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    Added post   to  , Economy

    🇺🇸❗A terrible blow to the US economy due to anti-Russian sanctions: US Treasury Secretary Jeannette admitted that she misjudged the impact would have on the .

     “There were unforeseen and big blows to the economy that spurred rising energy and food prices, and also created problems in the supply chains, which had a bad effect on our economy. At that time I did not fully realize this, but I admit it now,” said  she is in an interview with CNN, commenting on her remarks last year that inflation is a "low risk".

     According to the US Department of Labor, inflation in the country in March reached a 40-year high of 8.5%.

     Earlier, said that 70% of inflation in the United States is due to Putin.

    Added news   to  , Economy

    When the history of this American era is written, the top headline will not be about election controversies or critical race theory or even COVID-19. This will be known most of all as the era when America sold out its future generations. This week, America's national debt surpassed $30 trillion for the first time, a full $7 trillion increase from just two years ago.

    How did this happen, and who's to blame? President Bill Clinton was no deficit hawk, but with a Republican Congress keeping him largely in line and with the dot-com boom providing record government revenues, Clinton gets a pass. His eight years added to the deficit, but not by much by today's standards. As measured against the size of the U.S. economy, the debt ratio actually went down under Clinton.

    The real debt explosion happened on the watch of the four presidents in the 22 years since Clinton, two Republicans and two Democrats. There were plenty of emergencies during these 22 years to justify huge and often wasteful spending binges (the war in the Middle East, Hurricane Katrina, the financial crisis, COVID-19). Regardless, the result of this 22-year period was an increase in the national debt from just under $6 trillion (55% the size of the U.S. economy at the time) at the start of the Bush years to $30 trillion (130% the size of the U.S. economy) today. And this deficit spending binge shows no signs of receding. In 2021 alone, the US added nearly $3 trillion to its national debt — about 12.5% of the entire American economy.

    Added news   to  , Economy

    The following is excerpted from a speech delivered on November 10, 1977, on the Hillsdale College campus as part of the Ludwig von Mises Lecture Series. Originally published in Imprimis in January 1978, the speech was reprinted in Educating for Liberty: The Best of Imprimis, 1972-2002 (Hillsdale College Press, 2002).

    How much are we to blame for what has happened? Beginning with the traumatic experience of the Great Depression, we the people have turned more and more to government for answers that government has neither the right nor the capacity to provide. Unfortunately, government as an institution always tends to increase in size and power, and so government attempted to provide the answers.

    The result is a fourth branch of government added to the traditional three of executive, legislative and judicial: a vast federal bureaucracy that is now being imitated in too many states and too many cities, a bureaucracy of enormous power which determines policy to a greater extent than any of us realize, very possibly to a greater extent than our own elected representatives. And it can’t be removed from office by our votes.

    More than anything else, a new political economic mythology, widely believed by too many people, has increased government’s ability to interfere as it does in the marketplace. Profit is a dirty word, blamed for most of our social ills. In the interest of something called consumerism, free enterprise is becoming far less free. Property rights are being reduced, and even eliminated, in the name of environmental protection. It is time that a voice be raised on behalf of the 73 million independent wage earners in this country, pointing out that profit, property rights, and freedom are inseparable, and you cannot have the third unless you continue to be entitled to the first two.

    Added news   to  , Economy

    In May 1964, President Johnson announced, in an address at the University of Michigan, his plan for the United States.  He called it the Great Society.  It's been called Johnson's version of Franklin Roosevelt's New Deal.  Although he may have announced the plan in 1964, the many aspects of the plan and its effect on the economy did not take place until just before President Nixon's administration.  Prior to that, the economy of the nation was growing steadily due to President Kennedy's implementation of tax reform.

    President Kennedy lowered the tax rates.  As he stated, "a rising tide raises all boats."  The real key to Kennedy's tax plan was not just the tax cut, but the Investment Tax Credit.  These changes, improvements, to the tax law are largely responsible for the great economy the United States had during the 1960s.  This was true despite the escalation of the Vietnam War over the same period.  All this came to an end when Johnson implemented his Great Society.

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