If neither dominant party represents you, consider the Libertarian Party.

Deflation

A century of Federal Reserve induced inflation is a difficult trend to stop.

Anyone who promises to reverse the inflation of the last three–plus years quickly is disingenuous. The "cure", deflation, can be worse than the malady. Parts of the US population will bear the brunt of recovery. Sadly, the politically connected will NOT suffer.

Cumulative

Inflation is cumulative. Current inflation woes add to prior inflation suffered.

Today inflation is 3.3% for the period ending May 2024.

Inflation for the Biden/Harris administration is 20.11%, Jan 2021 thru June 2024.
Inflation for the Trump administration was 7.26%, Jan 2017 thru Dec 2020.
    Using the Bureau of Labor Statistics' inflation calculator.

Rollback

To undo increased prices (inflation) those same prices have to be reduced (again definitions matter!). Some segments of society are immune to the devaluation brought by deflation:

•   The politically connected
•   The financial industry, including The Federal Reserve
•   Workers whose livelihoods do NOT have foreign competition, especially the military–industrial–complex

This is most certainly a moral hazard.

2021 Prices?

I do NOT see The Fed, nor presidential edict returning us to 2021 price levels. The mismanagement since Jan 2021 is to be permanently borne by US citizens and residents. Another reason for We The People, small gov't.

Gov't "price controls" introduce additional unintended consequences.  Every.  Single.  Time.  New Deal price controls were in place thru 1980. They caused the mutlitple recessions throughout the 1980s. Price controls?  Absolutely NOT.

IMF Demands

Debtor nations approaching the IMF for new loans are asked to:

•   Stop imports
•   Impose austerity measures – reduce domestic gov't spending

What's good for irresponsible foreign nations … is also good medicine for a faltering US economy. We certainly should curtail additional loans/debt. Prudent cost cutting is also required.

Avoid Future Deficits

My program to address the massive federal debt could, in time, bring us to budget surpluses. This should also include a two–year budget prepared and administered by Congress.

Speical Taxes

It may also be a time to institute special taxes (I can't believe I even said it …)

Let me explain. If a congressional desire to spend beyond the approved budget is agreed to, a speical tax can be instituted to pay for that unbudgeted situation. Today I see possible special taxes:

•   War with China tax … if sabre–rattlers have their way
•   Support Ukraine tax – else, current foreign aid stops
•   If Progressives get their way
  •   Medicare for All tax
  •   Green New Deal tax
  •   … any other Progressive high–cost dream tax

In our republic these speical taxes would require a congressional vote; hopefully requiring a two–thirds (veto proof) afirmative vote. BIG spending Representatives and Senators may have to soon update their resumes. In the end US taxpayers would have the final say, as WE should.

Life, Liberty!, Property

This page informed by Secrets of the Temple by William Greider
Added Aug '24
Web Author - Mike Kolls