Friday, January 15, 2021

Biden to Enter White House as Crazed Big Spender

Well, we got our best indication yet of how mad a Joe Biden presidency is going to be.

Biden delivered a speech on Thursday night outlining what he called his "American Rescue Plan."

It was all about spending money, lots of it.

It's as if Joe forgot that  Congress just passed a $900 billion stimulus less than one month ago. 

The package he proposed includes more than $400 billion to "combat" COVID-19, including money to accelerate vaccine deployment and to safely reopen most schools within 100 days. I note this is a virus that is not a serious threat to 99.9% of the population. There is no reason for a battle against the virus or to spend $400 billion on such an effort.

Naturally, Biden also has in his package $350 billion that would help state and local governments bridge budget shortfalls that are occurring because of the irresponsible lockdowns.

The plan would also include $1,400 direct payments to individuals, more generous unemployment benefits ( expanded unemployment benefits through the end of September, with an extra $400 weekly supplement), federally mandated paid leave for workers taking care of a COVID infected family member and large subsidies for child care costs. 

He also called for a “public health jobs program” that would address his goals of bolstering the economy and the Covid-19 response while also rebuilding the nation’s public health infrastructure. The proposal would fund 100,000 public health workers to engage in vaccine outreach and contact tracing. This is, of course, nothing but inefficient, crony central planning in the healthcare sector.

The “rescue” proposal would be financed entirely through increased federal borrowing since the government has no funds to pay for such an effort. That means the Federal Reserve is going to monetize most of the borrowing which is estimated to be in the $1.5 trillion to $2 trillion range.

But Joe didn't stop there in his plan to wreck the economy. He also called on Congress to raise the federal minimum wage to $15 an hour, which would do nothing but make it impossible for the low-skilled, such as urban youth, to get that all-important first job.

Joe is about to light a firecracker under the butt of the accelerating price inflation that is coming.

Hug your gold coins.



  1. I was going through this proposed budget today and this pretty much met my every expectation on what a Biden administration will be like. In fact about the only thing that surprised me was no proposal for prioritizing small business loans to businesses that are lead by women/people of color. Im sure something like that will be next to placate the intersectional crowd. My only guess as to why its not in this proposal would be a potential court challenge making the case that you cannot discriminate loan based guarantees on the basis of race/gender. No need to risk the whole bill on one provision.

    I also read Krugman's article today with him giving 4 points that Biden should focus on to reverse the current recession. Points 2 and 3 were to not worry about the deficit and don't worry about inflation. Krugman points to the pre-pandemic Trump economy as an example of why you can have high deficits and low interest rates during a 'hot' economy and not have to face any repercussions. So clearly continuing to do so will yield no negative consequences in the near future. This seems to be the lefty talking point that Biden's advisors will be feeding him.

  2. Reminds me of a Dr. Seuss creation: Crazy Joe’s magical, fantastical, wealth-redistributing, Utopia machine!---Transforming private-sector, wealth-producing, living-standards increasing CAPITAL, into hand-outs to the masses, to be consumed and depleted in a flash! …Eating the “seed corn” and catering to the high-time-preference appetites of public consumption, instead of long-term investment for the future.

    1. Trust me Demento-Joe is just getting started. The entire populace will be criminalized at the end of the process.

  3. And once again, gold and silver are plunging for no reason at all.

  4. Coming soon: 90% tax bracket with no deductions.

  5. Once Biden gives amnesty to all the turd world trash, will RW be paying them in gold or silver to run his errands?