The cheers from Wall Street can be heard all the way to Main Street. Biden and Congress have no plan for Main Street. Nobody is listening to their cries. Workers and consumers are being told to bend over and take inflation, recession, low wages, and perpetual Wall Street bailouts up the butt.
Biden's plan for lower inflation is laughable. You can't spend your way out of inflation. Even if this was a serious plan it would take years for Biden's plan to increase corporate competitiveness enough to reduce inflation. The plan is nothing more than Reganesque supply-side economics, which is the root of our long economic nightmare. Biden's, err, plan is just another slush fund of corporate giveaways and money for nothing to corrupt political cronies.
The Grand Compromise between Senators Schumer and Manchin on tax increases on corporations and the wealthy to pay for Biden's plan is a farce. It is the ole baloney of more pork by eliminating fraud and waste. Even the New York Times, which is the unofficial rag of the Democrats, poopoos the plan as "modest-- to be seen-- potentially will not be felt for months or years".
Biden brags that his plan will lower prescription drug costs and save the average American family $800 a year blah, blah, blah. He's lying, just like he did when he claimed that he saved you 16 cents on your 2021 July 1st family cookout.
Medicare should have been negotiating drug prices for the past 57 years. Does anybody believe it is going to start now? Americans should have universal healthcare too, but they don't. Biden is the guy that has been against it his entire political career. Biden has even said that he will veto Medicare for All if it hit his desk. M4A won't hit Biden's desk, because the Democrat-controlled Congress won't even bring it to a floor vote.
Biden is just throwing voters a bone that has no meat on it, and he is calling it filet mignon. Biden is giving corporations a trillion dollars in giveaways and increased military spending. When the politicians don't want to help the people, they don't. And they aren't. Instead, they float stupid ideas hoping the public is stupid enough to believe them. Too often too many do.
Janet Yellen floated the stupid idea of an international buyers' cartel to limit the price that Russia is paid for its oil and gas. Her idea was laughingly shot down almost immediately. Besides, Putin is not stupid to fall for a buyers' cartel, and he is not the cause of inflation, which is ravaging Europe, and spilling over to the rest of the world. Europe is the cause of Europe's inflation and its industrial suicide, and it was done at the pleasure of the Biden administration. Wall Street is cheering because the U.S. has sabotaged one of their main economic competitors. The U.S. dollar is soaring as European, British and Japanese currencies collapse.
So now the New York Times Editorial Board has jumped on Yellen's stupid cartel idea. The Board calls it an "audacious and untested idea-- the best available option".
I've got two better "audacious and untested ideas" for the Board. One idea is to use the "buyers' cartel" that Biden already has with the never-ending (unconstitutional) emergency powers he has and put a cap on the price that U.S. oil companies charge. Oil companies are making a killing and they are just using their excess profits to buy back their own stock. My second idea is my "best available option", to use the NYT's own words. Let's remove all economic sanctions on Russia, Iran, and Venezuela. While we are at it, let's remove them on Cuba, Korea, and on all the other countries the neocons hate.
Since this is my wish list, I wish to end all U.S. wars. Stop the overthrow of foreign governments and stop the fomenting of chaos all over the world. End imperialism, close foreign military bases, bring home the troops, err warriors as the Pentagon calls them, and cut the military budget in half. Half is more than enough for the defense of the U.S.
Ending military Keynesianism would be economically disruptive in the short-term, but it would be a start in reversing the deeply ingrained economic distortions, which have been baked into the economy for over half a century. Military Keynesianism is destructive to the American people and the entire world. Just in the short-term, ending the U.S. instigated war in Ukraine, and not instigating another one with China, would give immediate economic relief. The above would also be Greener than Biden's non-plan of Build Back Better.
Well, I don't expect any of my wishes to come true. That is because the U.S. is not a democracy. It is an autocracy ruled by the captains of finance, insurance and real estate (F.I.R.E.) and their greedy egotistical servants in government. As economist Michael Hudson explains, industrial capitalism came to an end in the U.S. a long time ago. The rise of finance capitalism, militarism and imperialism has greatly accelerated since the end of the Cold War in the 1990s.
Finance capitalism has deindustrialized the U.S. We have not invested in modern infrastructure, and much of what we had was privatized at bargain prices to the rentier class. Finance capitalism is subsidized, and corporate monopolies and banksters are deregulated. The U.S. is not self-sufficient because manufacturing has been outsourced. The war with Russia in Ukraine has exposed that we can't even produce enough weapons, while we spend close to $1 trillion a year on the military.
Biden and
Congress are just going to let inflation roar, while they and Wall Street pray
for the recession to cool it. Creating
recessions have been and will continue to be the preferred medicine of
banksters for inflation, but now we are being told to censored the word recession. Biden, Congress and Wall Street are kowtowing
to the shaman of the Fed to keep inflation and recession not too hot and not
too cold.
Just the right temperature of inflation and recession for Biden and Congress is measured by the next election. Just right for Wall Street is to keep the casino open. To get the porridge just right will take a magician. When the Fed's magic wand doesn't work, then Biden will crash Main Street to save Wall Street.
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