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What is economics? Simply defined, it is the study of how people allocate scarce resources for production, distribution, and consumption both individually and collectively. Economics interfaces with politics, government, law, and business. Economics has two branches; macroeconomics and microeconomics. Efficiencies in both production and exchange create a balance or equilibrium between supply and demand in free markets. Economics is a simplistic but complex social science that is sometimes misunderstood. And sadly, our economic system is sometimes horribly impeded by our elected officials and non-elected bureaucrats, who often exhibit little to no understanding of this social science.
Our economic system can also be viewed in respect to creating a “ripple effect” in our economy that helps to create economic growth and prosperity as I discussed with my friend and colleague, Tony De Angelo sub-hosting on 94.9’s “Lee Elci Show” this past Thursday.
For example, you wish to buy a new car to replace your old one. You sell your old car to a person who is looking for a vehicle that is less expensive than a new car and will only cost him the $7,500 you are asking for it. He pays you with a bank check that you deposit in your checking account. The first economic impact of this transaction is fulfilled with you selling your used vehicle at a price that you have deemed to be fair for its value and the person you sold it to is satisfied with that price and with the utility or satisfaction he or she received in buying it. You, in turn, withdraw the $7,500 from your account and place a down payment on a new car that suits your needs, costing you $40,000 in its new condition.
Therefore, a ripple effect starts with the car dealership earning a profit on the sale of the car and the salesperson earning income and or a commission by selling the car providing money to pay his bills for that month. When you return the car back to the dealership for service you help employ mechanics that earn an income from servicing your vehicle along with the service technician who waits on you, writes up, and coordinates the service itself. Parts from manufacturers are used in your vehicle that help create economic profit when they are sold to the dealer and retailed to you. Thus, we see economic activity via the functions of a ripple effect along with supply and demand balances or equilibrium taking place in the marketplace with you and your vehicle. Income and profits occur that help fuel economic growth. You receive utility in your new car and now feeling secure in traveling, you consider taking your family on a vacation many miles away.
It is my bet that only a slim minority of any politicians understand even this simple economic example above, but to the matter at hand, does Kamala Harris understand economics? Would she as a potential POTUS be able to understand this simple example I just gave? I really must wonder in review of her "new" 82-page "New Way Forward" economic plan that she has just revealed. To me, her plan is warmed-over Bidenomics on steroids and gives the strong appearance of being written by biased students using AI. As someone who has studied and taught economics for many years, I am frankly scared by this document as it is the usual stale Democrat Party economic gibberish that continues to destroy our economy especially those who work for a living, only this time using more spending.
The Harris "New Way Forward" economic plan includes many of the failed economic policies utilized during the tenure of her Vice Presidency, assuming she understood any of them in the least. To describe her 82 pages in more simplistic terms, the “plan” consists of the usual, new and higher taxes, new and higher transfer payments, taxes on unrealized capital gains, more green energy subsidies, price and rent controls, less coverage with higher premiums under Obamacare, more student loan forgiveness, and much more in the way of a free-money candy-land.
Reading the report is confusing to me. For example, from Page 9, a Yale economist using estimates from the Budget Lab at Yale and the Committee for a Responsible Federal Budget, emphasize Harris’s plan is more fiscally responsible. They note: “Any fair fiscal comparison shows this election is not a close call. If the deficit is your top issue, Harris is the clear choice. End note #9 cites Sarin, Natasha. “How would Trump and Harris affect U.S. debt? The difference is huge.” The Washington Post. September 13, 2024.
To this pap / claptrap, my question is: didn't the National debt and budget deficit grow to record amounts under the Harris Vice Presidency? Is that not factual? So how is it possible that the same basic economic policies with all the entitlement programs, giveaways, no cost loans, tax credits, failed green energy programs and loan forgiveness do not dramatically increase the National Debt to even higher proportions? Could this mysterious unnamed "Yale economist" explain this to the American Taxpayer? Or is he or she comfortable in the cushy existence of being paid by a huge endowment making prognostications without suffering any negative effects from the same?
The statements become even more unsupported and bizarre: "Unlike Trump, Vice President Harris and Governor Walz will protect and strengthen Social Security and Medicare. They will shore up Social Security and Medicare so that these essential programs will stay solvent in the long run by making corporations and the wealthiest Americans pay their fair share in taxes." (Page 69). Does Harris mean that Corporate and wealthy individual Democrat Party political donors will be singled out to pay these higher taxes to pay for Social Security and Medicare? Or will they be able to continue to lobby for their tax exemptions and breaks as they have been for many years? Does this mean Nancy Pelosi will disclose her tax statements to show either how little (likely) or how much (unlikely) she pays in federal taxes? Magically under the Harris Vice Presidency of the past four years, she was not able to shore up Social Security and Medicare but again it is somehow President Trump's fault for this crisis that under her Vice Presidency grew unabated and exacerbated. Give us all a break.
In reading this train-wreck of a manifesto, I have set my hourglass to wonder how long it will be before some of the Connecticut local politicians, understanding nothing at all about economic principles, tout this plan as the solution. My only question is who will this bold stalwart be? Will it be Senate Majority Leader Bob Duff, who will make a tweet out of it to show his hatred for President Trump? Will it be ”Businessman Governor” King Ned Lamont The Unaccountable, who during his watch has seen more business leave the state or close than in any time in state history? Or will it be Comptroller Sean Scanlon, who showed his knowledge of sound fiscal policy and present value mathematics by dividing the debt into a small currently due portion, deferring the balance as it accrued even greater interest cost, and then he was touted by the state-run media and the “bipartisan” legislature as “The Man That Solved The State Deficit.” As I often say, the Connecticut Apple rests on the trunk of the poisoned National tree when it comes to matters of economics.
This 82-page "New Way Forward" thesis/AI/Chat GPT, drool and muck, is a Utopian lie of more socialism and economic restriction for our country and is the norm for the Democrat Party platforms. Voters need to understand that Kamala Harris has been the Vice President for the past four years covering for the incompetent and mentally senile Joe Biden and they are responsible for the runaway inflation and runaway increases in the National Debt, not President Trump. The 82-page "New Way Forward" is more like the "Old Way Backwards Warmed Over" and contains little if anything "new" economically to move "forward".
It would be refreshing to see some "new" economic thought such as a plan to balance the yearly budget, a plan to pay down the $35 trillion dollar National Debt, a plan to realistically cut taxes for the working middle class, a plan to eliminate Taxpayers monies being paid out fraudulently to individuals and businesses who wish to defraud our government, a plan to make health care affordable again, a plan to stop using Taxpayers monies to prop up our foreign enemies and a plan to restore our free market system while lessening the sickening 24% Federal control of our Gross Domestic Product. It can be done, but politically Vice President Harris does not have the abilities nor the background to change her failed ways. Truly enough is enough of the Democrats control of our economy and its Taxpayers.
