Politicians don’t make the economy work: they have to be content with managing the “legacy” of whoever came before them – and Joe Biden will be no exception …
Contrary to what suggests a really silly article of New York Times, presidents do not run economies. They have very little effect on them.
Their economic success – or failure – is almost entirely the consequence of what came before them.
Bill Clinton, for example, inherited the boom created by Ronald Reagan and his Fed Chairman, Paul Volcker.
When George W. Bush arrived, the dot-com bubble was already bursting.
Obama took office just as the Bush Jr. real estate bubble was ending.
Donald Trump has benefited from three additional years of Obama recovery (funded by $ 3.6 trillion of new counterfeit money).
Mr Trump took credit for record stock prices and the lowest unemployment rate since World War II … but he didn’t have much to do with it.
His strategy – lowering taxes and stimulating demand – has only exaggerated and prolonged the trends of the Obama era.
No significant change with Joe Biden
Now… Joe biden Will he really be responsible for the economic trends and the inevitable misfortunes of the Biden years?
Or is he just a prisoner of the past, like everything else?
Voters do not have control over the administration. And the administration does not control the economy.
Every new bunch of jokes and morons that comes to Washington (in the case of the band at Biden, has-beens, cowboys, war criminals and cronies from the Obama era – they never really left) is trapped in the policies and programs already in place.
This is especially true of government spending and deficits.
The team Trump has accustomed the economy to $ 1,000 billion deficits and zero real interest rates. Now, any significant rise in interest rates … or cuts in spending … will likely trigger a correction – the very thing the elites cannot digest.
So, politically, no change of direction is possible.
The number of women or people of color in leadership positions may change. Monuments could be overturned. “Green energies” could receive even more subsidies from the taxpayer.
But the nation’s true course – from here to the calamity – is set.
No significant change of leadership will take place under Joe Biden, as none have taken place under Donald Trump.
The deeper the country sinks into debt and disaster, the more it must dig to protect the wealth and power of its elites.
Don’t you believe us? Here is the Committee for a Federal Budget Accountable for the Fiscal and Economic Outlook released by the US Congressional Budget Committee (CBO):
“The budget deficit will amount to $ 2.3 trillion, or 10.3% of GDP, for fiscal year 2021 and will reach $ 12.3 trillion (4.4% of GDP) over the next decade.
Debt will hit a new record as a share of the economy, rising from over 79% of GDP at the end of fiscal year 2019 to over 102% of GDP at the end of 2021 … and will grow another 13 $ 600 billion at the end of 2031, finally reaching $ 35,300 billion.
[…] The debt could be even higher than expected. If policymakers enact $ 2,000 billion in additional tax breaks, extend expiring tax provisions, and increase annual credits based on GDP, debt would reach 120% of GDP by 2031. ”
Yes, America’s fate is sealed – regardless of who occupies the Oval Office.
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