Two Years of Biden Down, Two to Go & Extraordinary Measures – Top 3 Takeaways – January 20th, 2023
- Two years. Believe it or not it’s only been two years. On the one hand when you think about time, as we’re nearly three weeks into 2023 already, it probably seems like it’s going by faster than ever. On the other hand, when you think about how long Joe Biden has been president of the United States, it's probably feeling like it’s been dragging on forever. Can you believe that as of today we’re only halfway through the first, and God-willing only, term of Biden’s presidency? To his credit he’s accomplished a lot of his agenda which is why in part, it feels like it’s been forever since good policy emanated from the Oval Office. It started two years ago today with the executive order killing the Keystone XL Pipeline, which was followed within the first week by additional executive actions levying new regulations on US energy production and preventing the harvesting of new energy stateside – which took the United States from being energy independent – to once again being reliant on foreign sources of energy. It was also the first policy which was the ignition stick for what became 41-year high inflation. It was also on this day two years ago in which president Biden killed the construction of the border wall (spending billions of dollars to actually stop the projects as opposed to finishing them), in addition to reversing President Trump’s executive actions on border policy ushering in an era of unpreceded illegal immigration into the United States which is still growing today. Speaking of which it was just two months into his administration that the “American Rescue Plan” was signed which effectively did the exact opposite by reigning in an era of inflation not seen since Captain Peanut was still president. By creating trillions of dollars out of thin air, watering down the value of the dollar in everyone’s pocket, while creating unprecedented amounst artificial demand with all of the debt spending being handed out to Americans under the guise of there really being free candy and free puppies and free Biden bucks, which of course are anything but free...
- Inflation caught fire. Just a few months later Biden announced we were pulling out of Afghanistan and less than a month later it collapsed with the Taliban capturing the capital, undoing 20 years' worth of work post-9-11 in the region, and ceding tens of billions of dollars in US military equipment which was immediately sold to the Chinese in the process. Just a few months later, when we were still being told the rapidly rising inflation rate was only “transitory”, hundreds of billions of additional dollars of artificial spending was signed into law as part of the Infrastructure Act. That was about at the time President Biden signed an executive order mandating COVID-19 vaccinations for all federal employees. A few months later, after President Biden promised we had leverage on Russia sufficient to keep them from invading Ukraine, Russia invaded Ukraine. A few months later the United States reached a 41-year high rate of inflation. The reaction, to engage in more artificial debt spending under the guise of “The Inflation Reduction Act”. A few weeks later he declared the pandemic was over. A few weeks after that, he said it wasn’t. The midterm elections happened and here we are. Two years. It’s only been two years. On the bright side, the next two years can’t be worse...right? Hopefully they won’t feel as long either.
- Extraordinary measures. Yep, the debt ceiling has been breached again. Yep, the sun still rose. Yep, it’s even what should be a beautifully warm Friday in South Florida today. Obviously, the sky has once again not fallen despite the seemingly endless trope of related stories. And yes, once again we’re hearing the Treasury Department is now engaged in “extraordinary measures” to make our country’s dysfunctional rate of spending work – for now. So, what the heck are “extraordinary measures”. In real-time, the Treasury Department has deferred taking out new investments in the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. Now call me crazy but deferring “new investments” when we’re already $31 trillion in debt and counting is “extraordinary” but raising the debt ceiling to allow for even faster debt spending through an even greater artificial creation of new money supply isn’t? And this takes us full circle in today’s takeaways. We’ve done all of this before, right? The fear mongering over the debt ceiling, partial government shutdowns, yada, yada. But what’s different this time is that the impact of all of this is tangible. If it weren’t for all of this debt spending and money printing to do it (digitizing of the money supply as the case these days happens to be), inflation never would have been such a problem. If it wasn’t still happening, the Federal Reserve wouldn’t still be raising interest rates. You and I are being negatively impacted every day with everything we buy, because of how outrageous it’s become. If we held the line on spending, inflation would come down, interest rates would come down and life would be far more affordable once again. The most extraordinary measures of all are the ones we’re forced to live with because of the reckless spending of our federal government. There never have been free puppies, free popcorn, free Obama phones or free Biden bucks. We’re literally paying for it all every day through inflation – in addition to our now great grandchildren’s taxes.