By big majorities Americans disapprove of Biden’s economic policies. The only conceivable reason the Democrats are pursuing them is to reward politically useful special interests.
Hugh majorities of Americans view the country on the wrong track under the Democrats. According to Real Clear Politics, 61 percent of Americans think the country is on the wrong track versus 33 percent on the right track. That a spread of negative 28 percent. In contrast, for much of the Trump presidency, the spread was less than 20 percent.
Biden’s job approval stands at negative 10 percent overall and on the economy, a negative 11 percent. Only 42 percent approve of Biden’s handling of the economy. 53 percent disapprove. According to Rasmussen, only 62 percent of Democrats approve of Biden’s handling of the economy.
Most ominously, only 43 percent describe Biden as mentally sharp. 56 think he’s not too well.
83 percent of Americans are concerned about inflation with 57 percent being very concerned. They should be. With the Federal Reserve money printing in overdrive, inflation is the logical result. As Milton Friedman put it “inflation is always and everywhere a monetary phenomena”. This fundamental law of economics is no different in the United States in 2021 as it was in the 1970s.
So with Biden and Democrat economic policies polling terribly, why are the Democrats continuing to push for more spending and money creation? The answer is that they are betting that rewarding key special interests will keep them in power in 2022.
To start with, consider the little noticed plan to hand out taxpayer cash to journalists. Yes really. That may keep the mainstream media in the Democrats satchel but it will also destroy the last shreds of credibility of the press. As the Wall Street Journal put it: “A federal subsidy would do more harm than good. Subsidies from Washington conflict with the democratic mission … which requires an independent press. Local papers in the mold of left-leaning National Public Radio stations wouldn’t serve a politically diverse public. Most Americans already mistrust the press, and making journalists more dependent on government will compound the suspicion of bias. ”
The Democrats spending plans are full of racial and gender preferences and special deals for the Democrat’s union supporters; tax breaks for elite private universities; tons of spending on green new deal boondoggles.
All of this special interest spending is sure to further divide American society.
The only possible reason that the Democrats are pursuing these plans is that they view American democracy as so broken that the public at large doesn’t matter, only those with money and political influence do. Let’s hope they aren’t right.