#inflation #taxes #Democrat #Biden #economy
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Joe Biden’s 1st 100 days will set the tone for what that the administration wants to accomplish.
The new administration’s economic agenda has priorities that may well differ from yours and mine
That is not all…
The New Republic points out, a newly elected 50-50 Senate “dramatically changes the power realities awaiting Joe Biden on January 20.”
Because the new VP Kamala Harris will represent the Senate “tie-breaker” vote.
Meanwhile, Mitch McConnell (R-KY) will become the minority leader. That means he will not be able to obstruct proposed legislation as he has been able to do in the past.
So those 1st 100 days that set the tone for the administration, what might they look like.
Renowned economist, nationally and internationally accoladed business recovery expert plus savvy political observer Bruce WD Barren pointed out the reality of these things today, as follows: Raising taxes which will lead to increased consumer prices and reduced personal savings, the Green New Deal, expansion of Barack Obamacare as the 1st step toward nationalized healthcare, the return to lower import tariffs, political appeasement in international affairs, along with a massive aid/relive/stimulus bill full of pork-barreled spending by favored politicians.
“Add to this the problems associated with open immigration with border security in name which will adversely effect lower income families, an appeasement deal with China and Iran. All will become destructive elements to our economic recovery despite a vaccine(s) to solve the Covid – 19 pandemic, thanks to the extraordinary efforts of the outgoing Administration.
“Forget the accomplishments under the Trump Administration for they will be quickly enviously and spitefully be eroded with a return to the worn out Obama economic policies. Instead be ready for increased unemployment, questionable economic growth potential and real inflation. These will all have a negative effect on the Consumer Confidence Index which is a key fueler to continued economic recovery. Further, the words for National Unity will be set afire as just a passing of political words for our problems will have a stronger possibility of deepening and the thoughts of “Make American Great Again” will become buried as a meaningless yesterday’s slogan.
Shayne and my call is that there is the potential for a more alarming shift in the balance of power.
The people I spoke to Wednesday overall agree that 1 of the 1st pursuits of a Democrat-controlled Senate would be admission of statehood for both the District of Columbia and Puerto Rico. Such a move that will guarantee both 2 Senators and a Democrat Senate majority for yrs to come.
Imagine not a 1-vote advantage, but the permanent addition of 4 left-wing votes to the Senate.
The repercussions could last for decades.
Add to that we can expect a Biden agenda of higher and more taxes, more regulations, more lockdowns, and more stimulus and a collapsing stock market.
Mr. Biden’s policies are expected to stir up the following headwinds:
- Higher taxes under the Biden administration would put more financial pressure on already weary retirement savers
- Barack Obamacare does not look like it has done much good, and expanding it means raising every American’s taxes
- Increasing economic stimulus helps those people who have not saved or planned for the future temporarily, but the prior round of big free money went to pay off special interests at taxpayer expense.
- More stimulus means more public debt, which already more than doubled from $12-T to nearly $27-T since the 2008 Great Recession
- Today, the millions of unemployed face rising inflation, and are trapped in locked down cities. Yet again Mr. Biden’s 1st 100 days may include a nationwide 100-day lockdown, kicking many in America that are still down but not quite out.
Bottom line
The economic reality for millions of The People is grim now. Mr. Biden’s administration does not have a coherent plan for making it better.
There is only so much Zero interest rates and monetary inflation can do to revive an economy that will soon be on life support. Mr. Biden’s has not included any business people on it.
That same economic strategy that was used in the Hussein Obama administration will devour the ordinary American’s savings and crush the dream of a stable economic future.
So, it a good idea to stop worrying about what is happening in the White House, because you cannot control it. But you can think about what you can control, and what you can do now, to secure your future.
Get your savings and retirement in order now, before the things you cannot control destroys what you are trying to accomplish.
Consider adding protection to your retirement through diversification into a variety of asset classes, especially those disconnected from the devalued USD and high valuations.
Precious metals such as gold and silver can diversify a comprehensive retirement savings plan, tend to go up when the stock market crashes, and retain their value even when the lights go out and have for 5,000 yrs.
Have a healthy day, Keep the Faith!
