Piggy-backing comments of Steve Forbes about the potential of an economic catastrophe, Mark Levin adds, "What would follow an economic catastrophe would be an evisceration of our constitutional rights making the recent pandemic look like a joke."
Steve Forbes: Harris will plunge U.S. into a 1930s economic catastrophe. I’ll add, and what would follow an economic catastrophe would be an evisceration of our constitutional rights making the recent pandemic look like a joke. https://t.co/5c5zXFhKw8
— Mark R. Levin (@marklevinshow) September 22, 2024
There is nowhere to hide from the consequences of President Joe Biden's economic policies, as indicated by the economic foretelling of Forbes Media chairman and editor-in-chief Steve Forbes and talk show host Mark Levin. Things are more expensive, and the toll of a prolonged period of price increases is being felt. The Bureau of Labor Statistics tells us that the Consumer Price Index, overall price increases, is up 2.5 percent as of August of 2024 from August of 2023. The BLS also tells us that the CPI is coming off a period of sustained high inflation not comparatively experienced since the 1980s. The strain (or tax, a more appropriate term for this subject) on the macro economy by high prices would be difficult to quantify.
Federal Reserve chairman Jerome Powell repeatedly states that the goal for inflation is 2 percent, yet the CPI has not dipped to or below 2 percent since the February recording in 2021.
How the U.S. plans to dig out of economic disaster is vitally important.
Democrats push spending, spending, and more spending. That push continues, despite the high inflation that persists. If high inflation is too much money chasing too few goods and services, then spending cuts should be considered a method of inflation reduction.
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Democrats push higher taxes. High taxes affect everyone and everything in an economy. An employee is personally paid less of his earned income due to a higher tax rate. The options for employment are constrained because an increasing amount of corporate revenue is going to paying taxes rather than payroll. Prices are higher, like at the grocery store or gas pump, when high taxes force them up. See how broad an impact high taxes have on everyone. You might have heard it posited by some Democrats that taxes are to be raised on the wealthiest only. But high taxes trickle down to affect everyone and everything in an economy. The capital that an -illionaire pays in taxes is capital that does not go to purchasing a good or service from someone who is not an -illionaire. It trickles down.
Democrats allow for an out-of-control regulatory environment. Laws passed by Congress are to be enforced by government agencies, but the power of the executive does not extend to legislating from departments.
Digging out of a hole is a tough proposition.
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