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The Water Cooler
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Answer to Inflation and Bad Economy: Government Mandated Price Fixing: Yes or No?
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<blockquote data-quote="Sgt Dog" data-source="post: 3783519" data-attributes="member: 15840"><p>Biden and his handlers have shown they are not to be trusted with any issue they approach. Once they fasten their attention on any issue it has gone straight to worst-case scenario.</p><p></p><p>That said, some problems have been a long time in the making. Both parties and all presidents have been guilty of deficit spending and doing two little about our debt. Nor can the American public escape blame since they would never tolerate what it took to live within our means. We’re too damn entitled and spoiled.</p><p></p><p>Regarding inflation, Biden can’t kill Milt Friedman. He’s already dead. But the body of his life’s work can’t be dismissed. So Putting the money-presses on steroids just exposes one thing… the U.S. is out of arrows in its quiver for fighting inflation and for over spending.</p><p></p><p>Keynesian economics was fine as long as you lived frugally in between periods of crisis, when you needed to intervene with government spending. When we continued to run deficit during good years, Keynesian economics wasn’t Keynesian any long. It was just irresponsible growth of big government.</p><p></p><p>So now if the Fed raises interest rates to arrest inflation, the economy will constrict further. If the government continues to spend like a drunken sailor - inflation will spiral. The Fed can’t really go below zero to spur the economy, so another arrow already spent.</p><p></p><p>If things go far enough, and U.S. Faith & Credit is downgraded the real decline will accelerate. It took Venezuela all of 35 years to go from the wealthiest National Economy in their region to fighting for scraps.</p><p></p><p>Life is hard. Its even harder if you are stupid.</p><p></p><p>Being a world-leader in a complex world may soon pass to the Chinese, but they too will find belt & road initiatives around the world gets expensive. For our part, we long ago threw caution to the wind, both at home and abroad.</p></blockquote><p></p>
[QUOTE="Sgt Dog, post: 3783519, member: 15840"] Biden and his handlers have shown they are not to be trusted with any issue they approach. Once they fasten their attention on any issue it has gone straight to worst-case scenario. That said, some problems have been a long time in the making. Both parties and all presidents have been guilty of deficit spending and doing two little about our debt. Nor can the American public escape blame since they would never tolerate what it took to live within our means. We’re too damn entitled and spoiled. Regarding inflation, Biden can’t kill Milt Friedman. He’s already dead. But the body of his life’s work can’t be dismissed. So Putting the money-presses on steroids just exposes one thing… the U.S. is out of arrows in its quiver for fighting inflation and for over spending. Keynesian economics was fine as long as you lived frugally in between periods of crisis, when you needed to intervene with government spending. When we continued to run deficit during good years, Keynesian economics wasn’t Keynesian any long. It was just irresponsible growth of big government. So now if the Fed raises interest rates to arrest inflation, the economy will constrict further. If the government continues to spend like a drunken sailor - inflation will spiral. The Fed can’t really go below zero to spur the economy, so another arrow already spent. If things go far enough, and U.S. Faith & Credit is downgraded the real decline will accelerate. It took Venezuela all of 35 years to go from the wealthiest National Economy in their region to fighting for scraps. Life is hard. Its even harder if you are stupid. Being a world-leader in a complex world may soon pass to the Chinese, but they too will find belt & road initiatives around the world gets expensive. For our part, we long ago threw caution to the wind, both at home and abroad. [/QUOTE]
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