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Posts Tagged ‘Biden’

In an interview with Fox Business last week, I touched on three policies (easy money from the Fed, Biden’s class-warfare tax agenda, and the ever-increasing burden of federal spending) that create risks for the economy in 2021.

I didn’t have a chance to elaborate in the interview, but it’s worth noting that Biden will inherit two of the aforementioned problems.

Trump has been profligate with our money, and he was that way even before the coronavirus became an excuse to open the budgetary spigot. Moreover, he was just like Obama in pressuring the Federal Reserve for Keynesian-style monetary policy.

Unfortunately, there’s no reason to think Biden will try to reverse those mistakes.

Indeed, he wants expand the burden of federal spending. And, regarding monetary policy, appointing Janet Yellen as Secretary of Treasury certainly suggests he is comfortable with the current approach.

And to make matters worse, he definitely wants a more punitive tax system. We will shortly learn whether Democrats take control of the Senate, which presumably would give Biden more leeway to enact his class-warfare tax agenda.

As I said in the interview, that would create economic headwinds.

P.S. I mentioned in the interview that we have “three Americas” with regards to coronavirus. I’m not sure I was completely clear, so here’s what I was trying to get across.

  1. Tourism-reliant states – They are going to be in bad shape until coronavirus is in the rear-view mirror and people feel comfortable with traveling and socializing.
  2. Lock-down states – They have higher unemployment rates because more businesses are shut down.
  3. Laissez-faire states – These are the states that generally allow businesses to remain open and have lower unemployment rates.

For what it’s worth, I think it’s best to let businesses stay open and to allow them and their customers to assess safety risks. It will be interesting to see whether any link is discovered between state policy and coronavirus rates.

P.P.S. At the risk of over-simplification, bad fiscal policy erodes the economy’s long-run growth rate. Bad monetary policy, by contrast, is what causes economic volatility and downturns.

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After writing about such an emotionally charged issue yesterday, let’s change the topic and enjoy a bit of levity.

I’ve shared several examples of anti-libertarian humor, most of which are fairly clever because they seize on something that is sort of true and take it to the preposterous extreme.

Here’s something with a different flavor. It basically mocks libertarians for being naively idealistic youngsters who then “grow up” and stop being libertarian.

There’s enough truth to this that I laughed, though I think the trait of being overly idealistic probably applies to all politically minded young people.

I remember thinking “let’s abolish Social Security overnight” in my younger years, whereas now I think we need to transition to a system of personal retirement accounts.

Is this a sign that I’ve “grown up” and that I’m no longer libertarian, or is it simply a recognition that progress sometimes has to be incremental if we want to achieve libertarian goals?

I think the latter, so I don’t think the image is accurate. But it’s still funny.

Now let’s share some pro-libertarian humor, adding to an unfortunately small collection (here, here, and here).

Though I guess it’s only pro-libertarian by process of elimination because it describes what it’s like when people other than libertarians are in charge of government policy.

And since there’s plenty to criticize when looking at both Republicans and Democrats, you can see why this is appealing.

Now let’s close with some humor produced by libertarians. The always-clever crowd at Reason TV snagged an interview with President Obama. Sort of, keeping in mind that this video was released on April 1.

I especially like the jabs at Biden at the end.

And since I shared my collection of Obama jokes at the bottom of this recent post, let’s take this opportunity to recycle (and re-enjoy) these examples of Biden humor.

We have this caption contest, which led to a clever winning entry.

Here’s an amusing joke (with the naughty word redacted), and the late-night talk shows have produced some good one liners about the Veep hereherehere, and here.

And let’s not forget the laughs we all enjoyed when he asserted that paying higher taxes was patriotic.

Last but not least, Biden is (in)famous for his self-defense advice and he also featured in a few of these amusing posters.

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This entry was submitted by email. While several of the posted comments made me chuckle, this one earned a laugh. And the person (who wishes to remain anonymous) clearly put in a bit of effort.

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Here’s a very nice video mixing powerful statements by Ronald Reagan with the incoherent ramblings of the buffoons now in charge of Washington.

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