Finance – Biden Equality: Making Us All Poorer

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November 1, 2023 by Scott Crosby - Views: 56

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Finance – Biden Equality: Making Us All Poorer

Years ago, a social worker visited the Soviet Union – that is, Russia, when it was Communist.  Communism, for those too young to know, is a form of Socialism (the same is true of Nazism – i.e., “National Socialism”).

S686-1.jpgThat social worker’s assessment of life under Socialism made the conditions pretty clear: “Everybody in the streets,” she reported, “was equally shabby.”

Joe Biden is one of the strongest advocates of Socialism ever to be President.

The result is one we all feel in our pocketbooks:  the U.S. population has grown progressively poorer during Biden’s time  as President.

The average family is $2,000 poorer under Biden, vs. $6,000 richer under President Trump.

Inheriting a booming economy by his predecessor, Biden blatantly did his utmost to counter-act the actions which had triggered that booming economy.  

There is no magic.  Every action has an impact.  The result of President Biden’s programs has been high inflation levels and rising prices not seen since the 1970s.  

Meanwhile, wages have declined by a reported 2.2 percent.  

The Federal Reserve has been forced to raise interest rates to keep the U.S. economy as stable as possible.  One result:  new-home buyers must now face monthly payments for a 30-year mortgage of $2,000 per month for a typical middle-class house.  

This is a classic progression of decline under increasing Socialism.  History is full of examples that demonstrate the destructive consequences of programs like Biden’s.

Many Democrats are obsessively dogmatic about economic “equality”.  No doubt they will think of it as a positive that the economic decline is hitting the highest wage-earners the most heavily.

How to Build Wealth

Wealth is created by using the wealth you have to build more wealth.  Obviously, wealthier people are capable of creating more wealth than people who are less wealthy.  

Bidenomics, the President claims, is aimed at increasing the economic well-being of the middle class.  But even middle-class economic levels do not include the wherewithal to foster and support significant wealth creation. 

People who are only living within their means – usually, the middle class, and those who must scrimp on their expenses – usually those with lower levels of income, are not creating wealth – except as people who work at a job for someone else – someone who has the wealth to establish and run a business, and does so successfully; i.e., someone who is making a profit.  

The government does not generate wealth.  “Creating wealth” is not about money.  Creating wealth is about creating the goods and services people wish to buy, at a competitive price.  No government, good or bad, has ever been able to do that.  

“Creating wealth” is synonymous with “productivity”.  Productivity means being productive – i.e., producing more of something than you need, in order to sell it – to make it available for sale to others who wish to buy it.

Printing more money, as President Biden has done via his Bidenomics agenda, simply causes inflation; it does not increase wealth nor peoples’ well-being.  As always, inflation destroys wealth.  There is no magic.  

Socialist President Biden gave out $1.2 trillion dollars through “anti-poverty” programs.  Once that money was spent by those on the receiving end, it was gone.  The money resulted in no increased productivity.  The benefit to the poor was temporary, and quickly disappeared into thin air.  

What did Biden and the Democrats in Congress think was going to happen once the money was spent by the recipients and gone?  The resulting inflation that followed hurt the poor as much as anybody.

Perhaps the Democrats think their handouts will win more votes from the greater number of poor people in the next election.

Both inflation and taking money from the wealthy causes economic decline – both hurt the economy.  Both take money out of your pocket – whether you are wealthy, middle class or low-income.

When wealthier individuals become less wealthy, their businesses can afford fewer job openings for those looking for employment.  

Too, each increase in taxes destroys the incentive for the wealthy to put in the effort and work to create more wealth.  Why be more productive when increased taxes will just result in the government taking away the wealth you worked for?

“Wealthy”, in this sense, is any business owner, from the largest mega-business down to the small businesses that live out their years on a kitchen table.  

During times of economic prosperity, the large business may hire thousands; the family business may be able to afford to hire occasional part-time help.  When the government hurts the economy, that hiring is crippled.

Putting equality ahead of prosperity destroys productivity.  It hurts everyone.

Everybody knows that, except the Socialists and the unfortunate students they teach in schools and colleges, who must then relearn the reality of productivity and wealth when they enter the business world, if they are to succeed.

Did you learn the “benefits” of Socialism in school?

We are all becoming more “equally shabby” – the Socialist ideal – under President Biden.

Socialism is not the answer

Bidenomics, along with Socialism and any kind of government economic controls, are impediments to productivity – and so by definition cannot be the answer. ■


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