It is incredible how our leaders and media entirely disregard the well-being of all Americans. They do not care about this economy.
An immoral economy
If you want to see disregard for humanity with a smile, this is it. Firstly, why is a Republican economist who has a bias against government spending on social issues asked for an opinion on Build Back Better without proper context?
Anyway, Douglas Holtz-Eakin acknowledged that the economy is firing on all cylinders. There is some inflation in the economy, but it is not caused by shortages but by the unfettered capitalists whose monopolies have obscene pricing power.
Holtz-Eakin made two statements that show the psychopathic nature of their economic beliefs.
The first statement that should give us all pause follows.
“There’s no real problem with growth in the U.S.,” Douglas Holtz-Eakin said. “And certainly from that perspective, there’s no real danger of not doing Build Back Better. And that’s not something that’s really on the merits needed right now. It’s a political issue for the president for sure, but that’s not something that has to happen. The bigger issue is the supply chains and the inflation.”
Unffeterred capitalist imposed inflation that is not out of control is much more important than starving kids. It is more important than family leave and medical insurance.
The second statement should infuriate everyone, especially since most economists believe Build Back Better is good for the economy and would reduce the effective inflation rate for the poor and middle-class.
“It’ll be up to the Federal Reserve to deal with the inflation which will continue into next year,” Douglass said. “It’s durable through 2022 for sure, and it will be a combination of getting the liquidity out of the system and raising rates to knock down some of the probably two and a half-trillion dollars worth of fiscal stimulus that households are carrying into next year. So growth is not the problem. Inflation is. … Certainly, the first year of Build Back Better that came out of the house is stimulus in an economy that doesn’t need it and will raise prices across the board. It is true that there’s an enormous amount of taxpayer money that will be handed out in the form of child care subsidies and health premium subsidies that will offset those price increases, but the underlying inflation will get worse. This is just a matter of using the taxpayer dollars to cover up the problem.”
He forgets that increasing interest rates does the opposite. It does not help the middle-class and poor but those who would profit from higher rates, the rich.