Friday, October 29, 2021

Biden's doo-doo economics

In 1980, former CIA director George H.W. Bush christened Ronald Reagan's supply-side economics as voodoo economics. Bush was wrong about many things. This was the biggest one because Reagan's policies worked and ended a decade of despair under Jimmy Carter.

(Carter was president for 4 years, but it felt like 10 of the worst years of my life.)

Biden is trying to spin the rising prices and empty store shelves we see as the sign of a healthy economy. His is demand-side economics.

Demand is easy. 

Jim Snyder was city editor of the Parkersburg News in the 1980s. A devout Christian, he would say, "People in hell want ice water."

Biden offers us doo-doo economics because it does not work. He is not Jimmy Carter II. Biden is the anti-Reagan, and that is where the trouble begins.

The GDP grew 2% this summer but that is a phantom number.

Inventories rose by 2.07%. On top of that, federal spending hit a record $7 trillion this year -- or double its total just four years ago. The Federal Reserve is fluffing stock prices.

Meanwhile, inflation grew by 5.4%. That's the official word. Who knows?

Ronald McDonald, that's who.

Zero Hedge reported, "McDonald's is faced with higher food and labor costs, is raising menu prices at a much faster pace than historical rates, focused on preserving profits. The problem with higher-priced menu items is that they will diminish the buying power of the working poor who frequent the Chicago-based burger giant. 

"Famous for the Big Mac burger, the company is paying more for food, packaging, and other supplies, CEO Chris Kempczinski told investors Wednesday. He said commodity costs are up 3.5% to 4%, up from the 2% increase earlier this year. On top of that, labor costs are up at least 10%. Rising labor and commodity costs are pushing up menu prices in the US by approximately 6% this year."

Prices at other chains are going up as well.

Gasoline prices have nearly doubled since last year as Biden tries to kill the American energy industry. Commodity prices for natural gas and heating oil are through the roof.

The worst is yet to come.

The Epoch Times reported, "House Republican Whip Steve Scalise (R-La.) said Democrats’ energy policies, including the proposed natural gas tax, will add to the already rising cost of energy, which will be especially obvious in increased heating costs this winter.

"Scalise led a discussion about the Heat Your Home tax, or the methane/natural gas tax, and the Clean Electricity Performance plan that Democrats are currently trying to pass in their multi-trillion dollar Reconciliation Bill to highlight what Republicans see as energy policies that hurt the U.S. economy and increase costs.

"The gas tax is one way the Democrats seek to pay for the cost of the nearly $2 trillion (as of Wednesday) spending package as well as increasing corporate and individual taxes."

Unemployment looks good at 4.8% but Biden's vaccine mandate may add another full percentage point. A broken supply chain will lead to layoffs as manufacturers run out of parts.

The R word -- recession -- is being whispered as Bidenomics fails on several fronts. His is doo-doo economics.

Which leads me to Cheech and Chong.

What that
(I don't know)
Look like Bidenomics to me
(Yah, looks like Bidenomics to me too)
Hm pick it up
Pick up
Feel like Bidenomics?
(Yah, feel like Bidenomics)
(*Sniffs* uh)
Smell like Bidenomics?
(It smell like Bidenomics)
Taste like Bidenomics?
(Yah, tastes like Bidenomics)
Hm good thing we don't step in it


  1. "Doo-doo economics."

    That should be a meme in the making.

    1. FJB, and I'll raise ya a 'Let's go Brandon'

    2. I prefer inflation over higher income taxes. If you look at a out of control government they have 2 main choices. Print money or tax to death Taxes are mostly paid by the working and investing people and the leaches pay nothing. Now we all pay and everyone is pissed which they should be.

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    1. The way things are going (see above), that will be one of the few remaining ways to make a living...

    2. But how will we pay the hookers?
      I know she has to turn tricks for food, but if things get much worse, she's gonna have to swallow to get anything from her clients.

    3. I don't know JR...I'm sure ol' edouchebag has a few STD's he could give to her!!!

  3. “When the country falls apart, states have to act like countries.”

    - Tucker Carlson, 10/28/21


  4. I just made e-4 when carter was elected. I couldnt get promoted after that did not re up. Sorry sgt major.

  5. Wow, who knew listening to Cheech and Chong would benefit me later in life :)

    1. History doesn't repeat itself, but it sure rhymes.

    2. Every time history repeats itself, the price goes up...

  6. And don't forget about "shrinkflation" - where rather than raising prices, containers are made smaller, things are made smaller, etc., etc.

    Meanwhile... saw this morning that some oil futures contracts for early next year are now trading at $150/bbl. This is going to get even worse.

    Sniffy had his "dark winter" earlier than reality. Dark, and cold...

    1. I don't see the oil price staying up past a point.
      To have real permanent increases you would need large demand increases. I know they are trying to cut supply but most the wells are in. Inflation my make a $50 barrel $90 but after that is should go down a little from lack of demand and people driving to work.

    2. A common manifestation of weed smoking is not being able to type.

  7. "Joe?...Joe?...Is that you,Joe?...Joe's not here!"

  8. "more doo-doo from the dodo"

    ranks right up there with "more mush from the wimp" IMHO

  9. There was an article in 2013 comparing the price increase of a Big Mac to the official government Consumer Price Index. It’s no surprise to Don’s readers that the price of a Big Mac has risen faster than the CPI. The government keeps changing the “basket of goods” used to calculate the CPI, for the specific purpose of fooling the public into believing inflation is not as bad as it is. Between 1986 and 2013, the CPI increased 110%, while the price of a Big Mac increased 173%. Here’s the link:
    (Crappy website. Sorry. Ads and pop-ups galore.)

  10. I've been to Parkersburg-ca.1966! Is DuPont still there, and the Kit-Kat Club?
    I just read an article that says oil could go to $112 per barrel. Will Chuck E. Schumer call for oil to be released from the Oil Reserve like he did when Bush was president? I'll bet not!

  11. This comment has been removed by the author.

    1. This isn't bad economics--it's Yuri Bezmenov's Four Stages of Ideological Subversion to destabilize a society for Communism. Or a "Great Reset". Or because China ordered their employee Biden to wreck America's economy.

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