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As soon as “the big guy” took over he changed the definition of a recession so that his failure could not be called recessionary. If each time you go shopping to see your money buys significantly less, you are in a recession – we don’t need a degree in economics to know that. Until that stops we don’t need definitions or speculation. Recession with inflation is still recession.
Also, we don’t need to be told many details of how to fix it if we simply return to Donald Trump’s policies where all factors were favorable with low taxes, full employment, low and decreasing fuel cost, increasing wages, no invasion of borders and stable currency.
Everybody seems to have forgotten Economics 101, which still works. The favorable numbers of the Trump economy were so good I will not even bother repeating them in detail, but all levels of our society made real and significant economic advances under Trump. That makes Biden’s blunders hurt even worse. All Biden needed to do to be successful was keep Trump’s policies.
The Federal Reserve supposedly would be watchful in raising interest rates quickly at the first sign of inflation. Wrong! They were just as left leaning as the “deep state” they have become part of. I have lived through inflation in other countries and can tell you that inflation is never “transitory” and will always hang around to bite you if care is not taken to keep it in check. The feds sat on their duffs and waited for us to get in deep “stuff” before they acted.
Now that it has become necessary to continue the interest rate hikes, there is no way we will escape admitting to a recession; we are just waiting for the other shoe to drop. The longer we stretch it out, the deeper the recession will get. For those of us living on fixed incomes it means poverty instead of comfort.
What made this recession worse was telling everybody to stay home because of COVID-19, perhaps the biggest interference and regulatory policy blunder of all time. Nothing got produced during the pandemic because of policy. The next biggest inflationary policy was putting money in the hands of people (even if they were not asking for it) who were not working for it and telling a large portion of them they were not essential to the economy. A large percentage of them never went back to work and are still on welfare not looking for work. Nobody wanted to work, and policy gave them an excuse; nothing got done; few goods and services were available but everybody still had money to spend. How could we not have inflation?
So what does Biden do when his butt hit that Oval Office chair? He cuts oil production and cripples its future, sending energy markets crazy, opens the borders to invasion, cuts jobs, puts cash money on the streets and signs spending bills with deceptive names to cover the theft from those still earning.
Everything Biden has done is anti-American and anti-dollar. Paying people not to work while cutting the supply of everything they need to work with will kill any economy.
What to do? Get out of the way of the oil industry and let it do what it wants.
Cut the regulations on business of all kinds that were put in place after Biden took over and killed investment. Make welfare dependent on either looking for work (proof) or training for work (proof). There are plenty of jobs; eliminate any program that makes it possible to remain unemployed for the able-bodied under age 62. Investigate anybody not working but drawing welfare and cut off the funds of able freeloaders.
This means the goals of the government have to be changed from making us dependent on them to making us functional; letting markets determine what is worth doing instead of meddling. Stop subsidizing stuff like wind and solar energy and the burning of food (corn methanol) for fuel.
Any fool should be able to know the difference between economy and waste. All you have to do is follow your brain instead of wishful dreaming. Never vote Democrat again. Hold Republicans’ feet to the fire to be sure they don’t continue to slide.
Jim N. Taylor lives in Harlingen.