The Patriot Post® · Bidenomics Is Not Working

By Mark W. Fowler

“Systemic inflation is everywhere and always a monetary phenomenon.” —Milton Friedman, Nobel Laureate

Biden administration apparatchiks, whether through insularity or (most likely) obtuseness, cannot understand why the populace is not embracing the “success” of Bidenomics. It is true that jobs have increased and the stock market is higher now than during the Trump administration. Inflation has moderated some. There are a number of other economic markers one could point to suggesting a robust economic picture. Economics is a complicated matter and there will always be conflicting data about the situation.

Washington is an echo chamber, and politicians and bureaucrats tend to tell each other what they want to hear but hear nothing about alternative facts. This amplifies errors and obscures the truth. In flyover country, voters act on what affects them every day, such as the price of gasoline, eggs, milk, bread, and butter. Every one of those items and other essentials have increased in price since 2019. Higher interest rates implemented by the Federal Reserve to stop inflation make housing and automobiles much more expensive. Since 2019, credit card balances have increased, drawdowns of retirement accounts have increased, and the rate of bankruptcy filings has increased by double digits. These are the issues that matter.

Inflation is a tax on everyone, affecting the poor the most. And while the economy is a complicated entity, inflation is not. Injecting large sums of paper (money) in the absence of a concomitant increase in wealth devalues money. For decades, Washington has been spending more money than it takes in. Both parties are guilty of it, because both have learned they can bribe voters with their own money. We now have a federal deficit of over $30 trillion, representing over 100% of gross domestic product. It is similar to a household owing more than it earns in a year. In 2007, the total federal deficit was $8.9 trillion. Since then, in 17 years of mostly prosperous times, the debt has tripled. Interest on that debt is now $658 billion a year. This is unsustainable.

Politicians claiming to be leaders must lead. It is time to say “No!” to spending more money. They should say it loudly, respectfully, frequently, and consistently. Voters should change their expectations about how and what Washington can do for them. Government is too big. It is not capable of solving every problem Americans may face. To the extent statecraft is soulcraft, it is time to scale back government and encourage Americans to flex their muscles and solve their own problems. Endeavor and achievement build character.

Mark Fowler is a board-certified physician and former attorney. He can be reached at [email protected].