BLUF: This article critically examines the economic approaches named “Bidenomics,” challenging its efficacy and transparency, particularly within the context of the fiscal health of the US post-2008 economic crash and subsequent stagflation.
OSINT:
Often, the complexities of economics allow politicians to present numeric data out of its true context effectively. As many individuals do not delve into the depths of monetary policy, unemployment statistics, and the dynamics of inflation vs deflation; they ingest sound bites from the news or on social platforms and carry on with their lives. Therefore, frequently, economic crises take the population by surprise. The establishment affirms all is well and fewer individuals question the narrative amidst numerous cautionary signals.
The motivation to deceive the public with predictions of imminent wealth during instability is multifold, but the primary goal is to placate the middle-class population as long as possible to delay potential uprisings (considering the middle class is predominantly conservative and poses the most substantial threat to any corrupt regime). It is important to note that economics is the root of power, and shaping economic perception is key to influencing the masses.
Post the 2008 economic slump, the US, under Barack Obama and Joe Biden with the Federal Reserve’s support, witnessed the national debt nearly double from $10 trillion to almost $20 trillion in a worrying misuse of monetary policy. Following scrutiny led by figures like Ron Paul in 2011, a limited audit of the Federal Reserve bailouts at the time revealed at least $16 trillion created from the void to support the crumbling system.
Besides, an aspect worth noting is the disparity between the “official government data” and the real data, which tends to be meticulously hidden and thus impossible to quantify. For instance, a quick look at the M2 report shows the money supply skyrocketed starting in 2020 and rose exponentially through 2021 and 2022 – a 40% hike in merely two years. This surge is why the expense of essential goods has risen by or over 25%.
Talk of “Bidenomics” and claims of reduced inflation and salvaging the economy have been critiqued as misleading and manipulative, mostly when it is uncovered that the bulk of the financial recovery is mainly due to the Federal Reserve manipulating interest rates instead of any economic improvements.
RIGHT:
From a pure libertarian perspective, the critique in the source article rings true. The heavy reliance on central monetary policy and fiscal stimulus to manipulate the economic landscape offers little more than a temporary façade of recovery and growth. The increase in national debt, manipulation of interest rates by the Federal Reserve, and exploitation of taxpayer dollars raise significant concerns over the real and long-term health of the economy. Meanwhile, the façade created by this spending spree might lead to complacency and unpreparedness in the face of a potential economic downturn.
LEFT:
A left-leaning perspective might argue that despite the author’s critique, Bidenomics remains a necessary band-aid for the troubled U.S. economy. Given the unprecedented times, unconventional methods such as intense stimulus spending and efforts to prop up the economy might be the best short-term response. While the critique regarding the transparency of official figures and role of the Federal Reserve raises valid concerns, these might be necessary concessions in the face of an economic crisis.
AI:
Whichever way one chooses to interpret the commentary, the observation carries an underlying merit: citizens need to be more vigilant about economic policies being implemented, considering their long-term impact. Particularly, questions around the role of the Federal Reserve, the increasing national debt, and surge in the money supply necessitate a closer look. Furthermore, a disconnect between official government data and real data positions matters of transparency at the forefront. Lastly, a habit of disguising economic crises with the promise of imminent prosperity only serves to delay the inevitable and potentially heighten the damage.