Term Limits Are A Good Idea
I don’t think that there should be age limits, or competency tests, for citizens that run for political office. I do think that there should be term limits for all elected officials. Senators Dianne Feinstein and Mitch McConnell are good examples of why this is a good idea. I think that all elected officials should be limited to one term, or two non-consecutive terms.
Bad News, Good News of Bidenomics
I have been highly critical of the Biden administration’s handling of inflation from the beginning of his term in office. While a good deal of the inflation has been caused by global issues coming out of the pandemic, it has also been the result of overspending from the last massive and unneeded stimulus bill passed by Congress. In addition, now that the supply chain issues that contributed to inflation are mostly resolved, corporations are taking excessive profits from the lowering supply chain costs.
The poor initial handling of the inflation and its impact on the everyday consumer is the bad news.
The good news is that Bidenomics seems to be heading the US economy to a soft landing with strong momentum for our future. Bidenomics is defined by the enactment of industrial policy through public investment, reinvigoration of antirust policy and (most importantly) empowerment of workers.
Results that point to a strong future.
- Annual inflation fell from nearly 9 percent last June to just over 3 percent this June.
- Greatly reduced recession fears. GDP growth accelerated to a 2.4 percent annual rate in the second quarter and is expected to pick up to a 3.5 percent rate in the third quarter
- Increase in capital investment in manufacturing (2021 saw the largest increase in capacity of 12 percent and the first time since the ’90s that manufacturing has increased as a percent of GDP).
- Unemployment remains at historic lows below 4 percent even with the fed increasing interest rates
- Wage growth in the United States averaged 6.20 percent from 1960 until 2023, reaching an all-time high of 14.79 percent in April of 2021
While we all continue to feel the pains of inflation, these economic indicators give hope to the future and indicate that Bidenomics is on the right path.
It should not be ignored that some of the components of Biden’s economic policy include a continuation of some of Trump’s policy such as China trade tariffs and reduced investment in foreign trade agreements (that send jobs offshore). Key is the continued government support and investment in industries deemed important to the national and economic security of the country and continued policies that focus on reducing the growing wage gap (including increased taxes on the top income brackets).
Regardless of who wins in 2024, I hope for the continued building of US economics and the continued longest period without a recession in the history of this great country. I hope you share in my optimism regardless of politics.