Looks like the mainstream media picked a bad time to stop “fact-checking” presidents.
Despite repeated claims by President Joe Biden that economists support his $1.9 “COVID stimulus” spending scheme, a large number of economists disagree.
Biden told a CNN town hall event in February
This is the first time in my career — and as you can tell, I’m over 30 — the first time in my career that there is a consensus among economists left, right, and center that is over‐ — and including the IMF and in Europe — that the overwhelming consensus is: In order to grow the economy a year or two, three, and four down the line, we can’t spend too much. Now is the time we should be spending. Now is the time to go big.
That’s such a brazen lie even so-called “PolitiFact” rated it false.
For one, when The Wall Street Journal polled who the media believe to be leading economists on the preferred size of a “stimulus” bill, a majority said it should be less than what Biden demands.
That means Biden’s claim, that there is a consensus among economists supporting unlimited spending, is a complete lie.
Some economists, like Olivier Blanchard, former chief economist for the International Monetary Fund – the very body cited by Biden – warn the government can indeed spend too much.
“When you make the sum of all these needs, which are real and have to be satisfied, you don’t get to $1.9 trillion. You get to a smaller number,” says Blanchard.
Liberal former Clinton administration official Larry Summers also warned that money is not an unlimited resource and Biden’s COVID spending could leave nothing for other government functions.
Many economists completely disagree with the failed belief government can “stimulate” the economy by confiscating or borrowing money and spending it on their own schemes.
The American Enterprise Institute’s Desmond Lachman warns of the obvious consequences of Biden’s spending spree.
“Lachman, like the other more cautious economists, worries about overheating the economy with too much cash. The resulting inflation would lead to higher interest rates, which, Lachman argues, would send world financial markets into a tailspin,” PolitiFact reports.
Inflation, driven in part by existing massive COVID spending, has increased 4.2 percent over the last 12 months. That is the highest increase since 2008 and is still growing.
The opinions expressed by columnists are their own and do not necessarily represent the views of AmericanActionNews.com
Michael Brigham
Michael Brigham has written for American Action News since the summer of 2019. His areas of expertise include foreign affairs, government, and politics, but regardless of the subject matter, he has a nose and an insatiable appetite for news. In his free time, he enjoys reading nonfiction, watching a mix of comedies and true crime documentaries, and spending time away from the swamp hiking in the foothills of the Appalachian Mountains.
I am creating an honest wage from home 1900 Dollars/week , that is wonderful, below a year gone i used to be unemployed during an atrocious economy. I convey God on a daily basis. I used to be endowed with these directions and currently it’s my duty to pay it forward and share it with everybody,
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This is a political forum and the the place for your scam BS.
BIDEN/HARRIS WILLSHORTLY BE OUT OF THE WHITE HOUSE
I do so hope, legally, that your assertion is true!
LISTEN UP…HOW LONG is PREZ BIDEN Going to Be Running Things???? HE is a DISGRACE to AMERICA. HE Makes PREZ TRUMP Look GOOD. NEVER Take PREZ TRUMP for GRANTED. HE is WORTH Hi s WEIGHT in GOLD. AMEN and AMEN. From SamuraiQueen. 😄😄😄
What do you expect from a serial liar!
Everyone finally realizing that biden is a LIAR??
That’s what he and his ENTIRE REGIME do, LIE!! IT’S A REAL DISGRACE THAT IN JUST A FEW MONTHS HOW BADLY biden and REGIME MESSED UP AMERICA AND AMERICANS. WE HAVE TO FIND A WAY TO GET RID OF biden and ALL HIS CRONIES. We can’t ALLOW them to continue screwing AMERICA AND AMERICANS!!
I’VE NEVER THOUGHT THAT AMERICA WOULD LOOK LIKE THIS, EVER. I ALSO NEVER HAD SO MUCH HATE IN MY HEART, AND I DON’T LIKE IT, BUT I CAN’T STOP IT, EACH DAY biden DOES SOMETHING ELSE TO ADD TO THAT HATE!!!
GOD, PLEASE FORGIVE ME!!!
I know this is nothing new, we’ve all heard it a timer to. How do you know a liberal or Democrat is lying, if their lips are moving
Socialism never works. Socialism is also immoral. It makes the government God. It authorizes stealing from other people to buy votes and power. It also encourages, promotes and communicates coveting and envying others hard work and successs. You can vote your way into Socialism , but you’ll never vote your way out. We have the second amendment to fight a tyrannical government , advised our founding fathers had just done. Not to go hunting. Socialism and communism are being forced down our throats Our taxes are being used for things we don’t want, are offended by, wasted on and ridiculously given to our enemies. So much that is going on now is Unconstitutional. Nothing is free. What do you think is your fair share of someone else’s income? Youhave no right to someone else’s income that they’ve worked for. We will help people who can’t, but will not help people who do not want to. Follow our laws. Enforce our laws. Stop committing crimes and blaming everyone else for your actions.
If you lock your home, if you lock your car door, if you lock your office door, you understand the concept of having a real and protected border. We love legal immigrants who want to come to our country, help our country love our country and obey our laws. No one has a right to invade our country and then demand benefits. We have a right to a free, fair, and legal election process. Photo IDs are necessary and rudimentary. Update the voting roles allowing only living individuals and legal citizens can vote in the USA , as in all other free countries around the world.
‘Oh what a tangled web we weave when first we practice to deceive…’ (Apologies to The Bsrd of Avon)