson, a recession hasn’t really ended until good times and plentiful jobs have returned. That is why slow economic recoveries are painful for those in power.

The difference between net and gross is another frequent source of confusion. A good example is the (usually exaggerated) claim that millions of jobs would be created by rapidly phasing out fossil fuels by relying on subsidies and mandates for wind and solar power. Never mind all the fossil fuel-related jobs that would be lost. This argument emphasizes the gross while ignoring the net effect.

Another example is the budget-scoring gimmickry used to hide the true costs of legislation like US President Joe Biden’s “Build Back Better” (BBB) bill. To cram as many “progressive” policies as possible into a ten-year $1.75 trillion budget window, many benefits supposedly would end after a short period. The implication is that programs lasting one, three, or six years would be paid for with ten years’ worth of tax hikes.

In fact, nobody believes that these programs will be allowed to lapse when their expiration dates arrive. As President Ronald Reagan famously said, “Nothing lasts longer than a temporary government program.” Hence, when the Congressional Budget Office scored the budgetary cost as if the BBB programs would last the full ten years, the total soared to almost $5 trillion, $3 trillion of which would be added to the already unprecedented national debt.

Democrats are hardly alone in using budget gimmickry. When Reagan’s budget director, David Stockman, was unable to get enough spending cuts to satisfy a law requiring that the budget forecast show a balanced budget a few years out, he included a famous asterisk: “spending cuts to be decided later.”

There are also different interpretations of short- and long-run time horizons. Economists measure the short run in quarters or a year or two; but for the general public, short-run means weeks – or a couple of months at most.Sign up for our weekly newsletter, PS on Sunday

Feeling increasing pressure from rising inflation, Biden often repeats the claim by some prominent economists that his BBB bill will reduce inflation. The logic here is that greater subsidies for childcare, paid family leave, and the like will enable more parents to work. That is a debatable empirical proposition. But even if true, the argument relies on a claim about inflation in the coming years, not in the coming weeks or months. It would be absurd to claim that massive additional government spending will quickly reduce short-run inflation in an economy that is already close to full employment. Not surprisingly, recent polls show that the public isn’t falling for it.

All political leaders feel pressure to try to circumvent the laws of economics or even the laws of arithmetic – as Biden has done by claiming that his bill costs nothing. Whatever temporary advantage this tactic confers, the resulting erosion of credibility eventually comes back to haunt political leaders of all stripes. That is especially true when politicians need public support the most. As my friend George P. Shultz used to say, “Trust is the coin of the realm.”


The Ghost of Christmas Inflation

In a pandemic, you can send people all the money in the world and they still won’t go out to dinner or book a flight, especially if those services are suspended by government fiat. A pandemic is like a blizzard: If people get a lot of money when the snow is falling, they will fuel inflation once it has been cleared.

By John H. CochraneProject Syndicate

cochrane3

Inflation continues to surge. From its inflection point in February 2021 to last month, the US consumer price index has grown 6% – an 8% annualized rate.

The underlying cause is no mystery. Starting in March 2020, the US government created about $3 trillion of new bank reserves (an equivalent to cash) and sent checks to people and businesses. The Treasury then borrowed another $2 trillion or so and sent even more checks. The total stimulus comes to about 25% of GDP, and to around 30% of the original federal debt. While much of the money went to help people and businesses severely hurt by the pandemic, much of it was also sent regardless of need, intended as stimulus (or “accommodation”) to stoke demand. The goal was to induce people to spend, and that is what they are now doing.

Milton Friedman once said that if you want inflation, you can just drop money from helicopters. That is basically what the US government has done. But this US inflation is ultimately fiscal, not monetary. People do not have an excess of money relative to bonds; rather, people have extra savings and extra apparent wealth to spend. Had the government borrowed the entire $5 trillion to write the same checks, we likely would have the same inflation.

Other purported factors – including “supply shocks,” “bottlenecks,” “demand shifts,” and corporate “greed” – are not relevant to the overall price level. The ports would not be clogged if people were not trying to buy lots of goods. If people wanted more TVs and fewer restaurant meals, the price of TVs would go up and the price of restaurant meals would go down. Greed did not suddenly break out last year.

By contrast, inflation, when all prices and wages rise together, comes from the balance of overall supply and demand. The economy’s capacity to produce goods and services turns out to be lower than expected. Here, the labor shortage – the “Great Resignation” – is a key underlying fact. Employers can’t find people to work because many people remain on the sidelines, not even looking for jobs.

The US Federal Reserve was completely surprised by the surge of inflation, and through most of the year insisted it would be “transitory,” and go away on its own. That turned out to be a major institutional failure. Is it not the Fed’s main job to understand the economy’s supply capacity and fill – but not overfill – the cup of demand?

One might expect that among the thousands of economists the Fed employs, there is a group working on figuring out ports’ capacity, the effects of microchip shortages, how many people have retired or are not returning to work, and so forth. One would be disappointed. Central banks have sketchy ideas of supply, mostly centered on statistical trends in labor markets.

Why did this fiscal stimulus produce inflation when previous stimulus efforts from 2008 to 2020 fizzled? There are several obvious possibilities. First, this stimulus was much bigger. Former US Secretary of the Treasury Lawrence H. Summers correctly prophesied inflation in May 2021 by simply looking at the immense size of the spending packages, relative to any reasonable estimate of the GDP shortfall.

Second, officials misunderstood the COVID recession. GDP and employment did not fall because there was a lack of “demand.” In a pandemic, you can send people all the money in the world and they still won’t go out to dinner or book a flight, especially if those services are suspended by government fiat. To the economy, a pandemic is like a blizzard. If you send people a lot of money when the snow is falling, you do not get activity in the snowdrifts, but you will get inflation once the snow has cleared.

Third, unlike in previous crises, the government created money and sent checks directly to businesses and households, rather than borrowing, spending, and waiting for the effect to spread to incomes.

Will inflation continue? Fundamentally, inflation breaks out when people do not think the government will repay all its debts by eventually running fiscal surpluses. People then try to get rid of the debt and buy things instead, which drives up prices and lowers the real value of debt to what people believe the government will repay. Given that prices have risen 6%, people evidently believe that of the 30% debt expansion, the government will not repay at least 6%. If people believe that less of the debt expansion will be repaid, then the price level will continue to rise, as much as 30%. But inflation will eventually stop: A one-time fiscal helicopter drop leads to a one-time rise in the price level.2

So, whether inflation will continue depends on future fiscal and monetary policy. Fiscal policy is the big question: Now that we have crossed the Rubicon of people believing that a fiscal expansion will not be fully repaid, will people think the same about additional persistent deficits? The danger here is obvious.1

If fiscal inflation does erupt, containing it will be difficult. If monetary policymakers try to curtail inflation by raising interest rates, they will run into fiscal headwinds as well as a political buzz saw. First, with the debt-to-GDP ratio above 100%, if the Fed raises interest rates five percentage points, interest costs on the debt will rise by $1 trillion – 5% of GDP. Those interest costs must be paid, or inflation will just get worse. Similarly, if the European Central Bank raises interest rates, it increases Italy’s debt costs, threatening a new crisis and imperiling the ECB’s vast portfolio of sovereign bonds.Sign up for our weekly newsletter, PS on Sunday

Second, once inflation works its way to higher bond yields, stemming inflation requires higher fiscal surpluses to repay bondholders in more valuable dollars. Otherwise, inflation does not fall.

Monetary policy alone cannot contain a bout of fiscal inflation. Nor can temporary “austerity,” especially sharply higher marginal tax rates that undercut long-run growth and therefore long-run tax revenues. The only lasting solution is to get the governments’ fiscal house in order.

Finally, supply-oriented policy is needed to meet demand without driving up prices, to reduce the need for social spending, and, indirectly, to boost tax revenues without a larger tax base. Given supply constraints from regulations, labor laws, and disincentives created by social programs, potential solutions here should be obvious.


Biden’s Troubled Relationship With the Truth – and Consequences

By Andy PuzderReal Clear Politics

(AP Photo/Carolyn Kaster)

President Biden’s approval rating has plummeted, and Democrats wonder why. The United States is facing hardships, but hardships alone don’t make a president unpopular. Leaders who are honest about the problems we face and forthright about the solutions they offer tend to do well (think, say, of Franklin Roosevelt and Ronald Reagan). Unfortunately, that is not the leadership Americans are getting from this president.

Instead, the Biden administration has tried to convince the public of things that are not just untrue but implausible. To note a few, Biden did not (and does not) have a “national strategy” to defeat COVID; our southern border is not “secure;” the Afghan withdrawal was not an “extraordinary success”; the current bout of inflation is neither “temporary” nor “a good thing”; and government spending never takes “the pressure off of inflation.”

Of course, politicians often overstate things and sometimes outright lie. Nothing new there. It’s the in-your-face nature of the administration’s falsehoods that is stunning.

For a recent example, take Biden’s efforts to promote his Build Back Better bill. The administration often claims that the legislation really “costs zero dollars” because it is “paid for.” Most Americans realize that paying for something doesn’t make it free. Otherwise, literally everything would be free. Seriously, people get this.

In fairness, Biden was attempting to state that BBB wouldn’t add to the deficit because taxing the rich would pay for it. But even that claim didn’t pass the smell test. Just about everybody outside of Washington, D.C., knows that government programs are never actually “paid for.” We are already borrowing from our great-grandkids just to cover our current profligate spending.

So, the Democrats resorted to various accounting tricks and budgetary chicanery to make it appear as though taxing “the rich” would pay the BBB bills. Few were fooled. Analyzing the bill using realistic assumptions, the Congressional Budget Office found that it would result in around $3 trillion in new deficit spending.

In yet another implausible claim, Biden said that BBB’s massive government spending would take “the pressure off of inflation.” No less an authority than former Clinton and Obama economist Larry Summers warned in February that profligate government spending would “set off inflationary pressures of a kind we have not seen in a generation.” The Democrats ignored him and passed a $1.9 trillion COVID relief boondoggle. In hindsight, Summers was prescient. In November, he recommended that the administration “not compound errors” it had already made “with far too much fiscal stimulus and overly easy monetary policy” and reject Build Back Better.

To counter these concerns, Biden claimed that BBB’s massive government spending would bring down inflation because government would pick up the tab for certain household expenses, such as child care. Of course, this ignores the impact that the bill would have on the supply of – and demand for – child care.

Child care providers are already in short supply. According to Sen. Richard Burr, ranking member of the Senate Health, Education, Labor and Pensions Committee, the bill would shrink the supply further “by killing off faith-based providers, small family child care homes, [and] kinship care,” while increasing the demand for child care with massive government subsidies. Not surprisingly, a study by the Progressive Peoples Policy Project, a think tank as left-leaning as its name implies, found that the bill would actually increase the cost of child care for middle-class families by about $13,000 per child annually.

The supply-and-demand dynamic and its impact on inflation seem to be mysteries to the administration – but not to most Americans. According to the Penn Wharton Budget Model, the average American family will incur an additional $3,500 in expenses this year solely because of already-surging inflation. It’s the kind of thing people notice.

Of course, the administration made this implausible claim only because the bill needed West Virginia Sen. Joe Manchin’s support to pass. Manchin, however, made it clear that, with inflation already at a 40-year high, he wouldn’t support legislation that added to the deficit or further swelled prices.

Like most Americans (including Larry Summers), Manchin refused to be fooled. He announced that he won’t support the bill – effectively killing it in its present shape. Rarely deterred by reality, Senate Majority Leader Chuck Schumer then announced that the Senate would move forward with a vote on the bill nonetheless.

Progressives have long lived in a bubble that cuts them off from the concerns of the “deplorables” in “fly-over America.” During the pandemic, the left hermetically sealed that bubble, shielding its leaders from the discontent that runs across political, geographic, racial, and ethnic lines. Otherwise, they would have foreseen the declining popularity of a president who repeatedly makes patently implausible claims and attempts to advance policies at odds with basic common sense.

The lesson here is not a new one. As someone said long ago: “You can fool some of the people all of the time, and all of the people some of the time, but you cannot fool all of the people all of the time.”


Assessing Joe Biden

By Peter RoffNewsweek

Joe Biden is one of the more complex men to ever be president. Is he, as his carefully crafted public persona suggests, a regular guy who rose from humble beginnings to the highest office in the land? Or is he a consummate insider, driven by a thirst for power and recognition?

It may not matter. Voters put him in office to do several very specific things—things which he is now failing to accomplish. If the current polling is any indication, the Biden presidency is dashing the hopes of his fellow Democrats who thought they were on the cusp of a period of transformational change.

Voters trusted Biden to provide stability, predictability and, above all else, competence. He offered the voters a choice between his years of experience in making the machinery of the nation’s capital work and his opponent’s inability to address effectively the most pressing issue of the day.

Now, more than a year later, with more people dead from COVID-19 in 2021 than in 2020, the voters are having second thoughts. Biden promised a comprehensive response to the pandemic, but has thus far failed to deliver. It may be beyond his or anyone’s reach, but he allowed the electorate to believe, aided by those who covered his campaign, that he could do it.

He’s also created a sense of “buyer’s remorse” among independents and others who believed his approach to governing would be moderate. Remember that, when pressed, Biden promised he would temper the radicalism of Bernie Sanders, AOC, “The Squad” and the activist groups that rallied to his side once it was clear he would win the nomination. “I am the Democratic Party,” he said at one point.

The American people are disappointed he has gone so far. Biden’s latest presidential approval rating hovers around 43 percent—not exactly a Nixonian number, but a far cry from the 60 percent or more who gave him high marks at the start of his term. The radicals who threw in with him, though, are likely equally disappointed because he has not gone far enough. They won’t say it, but they cannot understand why he has not put his political capital at risk and tried to rally the nation to his side in the important fights for Build Back Better, the abolition of the filibuster and the fulfillment of the Democratic agenda as set forth by the party’s left-wing leadership.

U.S. President Joe Biden speaks before signing
U.S. President Joe Biden speaks before signing H.R. 3537, the Accelerating Access to Critical Therapies for ALS Act in the South Court Auditorium of the White House complex December 23, 2021 in Washington, DC. The ACT for ALS Act will authorize $100 million annually through 2026 for research and investigational therapies for rare neurodegenerative and terminal diseases like amyotrophic lateral sclerosis (ALS).DREW ANGERER/GETTY IMAGES

It may have been a fellow Democrat who delivered the knockout punch to Build Back Better, but there were others besides Sen. Joe Manchin (D-WV) who didn’t like it all that much. Sen. Krysten Sinema (D-AZ) also threatened to withhold her vote unless specific changes were made to the legislation—changes the progressives in the House would have opposed.

Other Democrats in Congress had problems with the bill as written, but all that is inside-the-Beltway baseball. What Biden and company missed, as Build Back Better was going down, was bigger than the opposition of congressional Democrats: They never explained to the American people why the bill would make their day-to-day lives better.

Pollster David Winston has been following the progress of Build Back Better “in its various forms” for most of the year. He’s identified four key reasons why it stalled and then died. The most important reason was that voters outside the Democratic base “never believed” what Biden and others said about the bill—that it would “cost zero,” that it “would reduce costs for everyday essentials” and that it would “help relieve supply chain problems.”

Second, the tax hikes and spending increases, never popular with most Americans, made Build Back Better look like just another “government spending bill with too many unrelated spending priorities” that would not make things better.

Third, Winston says, voter concerns about inflation were “real, and were validated by official sources,” and that when the White House “tried to blame other factors for inflation and price increases,” it lost control of the issue.

Finally—and this is where the president’s missing-in-action approach to the bully pulpit was most damaging to his ambitions—Biden was never able to make the passage of Build Back Better a priority for the American people like Reagan and Trump did with tax cuts, and Obama did with health care reform. It was “too far left,” Winston observed, “for a center-right country.”

America does not want to be transformed, at least not yet. Build Back Better failed because it was ill-conceived, not because one senator opposed it. Joe Manchin may have twisted the knife, but Joe Biden put it in his hand.


Joe Biden’s ’12 Days of Crises’

By Spencer BrownTownhall

Joe Biden's '12 Days of Crises'
Source: AP Photo/Patrick Semansky

While President Joe Biden and his administration tout what they say are successes as the end of the president’s first year in office looms, the spin from Psaki and others just doesn’t match the reality being experienced by Americans from coast to coast. 

To highlight the breadth of the issues caused by Biden policies, the RNC released a video series on Biden’s “12 Days of Crises” to coincide with Christmas and highlight the pain being felt by Americans.

“Crisis, lies, and failure are the hallmarks of Biden’s presidency,” noted RNC Chairwoman Ronna McDaniel. “In less than a year under Biden’s watch, there has been a catastrophic withdrawal from Afghanistan, historic price increases, and a crisis at the border.” And that is where Biden’s 12 Days of Crises — as outlined by the RNC — begin, all of which have been covered by Townhall this year.

On the first day of crises Joe Biden gave us a border crisis.

Our own Julio Rosas has reported extensively from the U.S.-Mexico border in Del Rio, Texas and Yuma, Arizona — and several locations in between — showing the Biden administration’s lack of action to stem a record-setting number of illegal border crossings, apprehensions, and “gotaways” in addition to increasing human and drug smuggling operations. When Julio confronted Biden’s DHS secretary about the situation, Alejandro Mayorkas still wouldn’t call the status of America’s southern border a “crisis.” Biden continues to claim that the border is closed, but Julio’s reporting proves it’s just one of Biden’s many unmitigated crises. 

On the second day of crises Joe Biden gave us a disastrous Afghanistan withdrawal.

As our loyal readers know, Townhall led the charge warning that what Biden said was going on in Afghanistan was little more than wishful thinking. While the White House claimed there was no diplomatic evacuation taking place in Kabul, Townhall reported that embassy staff were shredding documents and destroying computers. When Biden claimed that the Afghan government’s potential fall to the Taliban was anything but certain, Townhall told the truth Biden surely knew but wouldn’t say. We also warned that Biden’s withdrawal was setting up the largest hostage crisis in U.S. history, and when Biden and his administration lied about how many Americans were left behind, we kept telling the stories of those Biden stranded. Following the Kabul drone strike Biden’s defense officials called a “righteous strike,” Townhall warned that it may have been a botched attack. And it was.

On the third day of crises, Joe Biden gave skyrocketing gas prices to every American. 

The pain felt by Americans at the pump is something Biden has also ignored, and his supposed fix of tapping into America’s Strategic Petroleum Reserve intended to be used in emergencies like natural disasters or disruptions caused by foreign wars did almost nothing to help the American people. Making things worse, Biden has spent his first year in office turning the United States from an energy independent country to one dependent on foreign supplies. One of his first acts after being sworn in was to kill the Keystone Pipeline, just part of his work to make fossil fuels so expensive that suddenly less-reliable “green” energy seems appealing. 

On the fourth day of crises, Joe Biden gave us an unconstitutional vaccine mandate. 

After saying that he wouldn’t issue a federal vaccine mandate, Biden — somewhat predictably — went back on his word and levied a requirement on federal employees, federal contractors, and tens of millions of Americans who work for private companies. His mandate was announced as an attempt to distract from his disastrous withdrawal from Afghanistan, and it was so haphazardly put together that it quickly encountered legal challenges from states’ attorneys general and companies who wanted to fight for their employees’ healthcare freedom. And, after many companies implemented Biden’s mandate, a growing number have also reversed the mandate, including Biden’s beloved Amtrak. 

On the fifth day of crises, Joe Biden gave Americans a reckless tax and spending spree. 

No matter how many times Biden, Psaki, Schumer, and Pelosi claimed that the cost of Biden’s Build Back Better budget was “zero dollars,” it’s just not true. As Townhall covered, the Congressional Budget Office — which Biden used to praise until it no longer served his purpose — confirmed what we’d reported for months: Build Back Better is really a plan to make America’s economy even worse.

On the sixth day of crises, Joe Biden put parents and students last. 

One needs to look no further than Biden’s relationship with teacher unions to see he doesn’t value students or their families. School closures and remote learning? No problem for President Biden. Mask mandates for young children? It’s necessary. Terry McAuliffe thinks parents shouldn’t have a role in their kids’ education? Full endorsement from Biden. And don’t forget Biden’s Department of Justice took the National School Boards Association’s lead and directed the FBI to go after parents who are speaking up and demanding accountability from their school boards. 

On the seventh day of crises, Joe Biden gave himself another vacation in Delaware. 

It wasn’t a secret when he took office that Joe Biden loves Delaware. Almost more than he loves ice cream cones and Amtrak. What Americans may not have counted on was just how much time he would spend there, even amid some of his other crises. Perhaps most notably, his botched withdrawal from Afghanistan, during which Biden would return to the White House from the beach in Delaware to give a speech and then immediately get back on Marine One to go back to Delaware. 

On the eighth day of crises, Joe Biden gave all Americans rising prices.

It seems as though every month brings a new record-high for inflation numbers under President Biden. At first, he said it was transitory, then members of his own administration killed that theory, but Biden still isn’t taking any action to alleviate the pressure. Prices on basically everything, from gas to grocery and utility bills, continue to rise. And while Biden keeps trying to tout wage growth as proof that his economic policy is helping Americans, he conveniently neglects to mention that inflation has wiped out any gains in wages. In fact in months such as October, the impact of Biden’s agenda meant that Americans actually saw real wages decrease by 0.5 percent. 

On the ninth day of crises, Joe Biden created a nationwide supply chain crisis. 

Here’s to hoping all your Christmas and holiday shopping happened without incident, but if you’re waiting for some goods on a ship from Asia, your gift might still be floating in the boat parking lot off the Ports of Long Beach and Los Angeles, or sitting in a container awaiting transport. Shortages caused rations on certain Thanksgiving meal items at grocery chains and, according to Biden’s statement earlier in the holiday season, Santa was the only one who could guarantee the tree is surrounded by gifts on Christmas morning. 

On the tenth day of crises, Joe Biden put China first. 

China, one of Biden’s first forays into foreign policy as president, went poorly from the start. Despite signing the Uyghur Forced Labor Prevention Act into law on Thursday, the Biden administration was hesitant to support the legislation and reports suggested that the White House was urging a delay on the bill. And don’t forget how often Biden and his administration have dismissed concerns about China’s rule in the outbreak of the Wuhan coronavirus. 

On the eleventh day of crises, Joe Biden did nothing to address crime surges across the country.

In case there wasn’t already enough data to prove that America is getting less safe under President Biden, this week’s armed carjackings of an Illinois state Senator and member of the U.S. House Representatives should send a message to Biden and other Democrats that their defund-the-police agenda is endangering lives across the country. Homicides, carjackings, brazen smash-and-grab robberies, and other crime continue to hit records not seen in decades, but yet again Biden won’t take action  

On the twelfth day of crises, Joe Biden’s approval rating plummeted lower and lower after each crisis.

So yes, there’s a lot of bad caused by the Biden administration, but within that is a silver line emerging for Republicans ahead of the midterms: Biden’s tanking favorability means the GOP’s fortunes are rising when voters across the country have — many for the first time since 2020 — a chance to register their opinion of Joe Biden at the ballot box. Things have gotten so bad that the White House is now frantically announcing new Biden pets in an attempt to change the narrative. 

Looking to the year ahead, RNC Chairwoman McDaniel pledged to “continue to hold Biden and Democrats accountable for their failed policies and refusal to take responsibility” and predicted that “voters will soundly reject Biden and his failures, and we look forward to taking back the House and Senate in 2022.” 


Bidenflation Stealing Christmas Like the Grinch

By Peter RoffAmerican Action News

Gage Skidmore from Surprise, AZ, United States of America via Wikimedia Commons

Record inflation caused by the Biden Administration’s mismanagement of the U.S. economy will leave many low-income parents feeling like they’ve been visited by The Grinch come Christmas. Recent polling by the Associated Press found that six out of every ten Americans believe gift prices are higher than usual this year.

The same survey found nearly half of all families with an annual income of less than $50,000 felt pushed to cut back on holiday shopping by as much as 20 percent, according to an estimate furnished by America’s Research Group.

The survey results are an anecdotal affirmation of a study recently released by Penn-Wharton that found the inflation that has returned with such vigor during the Biden presidency after being marginal over the last several decades has reduced the average American family’s purchasing power by as much as $3,500.

The politicians who are struggling to find a way to resolve the mounting inflation crisis have become the object of ridicule in recent days due to their incompetence. Consider this observation from noted economist Richard Rahn, head of the Institute for Global Economic Growth:

The folks in government want you to know that even though many prices such as oil are up 45 percent and food up 22 percent over the last year, there are other very important products such as toys, whose prices have been falling, down 27 percent over the past year. So, if you buy more toys and less gasoline and food, your real income in terms of purchasing power will remain the same.

Inflation is the canary in the coal mine. It’s a leading indicator that rough seas are ahead for the economy. The International Monetary Fund reports that, among the top 35 developed nations, the United States now has the highest level of inflation. The National Federation of Independent Business recently announced a “historically high number” of small businesses are saying the general economic situation is forcing them to raise prices.

President Biden has been criticized repeatedly for failing to take the issue of inflation seriously. His proposals to continue the orgy of spending and borrowing that began under his predecessor during the COVID pandemic have made matters worse. For example, his so-called stimulus package contributed, according to the San Francisco Federal Reserve, to the rise in inflation while making the labor shortage worse.

Federal Reserve officials have been warning quietly since October of the growing risks inflation poses to the post-lockdown recovery. Numerous studies have shown the states that re-opened quickly – or never shut down at all – doing much better economically and are recreating more jobs than those that locked down and remained that way for much of the year.

Unfortunately for the president, the future is not rosy and bright. According to a recent release from the Gallup organization, the outlook of investors “has worsened” in recent months and they are far less bullish on the prospects for economic growth than they were in the first half of 2021.

“The overall effect is a decline in the Gallup Investor Optimism Index,” the firm reported, “from +39 in the prior survey (conducted in the second quarter) to +10 in the fourth,” putting it close to its lowest point since the pandemic began.

Rahn, among other economists, remains pessimistic. In a recent column, he went on at length regarding the failure of Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen to realize inflation was not “transitory,” especially with consumer prices are now rising at an almost 7 percent annual rate and producer prices at a 10 percent.

“They would not have been surprised if they had been reading this column over the past year, looking over the WSJ editorial page or watching Larry Kudlow, Steve Moore and Art Laffer on Fox,” he wrote. “The Fed has several hundred economists working for it (many from the “best schools”), yet its forecast record over the last couple of decades is far worse than most of its private sector peers.”

Too much money leads to inflation. The Biden Administration wants to print and borrow as much as it can as part of its now moribund Build Back Better program. If it continues its current path, there will be little or nothing to build back, better or otherwise.


As His Presidency Founders, Biden Scapegoats The Unvaccinated

Amid rising inflation, an ongoing border crisis, and a stalled legislative agenda, Biden is looking for someone to blame.

By John Daniel DavidsonThe Federalist

GAGE SKIDMORE

few days after the 2020 presidential election, President-elect Joe Biden pledged to be “a president who seeks not to divide but to unify,” a theme he’d campaigned on. “Let this grim era of demonization in America begin to end here and now,” he said in his victory speech. “It’s time to put away the harsh rhetoric, lower the temperature, see each other again, listen to each other again.”

So much for all that. As Biden’s first year in office comes to a close, he has proven to be one of the most divisive presidents in generations, surpassing even Donald Trump in his vindictiveness and willingness to demonize Americans who disagree with him — even if it means lying about COVID-19.

Consider the events of the past few days. Following a White House briefing last Thursday on the spread of the omicron variant, Biden said, “We are looking at a winter of severe illness and death for the unvaccinated — for themselves, their families, and the hospitals they’ll soon overwhelm.”

The next day, White House COVID response coordinator Jeff Zients repeated this line, saying, “We are intent on not letting omicron disrupt work and school for the vaccinated. You’ve done the right thing, and we will get through this,” he said. “For the unvaccinated, you’re looking at a winter of severe illness and death for yourselves, your families, and the hospitals you may soon overwhelm.”

So that’s the official administration line: opened schools and businesses for the vaccinated and “severe illness and death” for the unvaccinated, who will overwhelm hospitals with the omicron variant and, by implication, bear responsibility for the pandemic from here on out.

It’s one of the most bizarre and appalling statements from a presidential administration in American history, breathtaking in its dishonest scapegoating and shocking in its callous disregard for the millions of Americans who have decided, for reasons of their own, not to get the Covid shots.

Bullying these people will not persuade them, and neither will lying about the omicron variant. There’s no evidence right now that omicron is going to bring “severe illness and death,” or that it’s even going to cause a surge in hospitalizations. The evidence so far suggests just the opposite.

In South Africa, where omicron first emerged last month, hospitalization rates have fallen by 91 percent amid the current wave. Just 1.7 percent of all Covid patients were admitted to a hospital in the second week of the omicron surge, compared to 19 percent in the same week of the delta surge, according to South African health officials.

What’s more, the omicron variant appears to be milder than earlier strains of Covid-19. “We are really seeing very small increases in the number of deaths,” said Michelle Groome, head of health surveillance for South Africa’s National Institute for Communicable Diseases. Others have also noted a decoupling of new Covid cases and deaths in South Africa, whereas in past surges they have been closely aligned.

More evidence of this decoupling comes from the United Kingdom, where Covid deaths haven’t surged along with a rising case count from omicron. Indeed, there is no data anywhere to suggest that the omicron variant is anywhere near as deadly as previous strains of the virus, or that it causes more severe illness. The data so far show just the opposite.

Indeed, if omicron is a more contagious but also a milder strain (as we would expect with a mutating virus in a pandemic), then it makes sense that cases would surge but severe illness and death would not.

Here in the United States, that appears to be what we’re seeing so far: a surge of new cases but a slight decrease in hospitalizations. So instead of freaking out about omicron, prognosticating death and doom for the unvaccinated, maybe it’s time to do what some states, like Florida and Texas, have been doing all along: work to protect the most vulnerable and prevent deaths, ensure hospitals don’t get overwhelmed, and keep schools and businesses open.

In other words, manage the pandemic, which at this point is looking increasingly endemic. (Even The Atlantic has at last come around to this way of thinking — except for science writer Ed Yong, who bizarrely canceled his own birthday party over omicron. Sad!) 

Scapegoating The Unvaccinated 

So much for Biden’s dishonesty about what a winter surge of the omicron variant will bring to the United States. What about his callousness and contempt for unvaccinated Americas?

It’s hard to imagine a message more calculated to divide the country than what Biden’s White House has put out, essentially diving Americans into an ingroup of vaccinated and an outgroup of unvaccinated, then blaming the entire pandemic on the outgroup — including whatever happens this winter. 

The only possible explanation for such messaging is that Biden feels his presidency is in chaos and his legislative agenda has stalled out. If that’s the case, he’s not wrong. Over the weekend, Sen. Joe Manchin, D-West Virginia, announced he won’t support Biden’s Build Back Better legislation, a massive entitlement expansion that would cost some $5 trillion over the next decade. It was the signature piece of Biden’s agenda, and now it’s dead.

On the border, illegal immigration is still surging at historic levels, with the promise of another surge and an ever-deepening crisis this coming spring. Biden has done his best to ignore the crisis, even as a growing number of Americans say they disapprove of his handling of the border.

The economy is struggling, inflation remains high, and Biden’s popularity is sinking to dangerous lows just a year into his presidency. So his last resort, it seems, is to scapegoat the unvaccinated.

Never mind that many of the unvaccinated have already gotten and recovered from Covid, and have foregone the shot because they have natural immunity (a reality that never seems to factor into the Biden administration’s pandemic policies or messaging). Never mind that some people, having seen over the course of nearly two years that Covid is not as dangerous as the media and political elites have made it out to be and that Covid treatment has vastly improved, have assessed their risk and decided not to get the shots.

Never mind any of that. For Biden, blaming the unvaccinated is a way to deflect from the manifest failures of his administration on almost every other important issue.

These are not the actions of a great “unifier,” or even a marginally competent leader. After his inauguration, Biden embraced comparisons to Democratic presidents like Franklin D. Roosevelt and Lyndon B. Johnson, who enacted titanic government welfare programs amid great changes in American society.

But more apt comparisons, at this point, would be to inept 19th-century presidents like Franklin Pierce and James Buchanan, one-termers whose blundering tenures were marked by chaos, division, and dangerous incompetence.


What The Democrats Don’t Get

By Peter RoffNewsweek

Day by day, President Joe Biden grows more unpopular. His approval rating coming into office was north of 50 percent. According to a USA Today/Suffolk poll released earlier this month, it’s now at 38 percent. Yet congressional Democrats are willing to throw their seats away in the next election by sticking with his program.

In a rational world, the collapse in Biden’s approval rating—and of Vice President Kamala Harris, who’s at 28 percent, according to the USA Today/Suffolk poll—would send a signal to Capitol Hill that its current occupants need a course correction. It hasn’t because today’s Democrats don’t understand politics any more than they understand economics.

Biden’s decision Tuesday to release 50 million barrels from the U.S. Strategic Petroleum Reserve is a perfect illustration. This administration has made several decisions throughout its tenure that make it harder to take advantage of the nation’s indigenous energy resources. America was a net exporter of oil when Biden entered the White House. Now it’s dependent once again on imports.

That’s driving up the price at the pump. A rational person would read that fact as a signal that we need a dependable increase in supply. “Drill baby drill,” if you will. Instead, the president is injecting a dose of crude into the marketplace in an amount so small it will not make a difference in the price. And, even if it does manage to bring the price down by a penny or two, it will probably last for less than a week.

What the Democrats don’t get is that their ideas just don’t work. Socialist regimes cling to power by tyrannical, totalitarian means—but as a way to organize an economy, socialism has failed in every place it’s been tried.

Somehow the leaders of the modern Democratic Party can’t seem to figure this out. They’d be happy to extend indefinitely the unemployment payments they increased during the lockdowns the government imposed in the hopes of slowing the spread of COVID.

Nancy Pelosi and Chuck Schumer
WASHINGTON, DC – NOVEMBER 17: (L-R) Speaker of the House Nancy Pelosi (D-CA) and Senate Majority Leader Chuck Schumer (D-NY) leave a news conference with House Democrats about the Build Back Better legislation, outside of the U.S. Capitol on November 17, 2021 in Washington, DC. The lawmakers spoke about the $555 billion in the bill aimed at climate issues and clean energy investments.DREW ANGERER/GETTY IMAGES

There would not be enough space in this column to list every example of the Democrats’ distorted thinking. But the American people are waking up to the reality of the Biden presidency. If the Democrats want to survive as a political party that can win national elections, they’d be well-advised to make a change now.

If they don’t, they run the risk of descending into irrelevancy outside of a few states and major cities. Even there, though, the failure of their agenda is gaining notice. People are moving away from Chicago and New York and Los Angeles because—except for the Riordan years in L.A. and the Giuliani-Bloomberg decade in New York—Democrats are still trying public policy prescriptions that didn’t work in the 1960s, ’70s, ’80s and ’90s are still being tried. Now that Democrats are trying those ideas on a bigger scale, they still don’t work. And they’ve added brilliant new wrinkles into the mix—like defunding the police abolishing the pre-trial detention of criminal suspects.

You wouldn’t accept from your doctor the kind of results Chicago schools routinely offer parents regarding the education of their kids. You couldn’t. You’d be dead. Meanwhile, the city’s Democratic leaders continue to resist any alternative that could generate improvement, like expanded school choice.

The nation is split, badly, in many ways. These divides don’t just separate people according to race or income levels but by faith, by location and even by the way they understand the meaning of the American experiment. To many, including the big-government socialists who run the party today, it’s not worth saving. They believe it was compromised from the beginning and should be tossed out on the ash heap of history.

Fortunately, many others—including likely a majority of America’s 330 million people—believe the country’s best days are still ahead. While hardly perfect, if we work together, we can make things better for everyone.

That’s a message that starting to resonate with the electorate. Real reform is coming where it’s needed from the Republicans who, while hardly perfect, are nonetheless making considerable strides. Note the number of elected officials now on the scene who are something other than elite, middle-aged, upper- or upper-middle-class white Protestant men.

The incoming Virginia lieutenant governor is a black woman. The new attorney general who will serve alongside her is the son of Cuban refugees. The most powerful Democrat in New Jersey—Senate President Steve Sweeney—lost his seat to a truck driver who spent just $2,300 on his campaign. The winds of change are beginning to blow. The challenge for the GOP now is to develop a meaningful plan to create that change around which it can build back better a consensus supporting its efforts to lead the nation out of its doldrums and on to better things.


Monetary and Inflationary Traps

Having adopted a more flexible policy framework in response to the low-inflation conditions that preceded the COVID-19 crisis, the US Federal Reserve now finds itself confronting an entirely different economic regime. The balance of forces is thus weighing heavily against decisive action to control today’s price increases.

By Raghuram G. RajanProject Syndicate

rajan73_JIM WATSONAFP via Getty Images_jerome powell
Jim Watson AFP via Getty Images

Price increases in the United States are spreading across goods and services, and inflation also can be seen in broad-based business inputs such as transportation, energy, and increasingly labor. How should we expect central bankers to react?

For its part, the US Federal Reserve has emphasized that it will contemplate raising interest rates only after it is done tapering its monthly asset purchases, which will be sometime in July 2022 at the current pace of unwinding. Nonetheless, some members of the Fed’s rate-setting Federal Open Market Committee worry that the central bank will have fallen behind the curve by that time, forcing it to raise rates more abruptly, to higher levels, and for longer than anticipated. Hence, Fed Vice Chair Richard Clarida recently indicated that the Fed might consider speeding up the taper (so that it can raise rates sooner) when its members meet again in December.

Notwithstanding the growing (but often unspoken) worries at the Fed, central bankers nowadays are reticent to see inflation as a problem. In the past, the current levels of inflation would have prompted them to square their shoulders, look determinedly into the TV cameras, and say, “We hate inflation, and we will kill it” – or words to that effect. But now they are more likely to make excuses for inflation, assuring the public that it will simply go away.

Clearly, the prolonged period of low inflation after the 2008 global financial crisis – when the Fed had great difficulty elevating the inflation rate to its 2% target – has had a lasting impression on central bankers’ psyches. The obvious danger now is that they could be fighting the last war. Moreover, even if they do not fall into that trap, structural changes within central banks and in the broader policymaking environment will leave central bankers more reluctant to raise interest rates than they were in the past.

To adapt to the pre-pandemic low-inflation environment, the Fed changed its inflation framework so that it would target average inflation over a (still-undefined) period. This meant that it could allow higher inflation for a while without being criticized for falling behind the curve – a potentially useful change at a time when elevating the public’s inflation expectations was thought to be the key problem. Gone was the old central-bank adage that if you are eyeball to eyeball with inflation, it is already too late. Instead, the Fed would stare at inflation for a while and act only when it was sure that inflation was here to stay.

Moreover, the new framework places a much greater emphasis on ensuring that employment gains are broad-based and inclusive. Because historically disadvantaged minorities in the US are often the last to be hired, this change implied that the Fed would potentially tolerate a tighter labor market than in the past, and that it would have more flexibility to run the economy hot, which is useful in an environment of weak demand. Yet now the Fed is facing an environment of strong demand coupled with supply-chain disruptions that look unlikely to abate quickly. Ironically, the Fed may have changed its policy framework just as the economic regime itself was changing.

But shouldn’t greater flexibility give decision-makers more options? Not necessarily. In the current scenario, Congress has just spent trillions of dollars generating the best economic recovery that money can buy. Imagine the congressional wrath that would follow if the Fed now tanked the economy by hiking interest rates without using the full flexibility of its new framework. Put differently, one of the benefits of a clear inflation-targeting framework is that the central bank has political cover to react quickly to rising inflation. With the changed framework, that is no longer true. As a result, there will almost surely be more inflation for longer; indeed, the new framework was adopted – during what now seems like a very different era – with precisely that outcome in mind.

But it is not just the new framework that limits the effectiveness of the Fed’s actions. Anticipating loose monetary-policy and financial conditions for the indefinite future, asset markets have been on a tear, supported by heavy borrowing. Market participants, rightly or wrongly, believe that the Fed has their back and will retreat from a path of rate increases if asset prices fall.

This means that when the Fed does decide to move, it may have to raise rates higher in order to normalize financial conditions, implying a higher risk of an adverse market reaction when market participants finally realize that the Fed means business. Once again, the downside risks of a path of rate hikes, both to the economy and to the Fed’s reputation, are considerable.

The original intent in making central banks independent of the government was to ensure that they could reliably combat inflation and not be pressured into either financing the government’s fiscal deficit directly or keeping government borrowing costs low by slowing the pace of rate hikes. Yet the Fed now holds $5.6 trillion of government debt, financed by an equal amount of overnight borrowing from commercial banks.

When rates move up, the Fed itself will have to start paying higher rates, reducing the dividend it pays the government and increasing the size of the fiscal deficit. Moreover, US debt is at around 125% of GDP, and a significant portion of it has a short-term maturity, which means that increases in interest rates will quickly start showing up in higher refinancing costs. An issue that the Fed did not have to pay much attention to in the past – the effects of rate hikes on the costs of financing government debt – will now be front and center.

Of course, all developed-country central banks, not just the Fed, face similar forces that push toward restraint on rate hikes. So, the first large central bank that moves may also cause its currency’s exchange rate to appreciate significantly, slowing economic growth. This is yet another reason to wait. Why not let someone else move first, and see if they invite market and political wrath?

If the post-2008 scenario repeats, or if China and other emerging markets transmit disinflationary impulses across the global economy, waiting will have been the right decision. Otherwise, the current impediments to central-bank action will mean more and sustained inflation, and a more prolonged fight to control it. Fed Chair Jerome Powell will have a lot to weigh as he begins his second term.


The Drossy Touch of Joe Biden

A cognitively challenged Biden is pulled in every direction, by left-wing politicos collecting their debts, by his own spite, by his trademark narcissism, and by his hatred of all things Trump.

By Victor Davis HansonAmerican Greatness

Almost everything Joe Biden has touched since entering office has turned to dross. None of his blame-gaming, none of his distortions, none of his fantasies and unreality can mask that truth.

The Afghan Catastrophe

Seven months ago, Afghanistan was relatively quiet—with about 10,000 vestigial NATO troops, including 2,500 Americans, anchored by the Bagram Airfield. They were able to provide air superiority for the coalition and Afghan national army. With air power, NATO forces, if and when they so wished, could have very slowly and gradually withdrawn all its remnant troops—but only after a prior departure of all American and European civilians, coalition contractors, and allied Afghans. 

The transient calm abruptly imploded as soon as Joe Biden recklessly yanked all U.S. troops out in a matter of days. Many left in the dead of night, leaving no one to protect contractors, dependents, diplomats, and Afghan allies. In Biden’s world, civilians protect the last Western enclave while soldiers flee.

Three weeks ago, Joe Biden and a woke and politicized Pentagon were assuring us that Afghanistan was “stable.” Now the country is reverting to its accustomed premodern, theocratic, and medieval chaos. It will likely soon reopen as the world’s pre-9/11-style terrorist haven—an arms mart of over $50 billion in abandoned U.S. military equipment. Thanks to the president of the United States, terrorists and nation-state enemies can now shop for arms and train there without hindrance. 

The NATO coalition-builder Biden also dry-gulched his European allies, whose soldiers outnumbered our own. The humanitarian “good ole Joe from Scranton” deprecated the thousands of Afghan military dead who had helped the Americans. The families of the American fallen and wounded of two decades were all but told by Biden that the catastrophe in Kabul was inevitable—no other way out but chaos and dishonor. Why did he not tell us that earlier, when he was vice president, so many dead and wounded ago?

“Get over it,” was Biden’s messaging subtext. If Americans want to hear the blame game, he told us to scapegoat Barack Obama, or all prior presidents, or especially Donald Trump, or the intelligence services and military, or the Afghan army, or we naïfs who somehow think things are a mess right now in Kabul—or anything and everyone but Joe Biden.

Was Biden’s idea simply to get the United States “officially” out of Afghanistan and let the abandoned 10,000-plus Americans manage as they can?

Was Biden angry over our 20-year presence and thinking the Afghans would deserve what followed? Was he so delusional that he really believed the NATO forces could easily deter the Taliban with sanctimonious lectures from National Security Advisor Jake Sullivan, Secretary of State Antony Blinken, and Deputy Secretary of State Wendy R. Sherman? The latter is a former head of EMILY’s List and an architect of the Iran Deal, so were she and others especially scarifying to naughty theocrats when they warned they might lose their slot in the “rules-based world order”? Or did Biden believe the Taliban would be deterred by Sherman’s exclamations, such as her ominous warning, “This is personal for me!” 

The Inflation Fiasco

In January, Biden inherited a rebounding economy that was fueled by $1 trillion in stimulatory federal red ink. Given natural pent-up consumer demand, why did Biden need to print yet another $1 trillion, seek to green-light another $2 trillion for “infrastructure,” and raise even higher unemployment compensation to the point of discouraging employees from returning to work?

At the same time, he has alarmed employers with braggadocio threats that higher capital gains, income, payroll, and estate taxes are all on the way. More lockdowns only further eroded small businesses. The result was price inflation of all the stuff of life—homes, lumber, gas, food, appliances—as well as historic shortages of everything from cars and houses to the work of contractors and electricians. Any increase in wages due to labor shortages was soon erased by spirals in the consumer price index.

So, what was Biden thinking or, rather, not thinking? By paying workers not to work he would be evening out the ancient score with employers? Did workers need a vacation from the quarantine? Printing money was a way to spread the wealth—and diminish what the rich possessed? Was a $2 trillion deficit and $30 trillion in aggregate debt a way of bragging to Trump that he doubled the Trump red ink in less than a year? Would he pile up more debt than both Barack Obama and George W. Bush in half the time?

The Border Disaster

Biden took a secure border, along with increasingly legal-only immigration, and then destroyed both. He stopped construction of the border wall, encouraged an expected 2 million illegal entries over the current fiscal year, promised amnesties, and resumed “catch and release.” He did all that at a time of a pandemic, exempting illegal aliens from all the requirements of COVID testing and mass vaccinations that he had hectored his own citizens about getting. With planned mass amnesties and millions more invited to cross illegally in the next three years, was Biden seeking to found a new American nation within the now passé old American nation?

Did he believe that Americans did not deserve their citizenship and newcomers from south of the border were somehow more worthy? Did he see the 2 million new residents as instant voters under new relaxed rules of balloting? Did he think in a labor-deprived economy they would supply nannies, gardeners, and cooks to bicoastal elites? We strain to imagine any explanation because there is no logic to any. 

Energy Insufficiency

Biden did his best in just seven months to explode the idea of American self-sufficiency in natural gas and oil. He canceled the Keystone Pipeline, froze new federal energy leases, put the Anwar oil field off limits, and warned frackers their end days were near. 

So, what drove Biden? Did he object that motorists were saving too many billions of dollars per year in decreased commuting costs? Or was the rub that we had slashed too many imports of oil from the volatile Middle East and no longer would launch preemptive wars? Or perhaps the transition to clean natural gas instead of coal as a fuel for power generation had too radically curtailed carbon emissions? Did Biden feel that Middle East producers, the Russians, or the Venezuelans could better protect the planet while extracting oil and gas than could American drillers?

The Race Calamity

Biden blew up race relations by greenlighting the new hunt for the mythical “whiteness” monster. Were a few buffoonish white rioters who stormed the Capitol the tip of the spear of a previously unknown massive white supremacy movement, the most dangerous, he swore, since the Civil War?

Biden took affirmative action and the Civil Rights-era “disparate impact” and “proportional representation” ideas and turned them into disproportionate representation and reparations on the cheap. Biden made it acceptable to damn “whiteness,” as if all 230 million white Americans are guilty of something or other in a way that the other 100 million “nonwhite” are not. 

So why did Biden kick the sleeping dog of racial polarization? To stir up his left-wing base? To alleviate his own guilt over the Biden family’s long history of racist insults, from “clean” Barack Obama to “put y’all in chains” to the “Corn Pop” sagas to “you ain’t black” and “junkie” to Hunter’s n-word and Asian racism? Did Biden see countries like Iraq, Lebanon, Rwanda, and the former Yugoslavia as positive models for diversity emulation?

The Crime Explosion

After Biden entered office, violent crimes ignited from the embers of the 120 days of mostly unpunished looting, arson, and organized violence in the streets of America’s major cities during summer 2020. Under Biden, jails were emptied. Federal attorneys and emulative local DAs exempted offenders. Police were defamed and defunded. Punishing crime was considered a racist construct. 

The result is that Americans now avoid the Dodge City downtowns of most of America’s crime-ridden blue cities. They accept that any urban pedestrian, any driver after hours, any commuter on a bus or subway can be assaulted, robbed, beaten, raped, or shot—without any assurance that the media will fairly report the crime, or that the criminal justice system will punish the perpetrators. In Biden’s America looters prance into drug stores and walk out with shopping bags of stuff, under the terrified gaze of security guards who guesstimate at least they did not steal more than $950 of loot. 

Was Biden’s plan to let the people redistribute ill-gotten gains? Or was he convinced that disproportionate criminal activity was karmic payback, or penance for the death of George Floyd? Did he really believe that we were far too overpoliced? Did he believe that the general public should experience, at last, the crime of the inner-city to ensure equity and inclusion?

So why does Biden so willfully exercise this destructive touch that blows up anything he taps?

There are several possible theories:

1) Biden is non compos mentis. He has no idea of what he is doing. But to the degree he is alert, Biden listens—sort of—only to the last person with whom he talks. And then he takes a nap. When Afghanistan blows up or inflation roars or the border becomes an entry door, his eyes open, and he becomes bewildered and snarly—like an irritable and snappy Bruce Dern waking up in “Once Upon a Time in Hollywood.” 

Biden has no clue about the actual destructive implementation of his toxic policies, and no concern upon whom these destructive agendas fall. He vaguely assumes a lapdog left-wing media will repackage every Biden incoherence as Periclean, and every daily “lid” as Biden’s escape for presidential research, deep reading, and intensive deliberation. Biden appears to be about where Woodrow Wilson was in November 1919.

2) Or is Biden a rank opportunist and thinking he will ride woke leftism as the country’s new trajectory? He resents his prior subservience to Obama, and now feels he can trump past signature leftist administrations as the one true and only socialist evolutionary. He is not so much the manipulated as the manipulator.

Biden fantasizes himself as a hands-on dynamic leader who bites at reporters, snaps from the podium, and issues his customary interjections. He is therefore “in command” for four or five hours a day. He enjoys acting more radical than Elizabeth Warren, Kamala Harris, Bernie Sanders, or “the squad.”—and especially being far more leftwing than his old and now passé boss Barack Obama. Joe is in control and that explains the dross touch. For the first time in his life, such an incompetent has complete freedom—to be powerfully incompetent. Biden is then not demented as much as delusionally running things.

3) Biden is unfortunately what he always was: a rather mean-spirited plagiarist, liar, and nihilist, from his Clarence Thomas character assassination infamy and Tara Reade groping to his foul racist talk and his monumental habitual grifting. His disasters are the same old, same old Biden trademark, performance-art screw-ups. 

Biden likes the idea of conservative outrage, of chaos, of barking at everyone all the time. Biden accepts that no omelets can be made without broken eggs, and sort of enjoys screwing up things, as Robert Gates and Barack Obama both warned. “Wokening” the Joint Chiefs of Staff, encouraging hundreds of thousands to pour across the border, and abandoning our NATO allies in Afghanistan—who cares when tough guy, brash-talking Joe on the move jumbles stuff up? The disasters in the economy, foreign policy, crime, energy, and racial relations? Biden is just shaking things up, stirring the pot, baiting people to watch Mr. “Come On, Man” in action, as he blusters and preens and leaves a trail of destruction in his wake.

4) Biden is nothing much at all. He’s just a cardboard-cut out, a garden-variety Democratic Party hack, who is against anything conservatives are for. He assumes he will undo all that Trump did, on the theory it is simple and easy for him in his lazy, senior moments. And he is tired anyway of thinking much beyond such Pavlovian rejectionism. A closed border is bad; presto, open borders are good. Improving race relations is bad; deteriorating relations must be good. Energy independence bad; dependency good. Biden works on autopilot in his minimalist day job: just cancel anything that Trump did and worry nothing about the effects on the American people.

5) Biden is a hostage of both the Left and Hunter Biden. His task is to ram down a hard Left agenda, in the fashion of a torpedo that itself blows up when it hits the target. The Left ensured the base would not bolt in 2020. So, he owes them. Biden, more or less, signed his presidency over to the squad, Nancy Pelosi, Bernie Sanders, and the Obama holdovers. They hand him a script; he tries to read it; and they follow up with the details. He is the old “Star Trek’s” tottering John Gill.

The Left may hope their own nihilist agenda sort of works. When it inevitably does not, then Joe, the delivery man, is blamed: so much more quickly, then, will be Biden’s necessary exit. They kept their part of the bargain by getting the basement denizen elected. Now he keeps the deal by handing over the presidency. Biden’s utility had about a six-month shelf life. 

Now ever so slowly the leaks, the West Wing backstabbing, the furrowed anchor brows, and the unnamed sources will gently ease him out with 25th Amendment worries (e.g., “Perhaps President Biden might find taking the Montreal Cognitive Assessment of some value after all, for his own benefit, of course.”) Kamala Harris is not so inert as we are led to believe.

Hunter Biden, smeared and ruined with scandals of every imaginable sordidness, now embarks on his masterpiece con: peddling his kindergarten art at a half-million dollars per painting to “anonymous” quid pro quo rich foreign grifters. Why does Hunter pose such brazenness and unnecessary danger to his father, the president? Because the former addict can, and just for the f—k of it?

Hunter’s malicious behavior is an implied threat that if Joe’s staff slaps Hunter’s hand, he threatens to spill the “beans” on the “Big Guy” and “Mr. 10 Percent”—given he plays the wounded fawn as the underappreciated bad boy. Hunter was the bad-seed family money man without whose grift none of them would ever have lived in such mordida-generated splendor. 

A cognitively challenged Biden then is pulled in every direction, by his own senility, by left-wing politicos collecting their debts, by his own spite, by his trademark narcissism, and by his neanderthal hatred of everything Trump was and did. 

The problem for America is that theories one through five are not always mutually exclusive, but more likely force multipliers of the present insanity. At some point, some brave congressional representative or Senator will finally have to say to Biden, in the spirit of Oliver Cromwell and Leo Amery:

“You have sat too long here for any good you have been doing. Depart, I say, and let us have done with you. In the name of God, go!”


The Dangers of Endless Quantitative Easing

With growth so uncertain, it is understandable that central banks would be wary of beginning to taper monthly bond purchases before it is clear that inflation has taken off. But they would do well to recognize that prolonging quantitative easing implies significant risks, too.

By RAGHURAM G. RAJANProject Syndicate

rajan71_ Win McNameeGetty Images_quantitative easing
Win McNameeGetty Images

Inflation readings in the United States have shot up in recent months. Labor markets are extremely tight. In one recent survey, 46% of small-business owners said they could not find workers to fill open jobs, and a net 39% reported having increased their employees’ compensation. Yet, at the time of this writing, the yield on ten-year Treasury bonds is 1.24%, well below the ten-year breakeven inflation rate of 2.4%. At the same time, stock markets are flirting with all-time highs. 

Something in all this does not add up. Perhaps the bond markets believe the US Federal Reserve when it suggests that current inflationary pressures are transitory and that the Fed can hold policy interest rates down for an extended period. If so, growth – bolstered by pent-up savings and the additional government spending currently being negotiated in Congress – should be reasonable, and inflation should remain around the Fed’s target. The breakeven inflation rate also seems to be pointing to this scenario. 

But that doesn’t explain why the ten-year Treasury rate is so low, suggesting negative real rates over the next decade. What if it is right? Perhaps the spread of the COVID-19 Delta variant will prompt fresh lockdowns in developed countries and damage emerging markets even more. Perhaps more nasty variants will emerge. And perhaps the negotiations in Congress will break down, with even the bipartisan infrastructure bill failing to pass. In this scenario, however, it would be hard to justify the stock-market buoyancy and breakeven inflation rate. 

One common factor driving up both stock and bond prices (thus lowering bond yields) could be asset managers’ search for yield, owing to the conditions created by extremely accommodative monetary policies. This would explain why the prices of stocks (including “meme stocks”), bonds, cryptocurrencies, and housing are all a little frothy at the same time. 

To those who care about sound asset prices, Fed Chair Jerome Powell’s announcement last week that the economy had made progress toward the point where the Fed might end its $120 billion monthly bond-buying program was good news. Phasing out quantitative easing (QE) is the first step toward monetary-policy normalization, which itself is necessary to alleviate the pressure on asset managers to produce impossible returns in a low-yield environment. 

The beginning of the end of QE would not please everyone, though. Some economists see a significant downside to withdrawing monetary accommodation before it is clear that inflation has taken off. Gone is the old received wisdom that if you are staring inflation in the eyeballs, it is already too late to beat it down without a costly fight. Two decades of persistently low inflation have convinced many central bankers that they can wait. 

And yet, even if monetary policymakers are not overly concerned about high asset prices or inflation, they should be worried about another risk that prolonged QE intensifies: the government’s fiscal exposure to future interest-rate hikes. 

While government debt has soared, government interest payments remain low, and have even shrunk as a share of GDP in some countries over the last two decades. As such, many economists are not worried that government debt in advanced economies is approaching its post-World War II high. But what if interest rates start moving up as inflation takes hold? If government debt is around 125% of GDP, every percentage-point increase in interest rates translates into a 1.25 percentage-point increase in the annual fiscal deficit as a share of GDP. That is nothing to shrug at. With interest rates normally rising by a few percentage points over the course of a business cycle, government debt can quickly become stressful. 

To this, thoughtful economists might respond, “Wait a minute! Not all the debt has to be rolled over quickly. Just look at the United Kingdom, where the average term to maturity is about 15 years.” True, if debt maturities were evenly spread out, only around one-fifteenth of the UK debt would have to be refinanced each year, giving the authorities plenty of time to react to rising interest rates. 

But that is no reason for complacency. The average maturity for government debt is much lower in other countries, not least the US, where it is only 5.8 years. Moreover, what matters is not the average debt maturity (which can be skewed by a few long-dated bonds), but rather the amount of debt that will mature quickly and must be rolled over at a higher rate. Median debt maturity (the length of time by which half the existing debt will mature) is therefore a better measure of exposure to interest-rate-rollover risk. Sign up for our weekly newsletter, PS on Sunday

More to the point, one also must account for a major source of effective maturity shortening: QE. When the central bank hoovers up five-year government debt from the market in its monthly bond-buying program, it finances those purchases by borrowing overnight reserves from commercial banks on which it pays interest (also termed “interest on excess reserves”). From the perspective of the consolidated balance sheet of the government and the central bank (which, remember, is a wholly owned subsidiary of the government in many countries), the government has essentially swapped five-year debt for overnight debt. QE thus drives a continuous shortening of effective government debt maturity and a corresponding increase in (consolidated) government and central-bank exposure to rising interest rates. 

Does this matter? Consider the 15-year average maturity of UK government debt. The median maturity is shorter, at 11 years, and falls to just four years when one accounts for the QE-driven shortening. A one-percentage-point increase in interest rates would therefore boost the UK government’s debt interest payments by about 0.8% of GDP – which, the UK Office for Budget Responsibility notes, is about two-thirds of the medium-term fiscal tightening proposed over the same period. And, of course, rates could increase much more than one percentage point. 

As for the US, not only is the outstanding government debt much shorter in maturity than that of the UK, but the Fed already owns one-quarter of it. Clearly, prolonging QE is not without risks.


Luetkemeyer: Democrats’ Reckless, out of Control Inflation is Crushing America’s Small Businesses

By Peter RoffAmerican Action News

Gage Skidmore via Wikimedia Commons

Missouri Congressman Blaine Luetkemeyer is taking on the Biden administration over policy moves that have caused higher prices and the return of noticeable inflation.

“Gas, milk, fruit, televisions, furniture, washing machines, car rentals, hotel rooms – what do all of these things have in common? Their prices have gone up under the Biden administration,” Luetkemeyer, the ranking Republican on the House Committee on Small Business wrote in an op-ed published Friday by Fox Business. 

Data published by the U.S. Bureau of Labor Statistics showed prices up 5.4 percent last month over June 2020, the highest jump since the economic difficulties that began when the market for sub-prime home mortgages collapsed in 2008. That’s higher than the interest rate setting U.S. Federal Reserve expected and marks the sixth straight month in which prices have risen.

“While Democrats in Washington bulldoze a path for reckless government spending, small businesses and middle class working American families alike are left to pay the bill,” Luetkemeyer wrote, singling out the damaging impact the newest round of inflation is having on family-owned business.

“Small businesses are the backbone of the United States economy, and they were making huge economic strides before the Biden administration took over. Now, small businesses nationwide are facing the consequences of the Democrats’ massive government spending agenda in all sectors,” he wrote. 

The U.S. says government nearly half the country’s small businesses were forced to increase prices in May, which Luetkemeyer said was “the largest percentage reported in 40 years.”

“From increased gas prices for delivering goods to rising food costs for restaurants, small business owners are bearing the brunt of Democrat-induced inflation,” he continued. “As more American consumers are spending and patronizing small businesses following the COVID pandemic shutdowns, this increased immediate spending has given our economy a bit of a shock. But rather than acknowledge this problem and correct the course, President Biden and Congressional Democrats are doubling down.”

“Make no mistake – inflation is taxation. Prices of the goods you buy go up, meaning the dollars in your pocket are worth less. It then takes more of those hard-earned dollars to purchase these goods. 

“The Democrats’ proposed $3.5 trillion package will severely exacerbate the inflation problem for middle-class families and further crush Main Street U.S.A. 

“Simply put, small businesses cannot afford the inflation tax that comes with the Democrats’ failed economic policies.

“As Republican Leader of the House Small Business Committee, my colleagues and I have worked tirelessly to provide much-needed relief for small businesses across the country as they regain their footing and reopen their doors to local communities. 

“Unfortunately, there is no single COVID relief package that can simply fix inflation – the Democrats must stop their spending spree. As if the pandemic didn’t create enough of an economic burden for American families and workers, they now face an increased cost of living and consumer prices across the board with no end in sight.”

Luetkemeyer’s criticisms are being echoed by economists and others concerned about the effects ongoing inflation will have on the post-pandemic recovery. 

Writing in mid-July for the Carsey School of Public Policy at the University of New Hampshire, Michael Ettlinger and Jordan Hensley observed that “As measured by Real Gross Domestic Product (GDP), 35 states and the District of Columbia have smaller economies, as of the first quarter of this year, than they did before COVID-19, while 14 states have seen a modicum of economic growth. Nationally, GDP remains 0.9 percent lower than it was before the pandemic struck.”

President Biden and others in his administration seem happy to claim credit for the good economic news but are rather cavalier about the impact the bad news is having, saying the spike in inflation is at worst temporary. 

Biden himself recently dismissed the issue, saying his multi-trillion-dollar spending initiatives will “reduce inflation, reduce inflation, reduce inflation.” Some economists and business leaders fear, however, it is that very spending that is driving the hike in prices and that they will not stabilize or return to the levels at which they were at before the pandemic struck any time soon. 


The Concierge of Decline

The Biden Administration serves up complacency in the face of deterioration.

By Paige WilleyThe American Mind

US-politics-economy-BIDEN

Joe Biden’s handlers and media friends continue to delude nobody but themselves that his legacy will land him in the history books alongside FDR and LBJ as a beloved, era-defining Progressive hero. His supposedly moderate priorities—infrastructure, family policy, and voting “rights”—have readily been exposed as deceitful partisanship and wasteful graft, and laden with power grabs so objectionable a senator of his own party had to distance himself to save face.

Further complicating his aspirational legacy, Biden is beholden to an eye-popping amount of dark money from leftist sources that propelled him to the White House in the first place. A careerist chameleon who knows the ultimate currency of the Washington favor economy is obedience to donors, he is obligated to indulge fringe priorities so repellent to the public that anti-police interest groups begged the White House to dial them back. Even with his public image plummeting from the self-made border crisis—now on pace to allow over 2 million illegal immigrants to enter and stay in the country every year—Biden acquiesced to bullying from activist groups (and NGOs whose lucrative business models depend on the public funding associated with high volumes of immigration) and raised the annual refugee cap.

As Biden’s early months lurched from one failure to stand up for our country to the next, it became clear that he is indeed era-defining, but not in the way his consiglieres would have hoped. Weak and negligent, derelict in the most basic duties a leader has to his people, licking ice cream to delight reporters as his homeland falls apart, Joe Biden is happily at your service as the concierge of decline.

The leader of the Free World routinely confounds with public with gibberish and outlandish assertions that the national press pretends not to notice. Last week, he attributed lower vaccination rates among black Americans to traumatic memories of “the Tuskegee Airmen,” apparently conflating the subjects of an infamous experiment conducted at the Tuskegee Institute with the squadron of World War II Army pilots. One day prior, he delivered a meandering disavowal of the Second Amendment, dismissing it as a gratuitous formality by insinuating the government could simply deploy “nuclear weapons” against rebellious armed citizens. The public, beseeched by the press to view Biden’s regime of managed decline as a return to normalcy, could be forgiven for wondering whether successful stewardship of a nation typically involves overt rationalizations for nuking one’s own citizens.

Essential elements of nationhood, including our borders, rule of law, energy pipelines, and food supply chains are disintegrating. Biden routinely appears apathetic, croaking “no comment” when a cyberattack took 45 percent of the East Coast’s energy supply offline—a response so lethargic it may have emboldened the cybercriminals who downed countless American facilities operated by the world’s largest beef supplier a few weeks later. With a resource as crucial as the food supply at risk, and minimal discussion on how to guarantee protection from such threats in the future, the White House again responded in almost ludicrously diffident fashion, weakly insisting they were “delivering a message” to Russia that if the hackers originated with them, that was very naughty indeed. The diplomatic decorum of managed decline forbids advocating too vociferously for our country’s interests. As its primary practitioner, Biden travelled halfway across the world to meet Vladimir Putin at the G7, handing over a list detailing our critical infrastructure sectors and politely requesting that he be kind enough not to hack those.

Back home, his staff obfuscates the fact that inflation is rising faster than nominal wages—meaning real wages are declining—and dismisses the higher prices burdening small businesses and families as a public relations inconvenience, even releasing a statement instructing the public to stop blaming them for high gas prices. Cities across the country are plagued with stomach-churning random assaults and open-air drug bazaars to such a degree the Democrats’ traditional media apologists are nervously signaling they cannot furnish effective propaganda to stave off a political backlash. Microchip shortages are roiling auto manufacturing and necessitating layoffs. In the face of record drug overdose deaths, his administration is offering subsidized drug paraphernalia to facilitate addicts’ injection of deadly narcotics. As the border crisis continues, the federal government rewards illegal border crossers with taxpayer-funded plane tickets to destinations across the country. Meanwhile, for citizens, the Biden administration is fixated on maximizing extractive, redistributive, and vengeful policies to “address” abstractions such as climate change, systemic racism, and the intelligence community’s latest absurd fiction designed to increase their budget, “terrorism from white supremacy.”

Despite his media portrayal as a great uniter, Biden cynically embraces talking points to divide Americans by race, encouraging citizens to blame each other for difficulties getting ahead instead of the destructive effects of policies he spent half a century voting for and now aims to revive. A long-time proponent of trade policies that dismantled our industrial base—sending millions of working-class jobs abroad—and of unfairly flooding the labor market with foreign workers, he appears committed to the belief that the inevitable decline in economic opportunity afflicting Americans of all races was in fact due to insufficient commitment to those policies instead of the other way around. Deploying theories of “systemic inequities” is a convenient pre-emptive strike for a man whose administration is officially forecasting economic decline.

In a demonstration of the sincerity of his administration’s commitment to black Americans’ success, his appointees congratulate themselves for frivolous interventions such as banning menthol cigarettes, but have little interest in addressing the fact that our public school system graduates a mere 7 percent of black 12th graders proficient in math. In fact, Biden’s most definitive contribution to the pitiful state of public education has been to assert in his State of the Union address that, when it comes to public education, “12 years is no longer enough” and “that’s why my American Families Plan guarantees four additional years of public education for every person in America.” Our concierge of decline does not demand higher-quality education—rather, he instructs Americans to spend four more years of their lives with the government’s educators, devoid of any obligation to the public to improve.

Such complacency in the face of deterioration is not only dysfunctional, but dangerous. Our adversaries are well aware: China’s delegation humiliated Biden’s Secretary of State and National Security Advisor to their faces on our own soil, asserting, “the United States does not have the qualification to say it wants to speak to China from a position of strength.”

To many Americans, the Biden Decline feels distinctly wrong. Do leaders who love their country typically stand idly by while so many urgent problems accumulate for their citizens? A president who supplants his obligations to the people with wildly impractical ideological fixations does not seem motivated to steward our country to success. He seems intent on ushering in an era of weakness that puts our country’s safety, prosperity, and future at risk. The American people are resilient, but the lengths to which our leaders have gone to subvert our country’s strength will require serious course-correction to return to fighting weight.


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