Arr, Biden be claimin' to possess the grandest economy, but 'tis only the precious few elites be benefitin'!
2024-02-16
Avast ye mateys! Since this cursed pandemic hath struck, there be a mighty heap of gaslighting upon our economy, an' it be cloudin' the dire state o' our finances. Arrr, things be lookin' grim indeed!
On a recent episode of his "Club Random" podcast, comedian and HBO's "Real Time" host Bill Maher spoke with fitness guru Jillian Michaels about the economy. Maher claimed that America "won the pandemic economically," to which Michaels expressed frustration and disagreed, citing inflation and rising costs. It's not surprising that Maher holds this view, as the pandemic response led to a historic transfer of wealth from the middle and working class to the wealthy. If you own premium real estate or stocks, you might feel like a winner, but Michaels saw the reality of the situation.The pandemic response accelerated destructive fiscal and monetary policies, widening non-merit-based inequality and setting the stage for a future financial crisis. The US has accumulated over $34 trillion in debt, with levels that would trigger a currency crisis if we weren't the world's reserve currency. Projections show that US debt will exceed $54 trillion in the coming years. Despite warnings from rating agencies and experts, there is no believable plan to change this trajectory.
The deficit-to-GDP ratio is double the historic average, which is concerning considering the high cost of financing deficits. Economic growth comes at a steep price, and most Americans are struggling to keep up with the rising costs of living. Savings rates have dropped, household debt is at record levels, and inflation has made housing unaffordable. Policy decisions from the government and the Federal Reserve have put the country on a dangerous path.
Hiding from reality or being out of touch with the financial struggles of everyday Americans won't solve the problem. We need a wholesale connection with reality and a change in policy to address the unsustainable and fractured financial foundation we currently have. Until then, we cannot claim victory in the pandemic economy.