It’s very easy for sentient beings to make fun of Gropin’ Joe Biden, because his rapid descent into senility, coupled with his impressively unsuccessful legislative career, capped with a stint as a figure-head vice president makes him ripe for mockery.
But figurehead or not, his economic plan for America has to be taken seriously because he might be the next President of The United States of America. Yes, that is a terrifying thought, but the more we pull back the curtain on his crypto-socialism the better chance we have of ending the progressive dream of having two Democrat presidents in the first quarter of the century who are puppets; easily controlled by the power players in the shadows.
“Chicago Boyz” is always a good read, and this article is a particularly good one. The author manages to take Biden seriously, and looks at the broad strokes of his economic plan from the perspective of a classical economist.
And it’s scary.
Is the Biden Economic Plan on the Right Track?
Biden’s Plan is an Extortion Racket on the Left-Behind Track
Across time and space the evidence supports competitive market capitalism as the source of virtually all human economic progress. The Biden economic plan is essentially an extortion racket that fails to recognize its inherent limits, doubling down on the bad policies of the current Administration while eliminating the good, apparently because the Party’s octogenarian leaders either never learned the limits or have lost control to the young radical left. This plan so far exceeds the limits that even partial success could easily lead to hyper-inflation.
There is a sense that America can always turns things around if it gets derailed but the progressive perspective dominates America’s intellectual elite and media. Argentina was once on the capitalist fast track parallel to the U.S., but progressive President Juan Peron switched tracks in 1946, and Argentina has been left behind ever since.
Biden will use the immense power of the administrative state to reshape our economy along the lines of the Indian caste system, where economic advantage is conferred based on ethnic group. That in itself would be tremendously destructive; destroying economic incentives and creating a vast bureaucracy dedicated to racial and ethnic “equality.” But his monetary policy and headlong rush to unionize pretty much everyone would be the death knell for American industrial and technological might.
Whether that would be the final nail in the destruction of American Exceptionalism, or would it be open borders? Who knows? But either one would be enough to end America’s cultural, industrial, technological and social superiority. We would become just one of many struggling socialist nations, fighting for a slice of a shrinking pie.
Just think Venezuela with snow.