Joe Biden’s handling of the economy has been nothing short of a disaster.
Inflation has reached a 39-year high.
And the establishment has an insane “solution” to Biden’s failing economy.
The corporate-controlled press has been bending over backward to sell Joe Biden’s economy to the American people.
But the propaganda has little effect when inflation is rising and people’s gas and grocery bills are creeping.
And Bloomberg News had the most insane advice imaginable – telling people to spend their paychecks as soon as they get them.
The article suggests Americans borrow ideas from Argentina where inflation can go as high as 50%.
“Spend Your Paycheck Right Away: In a high-inflation economy, money that sits in the bank is losing value. Each day, those $100 on deposit buy a little bit less. As a result, many Argentines spend their paychecks as soon as they receive them, carting away weeks worth of groceries in a single shopping trip, even if some of it — excess meat, chicken, fish — will sit in the freezer for months.”
Instead of being forced to cope with absurd levels of inflation, establishment politicians should be pursuing sound monetary policy.
It’s true that inflation eats into savings, which means worthwhile investments need to exceed the rate of inflation, but encouraging more spending is not a real solution.
“Borrow Lots of Money: And don’t hesitate to borrow money to finance some of those big purchases. If you can get a loan at a rate below inflation — something that’s possible for many Americans today — go for it. Inflation will make it easier to repay the loan in coming months and years.”
This is what contributed to the subprime mortgage crisis that imploded the economy in 2008.
Distorted markets create malinvestment, which creates bubbles, which eventually burst and cause a lot of pain.
Instead of soft-pedaling the scourge of inflation on the American people, there needs to be some sense of fiscal responsibility coming from leadership and the so-called “mainstream” media.
Thankfully, the Bloomberg article was widely mocked.
“You will own nothing and you will be happy” https://t.co/USdiv5zdQ0
— Carol Roth (@caroljsroth) December 12, 2021
Finance author Carol Roth quoted a slogan from the World Economic Forum, a globalist institution run by Klaus Schwab.
The central planners love policies that put more money and power in their hands.
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