Feigning Ignorance ?

(Feigning Ignorance ?)

In entries past, June 28th was used to talk about how, in 1914, the Heir to the Austro-Hungarian throne was assassinated in Sarajevo, sparking the First World War. Or, how in 1942, the Germans began the second year in the Soviet Union, the campaign that led to defeat at Stalingrad the following November. It is interesting that those same battlefields are in use today in the Ukraine War. But this June 28th, the terms will be more economic. The White House has been promoting what is being termed "Bidennomics." That is in marked contrast to so-called "Reaganomics' and there are precise reasons why.

When he came into Office in 1981, he embarked on a series of economic reforms that included tax cuts, de-regulation, and a re-vitalized Pentagon. Those policies began an economic expansion that had persisted till recently. What President Reagan engaged was supply-side, the combination of cutting taxes, but increasing revenue and "lifting all boats in the process," was in the process of re-building the middle class. Then the pandemic hit and these supply side theories lost their biggest champion in President Trump.

If it is the policy of an Administration to have vibrant growth, low inflation, a stable currency, and full employment. However, supply side policies do not meld well with Big Government. They do not work with socialistic aims. If people are employed, they are less likely to need some government program. They would tend to act as individuals rather than adhere to the dictates of a collective.

The Biden White House declared as much when Press Secretary Ms. Jean-Pierre declared that "Reaganomics" to be replaced, with the widely popular "Bidenomics." Instead of tax cuts, the President favors tax hikes. Whereas there was a limit to regulation under a supply side regime, volumes of red tape get added to the national register under Biden. People are being expected to cooperate, to accept any and all mandates and adapt to Biden's green agenda. That is especially true when it comes to energy.

It has been frequently argued that the Biden Administration is not working for the benefit of the American people. He is not interested in economic growth, not a stable dollar, but he keeps insisting that the fair share gets paid. That would be for everybody except his son.