On attaining office, President Biden issued a series of executive orders which revoked permits for the Keystone XL pipeline, suspended oil leasing in Alaska, halted oil and gas leases on federal land, and even invoked the Endangered Species Act to block energy resource development on private lands in the West. Not only is there “too much government creation of money” on the demand side but the Biden administration has simultaneously stymied domestic oil and gas business on the supply side. These include the teachers’ unions, other favoured unionized workers, indebted students but above all crony investors in green industries such as EVs, wind, solar and power storage technologies favored by Biden’s “ whole-of-government” climate change priorities.īiden’s inflationary binge carries a ‘double whammy’.
But outside of this general handout, the usual Democrat constituencies enjoyed wage increases and various boondoggles. The American Rescue plan included direct payments of $1,400 to most Americans and extended $300 weekly boosts in unemployment payments. President Biden’s spending binge has wide-ranging beneficiaries. That was followed by a $1 trillion bipartisan infrastructure law in November 2021, a $750 billion misnamed Inflation Reduction Act in August and a $1.7 trillion government spending bill in December. Biden signed the $1.9 trillion American Rescue Plan. President Biden has now spent more in his first two years than President Trump did during his last two years at the height of the pandemic. The Biden administration took an already bloated federal budget – which under the Trump administration spent enormous sums in response to the covid lockdowns – and doubled down on spending even more. Since 1971 when President Nixon abandoned the gold standard, with few exceptions both Democrat and Republican administrations, with the support of the House and Senate, have been spending, and printing money at unprecedented levels as if to fulfil Lenin’s means of destroying capitalism.
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