• The Economic Cancer Of Democrat-Centric Economics

    June 15, 2024
    CT Governor Ned Lamont. (Public Domain.)

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    I have studied Economics all my life and have taught the subject for 42 years. It never ceases to amaze me the twists and turns of our economy and how the supposed (and often state-supported) economic experts are so far off in many cases regarding their predictions and policies.

    Regardless of what the state-run media tries to jam down your throat daily, even the most ignorant of observers cannot ignore the horrific economic impact of the poor economic policies and programs of the Biden and Lamont administrations. The focus of their irrational and nonsensical policies continues to be an incessant death march to green renewable energy at any cost and economically incoherent tax and spend policies that persist in driving the national debt and state debt to incalculable levels.

    From 2021, we continue to have rampant inflation as the cost of food and housing has skyrocketed, making it unaffordable for many in our economy. Needless to say, the cost of goods and services is a direct coefficient of the cost of energy, and nonsensical Democrats along with Climate Change-paralyzed Republicans continue to feed or enable the impossible myth of “affordable green energy”. And this is a costly and crippling political fantasy.

    To refresh your memory, our current national debt is an astronomical $34.8 trillion dollars, and growing daily. Each United States Taxpayer owes a mere $266,000 plus for this debt, while Connecticut Taxpayers are on the hook for $100 to $150 billion dollars in short- and long-term debt along with unfunded liabilities on top of that. High government debt at all levels, high taxes, regressive trade policies, waste, fraud, abuse, unsustainable social welfare programs and one of most complex tax codes/laws in the world are hindering our economy. Some things must change.

    The Biden re-election candidacy seems to be mired in its constant blaming of former President Trump for everything and anything, including (but not limited to) events that happened well past his Presidency. If we candidly examine the economic differences between the two Presidencies there are stark and undeniable contrasts. The Trump Presidency offered great financial gains for the economy especially for low- and middle-income workers and people of color that saw their income and opportunities increase. Real wages rose, many jobs were created, and most of all prices were stable with little to no inflation or inflationary pressure. This all changed with the draconian pandemic shutdown of the economy.

    Since 2021, the Biden Presidency has delivered an incredible tide of inflation and runaway inflation with the highest increases in prices seen in food/groceries, housing/rents, and insurances of all types in decades along with massive increases in the costs of new and used vehicles. Tied into the Biden economy are the wars that are currently taking place in the Ukraine and Middle East having a negative impact on our economy due to the gargantuan amounts of aid being sent by our government. In my opinion, it is now critically imperative for voters to put personal feelings aside and ask themselves while voting “am I better off economically than I was four years ago?” I will venture to say no you are not, and therefore you now must vote accordingly.

    The Biden Administration keeps trying to tell you that the economy is great, and you are much better off than you were under the Trump Administration's economy whether you know it or not! This is sickening economic gibberish as the real economic figures are showing a much more gloom and doom scenario since inflation has raised the costs of mostly everything and real wages have gone up to support the inflation rate. If you are on a fixed income like most retirees, you may be skipping meals to stretch your budget due to the excessively prohibitive costs of food.

    There also seems to be a disconnect in the labor market as certain jobs remain unfilled while gluts of workers are seen in other industries. The service industry has been especially hard hit since the pandemic as many former service workers left the industry during the pandemic as restaurants were forced to close (without good reason as finally admitted in 2024), and will never return.

    President Trump has actually offered a real economic incentive to help stimulate real wages and the service industry by eliminating taxes on tip income. This policy will put more in the hands of many lower-income workers, thus giving them a greater ability to spend, save more and eliminate debt. But rather than embracing a bold and necessary economic solution, cowardly politicians from both parties turn a high tail and run, seeing the possibility of their cherished administrative state being starved out. But what value is failure unless you come full circle?

    The Biden Administration brainlessly seems to be placing all of its efforts into green energy jobs especially with electric vehicles and its attendant “DEI” and “equity” quotas that are impossible to fill. The Biden Administration does not see its own attendant failure with the gargantuan number of jobs eliminated from needlessly shutting down fossil fuel industries where it now looks like few if any of these new "green" types of jobs will generate any economic or tangible return to society whatsoever.

    Not to be undone, the Connecticut of King Ned Lamont the Unaccountable enjoys this Biden-esque assault on genuine economic prosperity to steroidal proportions. While connected elites prosper, dangerous and incoherent conditions in cities have caused restaurant and storefront businesses to close in staggering numbers. Taxes on fuel have accelerated so rapidly that many modest people have been forced out of their critically needed vehicles. Taxpayer paid “economic development” funds are funneled to a should-be-abolished Department of Economic and Community Development to fund elitist and speculative projects with investment potential for the Lamont family business interests. Motorists following all of the rules are in a daily fight against the State Legislature to keep operating their gas-powered vehicles. Homeowners are vilified as racist, exclusionary, and environmentally dangerous by some Socialist-Marxist members of the Legislature and their tax-dollar supported nonprofits for merely wanting to live quietly in their homes and pay their bills. But as far as King Ned The Unaccountable is concerned, the state economy is great! After all, he’s been caught on several occasions benefiting from these state development dollars providing a major assist to his related-party investments, which he never admitted until my friend and colleague Tony De Angelo first caught him. In addition, he’s been to the Middle East at least three times by his own admission (twice in the post-war time frame) for supposed state “economic development” missions where few (if any) details have been provided to the public. All said, I would surmise that the Democrat-driven economic plans are great, if you are a high-ranking and loyal Democrat.

    But as we return to the baseline, high taxes, high government debt and runaway inflation driven by incoherent and economically irrational economic policies and programs should be the theme of this year's Presidential and state elections. An unstable economy led by a feeble, mentally challenged President who continues to make poor choices enabled by equally incompetent economic advisors is ruining both our society and economy. Stable prices led by economic policies that promote growth and a country's self-sufficiency are essential for our country. But soon, the childish illusions must end. The United States cannot sustain a Democrat Party-controlled economy with instability and uncertainty. Because America has the economic ability and economic resources to expand and grow. America has the know how to resolve many of the current economic problems it has, the biggest being excessive government interference through a byzantine labyrinth of absurd bureaucracy force fed to us by the inefficiencies of our taxpayer supported government. We need new economic thoughts in 2024. Boldness. Innovation. Clarity. Not name calling, bloviation, serial incompetence, shaming, gloating and lies that we are forced to endure on a daily basis. It is high time for all Americans of all persuasions to prosper, and not just an elitist politically connected ruling class.

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    Bob Swick

    I am an Adjunct Professor of Business and Economics and have taught for 41 years for several different colleges and universities. I have a Bachelors of Science in Journalism and a Masters of Science in Economics. I have written about economics and political issues in my blog "Swick Speak" since 2006.

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