A government that exists to maximize the opportunities of its people – is a representative republic.
A government that exists to maximize the profits of its big businesses – at the expense of its people – is a fascist nightmare mess.
The United States – has now long been the latter. It wasn’t always thus.
World War II decimated most of Europe – and much of the rest of the world. While leaving the US almost entirely unscathed (with solemn remembrances of Pearl Harbor and Hawaii).
Which left US – as the world’s manufacturer. Because we were the only ones with any substantial infrastructure still standing. And US manufacturing – ramped up for war – seamlessly transitioned to peace.
Which is why post-War America was so incredibly great for Americans – despite the federal government never really reducing taxes raised to pay for the war.
Single-income American families were able to almost effortlessly pay for lives, homes, vacations – and even college educations.
Because America was making things – and hiring Americans to do it.
Then came the Globalists.
The Globalists first began exerting their influence in foreign policy. There was zero US national interest served by going to war in Korea – then Vietnam.
But like federal taxes, the military-industrial complex was ramped up for war – and never scaled back afterwards. They needed things to do – and on which to make many billions of dollars.
President Dwight Eisenhower sure knew of what he spoke.
The Globalists really got to work on US domestic policy in the early 1970s. President Richard Nixon made a 1972 trip to Communist China – while the Chinese were still shooting at us in Vietnam.
Which was a nascent first step towards the US outsourcing to China much of its manufacturing – and with it our economic prosperity.
Turning China into “the world’s sole manufacturing superpower” – and the US into a Rust Belt rust bucket.
US government lockdowns in the name of China’s virus – revealed just how idiotically over-dependent we are upon them for…everything.
As Wall Street worked with Big Government to screw Main Street? Wall Street and Big Government incessantly lied to us:
“What’s good for Wall Street – is good for Main Street.”
Except while Wall Street soared – Main Street burned to the ground.
We were told being force-converted from a Manufacturing Economy into a Consumption Economy – was a really great idea.
Somehow, we were told, the US won’t make anything – but we’ll magically spend our way into prosperity anyway.
The US is now a 70+% consumption economy. Are you feeling any prosperity?
To quote the great flick Sicario:
“Are you feeling that on the street? Are you getting the vibe that we’re winning?”
I would posit that at least 70% of Americans – are not.
When you aren’t making any money – but still need to, you know, live and eat? Really bad things start happening.
Like record $1.2 trillion credit card debt. Like the lowest home sales in nearly three decades.
A 70+% consumption economy? Is why the government’s answer to everything – is to print trillions of dollars and shotgun it into the country.
Because the economy is nigh entirely predicated upon the consumption machine continuing its consumption.
Except all that money printing – leads to a bit of a money inflation problem.
When President Donald Trump left office – the inflation rate was 1.4%.
Under President Joe Biden – with the trillions of dollars printed for idiocies like the ridiculously misnamed “Inflation Reduction Act?”
Inflation skyrocketed to 9.1%. Which then led to Team Biden taking ridiculous victory laps – as it fell back to more than double Trump’s exit rate.
Making everything vastly more expensive – is an even worse idea when you’re a 70+% consumption economy.
Which is why home sales are so low. Which is why credit card debt has increased by 48% – or more than $500 billion – just since 2021.
And when the government inflates money – the government must raise interest rates.
Then the rates credit card debtors pay – double in a decade – to record highs. And inflates home mortgage rates – beyond any reasonable accessibility.
All of which – and more – makes it harder and harder for consumers to continue their consumption.
And since Wall Street and Big Government have succeeded in transmogrifying our nation into a 70+% Consumption Economy?
All of that – is really great news.
Editor’s Note: This also appeared in Townhall.