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Fabulous Friday – Biden Throws Another $6Tn onto the Fire

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Free Money Friday – Biden Pledges Another $1.9Tn for the Bonfire - Phil DavisIt’s not about the money…  It’s about sending a message.

And the message is:  MORE FREE MONEY!!!  That’s right, if you liked stimulus and even more stimulus, you’re going to love even more than that stimulus with a $6Tn budget that will put us another $2.5Tn (10% of our GDP) in debt this year.  That allows the Biden Administration to continue to forecast 6% growth in GDP and it only costs them 10% of our GDP to buy it – what a bargain!

Sure a pessimist might say “But doesn’t that mean our GDP is actually -4%?” but we don’t invite those people to our maskless parties, do we?  No, we’re looking at the positives as we kick off the summer so who cares if Biden has to buy himself an economy by increaing the National Debt by 10% in one year – that growth looks like real corporate profits and no one seems to care where they come from, so why should we? 

My daughter Madeline is an artist and she sells work on-line and I asked her why doesn’t she turn some of her art into NFTs and she refused to do it because she’s concered about the environmental impact.  And I don’t mean in some vague, non-informed way - she was quoting me statistics about energy consumption, etc. and she simply doesn’t want to make money harming the environment and I reminded her that Keynes said “In the long run – we’re all dead” but that didn’t go over well and I was thinking about the problem of explaining to people that there are right and wrong ways to make money – but that kind of gets lost in the shuffle when you need to make that money to feed your family, right?  

I think Biden is doing a lot of things right in his Budget (full details come out today) and we are actually investing in the future, not just giving money back to the top 1% as Trump did in his $4.7Tn budget last year.  Of course, Trump’s budget included $1.5Tn in cuts to Medicaid and $845Bn in cuts to Medicare,

Provided courtesy of Phil’s Stock World.

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