Economy Commentary 18 Absurdities of the McConnell-Schumer Omnibus Spending Bill..

by Allen Williams

This uni-party bill will bury future generations of Americans with debt that will be passed on to their descendants .Economy Commentary 18 Absurdities of the McConnell-Schumer Omnibus Spending Bill

Commentary By Richard Stern @RichAStern

Here are some examples

In under two weeks, the new GOP majority in the House finally will have the chance to use the power of the purse to rein in the reckless administration of President Joe Biden.  Instead, Republicans seem poised to give up this oversight power without firing even a single shot. This omnibus bill would provide a full year’s worth of funding to the administration—locking in its regulatory regime and capacity to abusively wield the power of the executive branch.

This will prevent the states from any type of self-government: Considering the PAYGO provision, “emergency” funding, increases in baseline budget authority, and expected increases in debt-servicing cost, this bill would increase the 10-year deficit by $2.65 trillion—$20,000 per household—adding to current inflationary pressures.

A small sampling of this year’s rancid pork includes:

  • $1.5 million to encourage people to eat outdoors in sunny Pasadena, California.
  • $1.1 million for a solar array in cloudy Kirkland, Washington.
  • $2 million for B360, a group that promotes dirt-bike culture in Baltimore.

You will PAY OFF student loan debt.. Even though the Supreme Court blocked Biden’s student forgiveness plan, he intends to make YOU fund it in this Bill.

The Federal Reserve Wants You Fired

by Ron Paul

The Federal Reserve was no doubt troubled by July’s decline in the U.S. unemployment rate to 4.5 percent and increase in job openings to 11.2 million. This is because the Fed’s strategy for reducing the historic price inflation now plaguing the economy — caused by the Fed’s unprecedented low or zero interest rate policies — is to increase unemployment in order to decrease consumer spending. In his speech to the annual monetary policy conference in Jackson Hole, Wyoming, Fed Chair Jerome Powell reiterated his commitment to increasing unemployment, or, as he puts it, “softening the labor markets.”

Powell is correct that reducing price inflation is urgent. He is also correct that doing so will increase unemployment and slow economic growth. The Fed’s efforts to bring down inflation by increasing interest rates will also make it harder for average Americans to obtain home mortgages, purchase a car, or even pay their utility bills. Those hardest hit by the Fed’s “softening of labor markets” are also the primary victims of the Fed-created price inflation. This demonstrates the insanity and cruelty of the fiat money system, which enriches the elites while improvising the masses.

Well-connected members of the financial elite and crony capitalists benefit from the Federal Reserve’s money creation, as they are the first recipients of the new money. This enables them to increase their purchasing power before the new money has caused general price inflation. By the time the money creation has impacted the middle and working classes, the economy is racked with widespread price inflation. Therefore, a nominal gain in wages is not enough to compensate for the real price increase. So average Americans suffer from both Fed-created inflation and the Fed’s attempts to rein in that inflation.

It is amazing that more individuals do not question the idea that inflation, recessions, unemployment, and booms and busts are necessary features of a sound monetary system. Even many otherwise staunch defenders of free markets maintain a child-like faith in central banking. Some conservatives support “reforming” the Fed by making it follow a “rules-based” monetary policy. These conservatives do not understand that the problem is the existence of a central bank with the power to manipulate the currency.

Many progressives recognize the damage the Fed does to average Americans when it increases interest rates. However, their "solution” is a cure worse than the disease: make the Fed maintain low interest rates (and thus high inflation) in perpetuity—or until the continued devaluation of the currency via inflation causes a dollar crisis, leading to a major economic calamity. The main victims of this crisis will, of course, be the very Americans progressives claim to care about.

The Federal Reserve’s failure to fulfill its dual mandate of producing stable prices and full employment, combined with the damage it inflicts on the American people, make the best case for changing our monetary policy. A stable currency, safe from manipulation by politicians or central bankers, would provide the basis for long term prosperity that benefits everyone, not just the crony capitalists and the power-hungry politicians. The first steps in this transition are to finally pass audit the Fed legislation and continue the efforts to pass state laws recognizing precious metals as legal tender.

Welcome to the Nanny State

Welcome to the Nanny State, If this bill gets passed the Federal Government will dominate every aspect of our lives, but Hey !!! It’s all free.


Overview of All Proposed Spending in Biden’s Infrastructure Plan