The nation is in fiscal trouble; anyone who hasn’t been living under a flat rock since about 1980 knows this. But Congress, it seems, always lacks the smarts to pound sand, and so keep compounding the problem. Now, things may be coming to a head.
Despite multiple warnings from economists that his $2 trillion rescue plan, coming at a time when the economy had already roared back from the COVID lockdowns, would spark inflation, Biden signed it into law only months after taking office.
Since then, he has piled more and more spending on top, at times with bipartisan support, all paid for with borrowed money. And sure enough, inflation spiked.
Now, households are paying dearly in the form of sharply higher prices for food, energy consumer goods, rents, and just about anything else they buy.
At the same time, Biden pushed through tax hikes and unleashed federal regulators, who are now gleefully writing rules to ban gas stoves, force electric car sales, slap massive new costs on energy producers, with plenty more to come. These are all anti-growth policies that are having their expected effect.
This is what Bidenomics is all about. And now we have a budget crisis that is snowballing.
All of these numbers, of course, are based on our acceptance that the government is telling the truth about the budget and revenue shortfalls; it would be no surprise if things were actually much worse than we think.
The one thing I never see in these analyses is the necessity of taking a meat axe to the Imperial budget. It is the only sane option at this point. Reduce spending dramatically by eliminating any Imperial agencies that are not specifically authorized in the Constitution.
Did I say Imperial? I meant Federal. I don’t know why I keep making that mistake.
As I was saying: Swing that axe. Education? Gone. Commerce? Gone. The EPA? Gone. Energy? Gone. The FBI? Defund it, shut it down. We already have a Federal law enforcement agency, the U.S. Marshals. We can keep State, Defense, and Interior; that should solve whatever issues are the legitimate role of the Federal government, and will enable Washington to more easily fulfill its rightful duties: To protect our liberty and property. Let’s get government out of the many other roles in which it has no business, as well.
In a fiction series I wrote over at Glibertarians, I posited the unlikely event that a pair of hardscrabble Inupiat oil-field workers from Alaska’s North Slope campaigned for and won the Presidency and Vice-Presidency. In that unlikely but fun scenario, the new President responded to Congress’s first budget submission with a hand-written note, delivered to the Senate Majority Leader and the Speaker of the House. That note contained four words:
“**** you. Cut spending.”
A pipe dream, sure. The one thing that might save us? Absolutely.
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