Jeff Bell on Budget & Economy
A: Strongly oppose.
The most important hindrance to middle-class prosperity is the condition of the US dollar. Since 1994 it has lost over 1/3 of its value, and lost 10% in the last five years alone since the Federal Reserve began its "Quantitative Easing" program of creating new dollars. The effect of rising prices is felt everywhere: at the grocery store, the gas pump, in medical costs, and school tuition.
While Washington has gotten free financing from the Fed, everyone else has fallen behind.
This is the direct result of the Fed's policy of near zero interest rates, now in its 6th year. The suppression of interest rates below the market level has also broken down the traditional banking system, in which small businesses borrow from their local banks. The total value of all small bank business loans is approximately half of what it was when "zero interest rates" was adopted.
The charisma of the Marxist left began to fade during the West's post-WWII economic recovery juxtaposed against the stagnation of Stalinism; but by the 1960s, Marxism's mild-mannered nephew, Keynesianism, had taken nearly complete control of elite economics, especially in the English-speaking world. Keynesianism tolerated private enterprise but argued that deficit spending and the creation of excess money were far more reliable drivers of large-scale ("macro") economic growth. These 2 stimulants had one thing in common: They are achievable only through the actions of governmental elites.
Policy elites in the 1960s "knew" that the solution to recession was a temporary dose of inflationary stimulus, and that the solution to inflation was to put a temporary brake on growth.
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