President Joe Biden stood proud, a wide grin on his face. He had finally achieved a notable milestone as President: the passing of a $1.2 trillion infrastructure plan.
After signing the Infrastructure Investment and Jobs Act on the White House lawn this week, Biden proclaimed:
“That’s how our system works. That’s American democracy. And I am signing a law that is truly consequential because we made our democracy deliver for the people.”
However, the reality is that American democracy often resembles a facade. This has been the case for quite some time. The passage of the Seventeenth Amendment in 1913, which allowed for the direct election of Senators by popular vote, fundamentally shifted the national governance.
In essence, the Seventeenth Amendment enables senators to win votes by promising federal funding back to their constituencies. This system fuels government spending to cater to public demand for private gains while simultaneously fostering political corruption and misconduct.
Price inflation is rapidly becoming uncontrollable. You are likely aware of this, as is your dog.
Nevertheless, President Biden insists he has the situation managed. For instance, last month, White House Press Secretary Jen Psaki stated that inflation is on the decline. What a misleading assertion!
This was around the same time that White House Chief of Staff Ron Klain—an eccentric character—backed Jason Furman’s claim that the inflation and supply chain issues only impact a small fraction of Americans. Furman, a former Obama economist and a Harvard professor, even tweeted that “most of the economic problems we’re facing … are high-class problems.”
This detached mindset has rendered Washington a hub of obliviousness. The elites appear completely out of touch, and their policies are wreaking havoc on working-class and middle-class Americans. While we cannot alter this trajectory, we can certainly reflect on its implications… Continue reading
The U.S. government’s fiscal year for 2021 passed without much fanfare, akin to a missed prediction of Dow 36,000.
Authors James Glassman and Kevin Hassett were only off by 17 years in their 1999 forecast of Dow 36,000 by 2005. Today, this prediction feels like a significant letdown.
In light of this, one must wonder: Does President Biden realize that the government he claims to lead is perilously close to insolvency?
For most Americans, like Biden, the government’s financial performance seems inconsequential. Years of budget deficits have created a sense of complacency about spending without accountability. For voters, deficits appear to be of little concern.
Currently, only conspiracy theorists and skeptics still regard the outdated practice of government accounting as relevant. Why bother when you might as well invest in Tesla shares and ride out the apocalypse?
If you missed the important details—and genuinely care—here are some highs and lows to consider… Continue reading
“I used to be a conspiracy theorist. But then all the conspiracies I followed turned out to be true.”
This insightful comment came from a friend and Wealth Prism Letter subscriber during a recent call. More on that shortly, but first, let’s delve into what sparked this statement.
In sunny California, the atmosphere is always a bit eccentric and unpredictable. The dynamics between the state’s urban areas tend to amplify the worst traits in one another, and the pandemic has only highlighted these shortcomings.
The stimulus checks, generous unemployment benefits, and eviction moratoriums have predictably led to a growing segment of the population preferring idle leisure over engaging in meaningful work.
Currently, California’s unemployment rate stands at 7.5 percent, tied with Nevada for the highest in the nation. For contrast, the national unemployment rate in September was 4.8 percent. Continue reading
In summary, the present socio-economic landscape reflects a growing disconnect between the decisions of political leaders and the lived experiences of ordinary citizens. The implications of this detachment are profound, affecting everything from inflation to employment. Understanding these dynamics is crucial as we navigate the challenges ahead.
