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I never thought I would hear a U.S. President argue that the uncontrolled printing of money was a strategy to reduce inflation. Although a deep knowledge of economics is not a requirement to occupy the White House, one must have at least a basic notion of it out of respect for the American people.
One could argue that Biden is not ignorant of economics, but that he is just fulfilling his political role to please his party and push forward with the huge government spending agenda that is already beginning to wreck the country’s economy.
Whether Biden is ignorant in economics, or he is knowingly lying, his policies are causing serious harm to society, and above all, to the working class in the country, since they are the ones who are losing their ability to save, and who are most drastically affected by the inflation of the currency. In this sense, the President of the United States is either acting ignorantly or maliciously, and either option is quite serious.
“No, no, here’s the thing. Moody’s came out today, the Wall Street firm, not a liberal think tank, said that if we pass the other two things I’m trying to do, we will actually reduce inflation, reduce inflation, reduce inflation, reduce inflation,” the president said, emphasizing the last point repeatedly, following the Machiavellian principle of National Socialist propaganda chief Joseph Goebbels: a lie repeated hundreds of times becomes the truth.
According to Biden, inflation will be reduced in spite of enormous government spending and nonsensical money printing “because we’re going to provide good opportunities and jobs for people, who are actually going to reinvest that money in all the things we’re talking about, lowering prices, not raising prices,” his argument is as absurd as claiming that an abundant amount of gasoline could put out a fire.
Biden’s new formula for “lowering prices” is something one would expect to hear from the tyrant Nicolás Maduro in Venezuela, who led his country to have accumulated inflation of 65,374% in 2018, and who to “reduce inflation”, has dedicated himself to eliminate a dozen zeros from the national currency; but it is undoubtedly not something one would expect to hear from the president of the first power in the world, and moreover, from one of those responsible for establishing the economic policies of the main currency of exchange for humanity.
Biden and the Democratic Party have requested a record fiscal budget for the coming years, their requirement aims to reach 8.2 trillion dollars by 2031, this in addition to bringing the country’s debt above 100% of its GDP, would commit the United States to the highest public spending since World War II; that is, the State is reaching spending levels similar or higher than when the biggest war in the history of mankind had to be financed and fought. If this does not alarm citizens, then nothing will.
Sadly, the American government has lost its compass and has betrayed the principles of the Founding Fathers. Liberty — social, political and economic — is increasingly threatened by an oversized state that absorbs more responsibilities, and gets involved in the private lives of citizens. In addition to the enormous taxation rates that in some states can reach practically half of taxpayers’ incomes, we now add the skyrocketing inflation, which as everyone well knows, is another type of tax, as the government finances its spending policies with money printing, which subsequently raises prices, and increases the public debt that is subsequently passed on to taxpayers.
Biden declares war on the working class
The occupants of the White House are not only killing the U.S. dollar, but they are also doing a great disservice to the citizens of the country, and especially to the working class, who suffer the most from runaway inflation and the loss of savings capacity.
The Democratic Party repeatedly talks about “helping minorities” and “punishing the rich”, but the truth is that since they came to power, the rich are getting richer, and the poor are getting poorer; the radical confinements and economic measures implemented by the Biden administration only favored large corporations such as Amazon, which increased their income exponentially, while family stores and retail businesses went bankrupt. Now, with the current devaluation of the dollar, the price of real estate and stocks of large companies are soaring, while the weak savings accounts of lower-income people vanish thanks to inflation.
If the purpose of the Biden administration is to keep the poor poorer and the rich richer, it is succeeding outstandingly well, and that is a merit that no one can take away from it.
Emmanuel Rincón is a lawyer, writer, novelist and essayist. He has won several international literary awards. He is Editor-at-large at El American // Emmanuel Rincón es abogado, escritor, novelista y ensayista. Ganador de diversos premios literarios internacionales. Es editor-at-large en El American