LDS Freedom Forum

tribrac wrote: ↑January 14th, 2021, 9:29 am Create hyper inflation. Then only print money for your allies.

ajax wrote: ↑January 14th, 2021, 12:57 pm So he is really only extending Trumps policy, which has been an extension of Obama-Bush- Clinton .....

Status Quo. QE Infinity

Well, we got our best indication yet of how mad a Joe Biden presidency is going to be.

Biden delivered a speech on Thursday night outlining what he called his "American Rescue Plan."

It was all about spending money, lots of it.

The package he proposed includes more than $400 billion to "combat" COVID-19, including money to accelerate vaccine deployment and to safely reopen most schools within 100 days. I note this is a virus that is not a serious threat to 99.9% of the population. There is no reason for a battle against the virus or to spend $400 billion on such an effort.

Naturally, Biden also has in his package $350 billion that would help state and local governments bridge budget shortfalls that are occurring because of the irresponsible lockdowns.

The plan would also include $1,400 direct payments to individuals, more generous unemployment benefits ( expanded unemployment benefits through the end of September, with an extra $400 weekly supplement), federally mandated paid leave for workers taking care of a COVID infected family member and large subsidies for child care costs.

He also called for a “public health jobs program” that would address his goals of bolstering the economy and the Covid-19 response while also rebuilding the nation’s public health infrastructure. The proposal would fund 100,000 public health workers to engage in vaccine outreach and contact tracing. This is, of course, nothing but inefficient, crony central planning in the healthcare sector.

The “rescue” proposal would be financed entirely through increased federal borrowing since the government has no funds to pay for such an effort. That means the Federal Reserve is going to monetize most of the borrowing which is estimated to be in the $1.5 trillion to $2 trillion range.

But Joe didn't stop there in his plan to wreck the economy. He also called on Congress to raise the federal minimum wage to $15 an hour, which would do nothing but make it impossible for the low-skilled, such as urban youth, to get that all-important first job.

Joe is about to light a firecracker under the butt of the accelerating price inflation that is coming.

Hug your gold coins.

kirtland r.m. wrote: ↑January 15th, 2021, 7:27 am
“The problem with socialism is that you eventually run out of other people's money.”
― Margaret Thatcher