The Democrats want to keep every single one of us and our children and our grandchildren and our great grandchildren indebted for generations to come.
And, don’t dare question them on this. Even if you’re one of them. Or Else.
That’s what one former Treasury secretary, who also was a chief economist at the World Bank and, director of the National Economic Council under Barack Obama has just found out.
Larry Summers, an economist who has worked on the left side of the aisle, recently made the point that the Biden stimulus proposal is just a little too much, and may lead to inflation.
Writing in The Washington Post, Summers argued that Biden’s plan was excessive and that it might trigger “inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability.”
Summers is right.
But, don’t tell the left wing media that.
By calling out the dangers of the Biden stimulus plan, Larry Summers just invited an onslaught of attacks from the liberal media, all out to defend President Biden and excessive spending policies.
Indeed, Summers is in hot water now, being mocked and attacked by multiple liberal media publications.
Mother Jones writes that, “The White House doesn’t want to hear from Larry Summers.”
Slate writes, “Larry Summers has some weird fears about the Biden administration.”
Politico writes that Summers is “Playing the skunk at the covid relief party.”
And then there’s Jacobin which writes that, “The Era of the Neo-liberal Svengali like Summers might be coming to an end.“ In its column, the publication asks, “Why isn’t Larry Summers being driven from public life?”
You see, the left now wants to cancel a prominent economist who has worked for several Democrat administrations because he has dared to step out of line.
This is the danger of cancel culture. And, the left should know better.
While they may all be on the same page today, what happens when some people raise their hand, as Summers has done, to say – wait a minute, this doesn’t make sense.
The Democrats’ willingness to embrace cancel culture means there is no longer an allowance for diversity of thought.
If we can’t even have a serious economic discussion about our future with a scholar that has put many years into trying to advance liberal economic policies, then we are at a breaking point.
The left is willing to eat their own, including a guy who’s worked diligently, you know, on the economic side for the Democratic Party for years all for the sake of some greater good.
I don’t always agree with Summers. In fact, I mostly disagree with his views on economic. But, on this issue of stimulus, Summers is spot on. And, his party (which has increasingly moved to an economic and cultural extreme) cannot handle the truth.
Biden’s plan IS excessive. And, though Summer says, that he’s generally a believer “that the dangers of doing too little are greater than doing too much,” it is still “not an argument to justify any level of fiscal stimulus.”
But right now – President Biden seems to be talking down our economy on the heels of a positive jobs report on Friday, because he wants more stimulus.
How, dare I ask, are we going to pay it back?
And, what happens Americans make more money on unemployment than they do on actual work? How does that ensure an economic recovery?
Meanwhile, the printing presses can only print for so long before you start to see rampant inflation.
And inflation is one of the worst penalties for the poor and middle class imaginable. All of one’s savings will effectively be wiped out. After all $10,000 today could be worth much, much less in five years.
Finally, I’d argue that the danger of all this stimulus is that it will also work to exaggerate the inequalities in America by enabling those that have assets to invest in things like the stock market, to grow their worth… while those who aret trying to judiciously save for their future will be penalized.
Larry Summers is right. Sometimes the truth hurts.