Term Limits Are A Good Idea
Dear Editor,
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.
Chuck Mann,
Bad News, Good News of Bidenomics
Dear Editor,
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.
Christian Rice
Poor Chris. He doesn’t grasp the elementary tenets of economics. For example, it is impossible for US inflation to be “caused by global issues coming from the pandemic”, because foreign entities or phenomena do not control the US money supply. Only the US Federal government can possibly control our money supply (the Fed is not really independent).
And that’s just the first immaculate misconception is his treatise of trash.
Garbage In – Garbage Out.
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Wow, you really are not very bright…..the pandemic impacted the flows of goods which impacted supply….supply declines, prices increase. Economics 101. A very simple example is the war in Ukraine impacting global supply of wheat. Guess what….price of wheat has increased. Not all inflationary factors are driven by money supply. Only a moron would think that…. But you be you.
https://www.smartcapitalmind.com/what-is-the-relationship-between-money-supply-and-inflation.htm (since you LOOOOOVE reference material in the form of links)
Oh how rich! Chris believes that monetarists are morons!
This despite the fact that Milton Friedman and The Chicago School are universally credited with eviscerating Keynesianism. One of us is definitely a moron. Uneducated too.
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Here’s a childlike exposition of elementary economics for our resident village idiot, Chris.
Imagine we’re all on a desert island and we use a particularly scarce and beautiful seashell as a medium of exchange and a store of value (the 2 main functions of money). This works splendidly. A coconut costs 2 Seashells, and has for years. But suddenly an inundation of these Seashells occurs on every beach on the island, doubling the number of Seashells we have. There has been no increase in productivity (same number of coconuts). (1) What do you suppose will happen to the price of coconuts? (2) What do you suppose will happen to the life savings of the Elders who have worked hard to stash 1000 Seashells in a hidey-hole in their hut?
(1) The price of coconuts will double.
(2) The value of the life savings of the Elders (and everyone else) will be halved. It used to buy 500 coconuts, but now is only worth 250.
This is called inflation, and it can only be caused by an increase in the number of Seashells (the money supply). It cannot be caused by a bad banana crop or a fish famine (OPEC or Ukraine). Those phenomena will create a reallocation of resources but not an inflation.
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Imagine if an entity could control the supply of Seashells. They would have immense power over us, the people of the island. They could even tax us and then spend the money on living extravagantly, selling us “bonds” which they’d promise to repay. But they could flood the Seashell supply, collapsing the value of each Seashell, so they could pay back the debt in worthless Seashells that would cost them a fraction of the value that they had borrowed.
This is how our Federal Government creates inflation in a calculated and deliberate way, to defraud the American people, so they can spaff away massive amounts of money.
It is unconscionable and obscene – and The Biden Administration is now borrowing $5.1 Billion PER DAY, as they destroy the US Dollar.
It’s not for nothing that the credit rating of the United States of America was just downgraded (for a second time).
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Chris will not accept any of this, because the defining characteristic of Leftists is that they have a massive reality perception problem. They simply cannot see truth, or acknowledge it when faced with it.
But it might help normal people understand inflation, its cause and its consequences.
Lol, the US has been overspending for decades under both Republican and Democratic leadership yet now under Biden (who has reduced deficit spending) the use of debt is now creating this spike in inflation…. So US monetary policy has been grossly over leveraged for decades without inflation…so what changed…hmmmm maybe what change was massive disruption to supply chains due to at first Covid and now the war in Ukraine. And wait for it….corporate profits. Why corporate profits? Because now that supply chains have stabilized, corporate greed sees no need to lower prices and is therefore making record profits.
Sure, Venezuela has learned that printing money causes massive inflation but that isn’t what is happening in the US. I fully understand how you want to blame Biden but the simple observation I make above proves you wrong. As usual. Just like the lake of massive health crisis from the billions of vaccines proves your theory of how dangerous the covid vaccines have clearly been proven false by the lack of a health crisis impacting only the vaccinated.
Also note that I share a professional view (in the form of a link to a supporting article written by a reputable source) that supports my statement/opinion and all you have is your narrow personal view as if you are the expert and not just a door-to-door salesman. Cuz we all know how you don’t like experts in their field like scientists and academics. (Education make you ‘Woke’ you know.)
But you be you. Best wishes.
What a load of gibberish. Condescending, too.
Chris likes to think he’s the smartest guy in the room, so he feels threatened by someone who’s actually intelligent, and has to put them down. He’s an insecure little loser.
PS
I have an A-Level in Economics from the Oxford & Cambridge Examination Board – Grade A.
From your remarks, inflation is still 12% above where it was when Mr Biden came into office. We need deflation of that amount to take us back to where we were.
We are currently looking at gas and diesel prices on the rise. They were the cause of much the previous rise in inflation. Does Bideomics include this expected rise or is this not in the plan?
….Which is within the standard deviation of inflation over the last 10 years….and it is continuing to trend down.
Great question on the gas and diesel prices. I wrote a great letter to the editor on this subject last year. Give it a read. https://www.rhinotimes.com/letters-to-the-editor/letters-to-the-editor-june-24-2022/
End of the day, a President’s policy’s only have a limited impact on price of oil. But Biden has conceded a number of concessions to republicans and Joe Manchin as a means to move his broader agenda forward.
Oh golly gosh! Chris wrote a great Letter to the Editor and we all really should read it… because, well it’s great, even if he says so himself…
Our Village Idiot is so wrapped up in himself that he can’t even see how egotistic and self-absorbed he is.
What a narcissist.
He’s an intellectual giant… in his own little imaginary World.
Yup. Both letters use facts and data and even reference outside resources…versus just ranting about my person biased opinons. I highly recommend them for a good read on the subjects to counter the inaccurate statements made by these commentors.
Appreicate your admiration of my work. Your support is greatly appreciated.
TRANSLATION :
I can’t think for myself or engage in logical reasoning, so I just regurgitate articles I’ve seen in left wing propaganda organs.
I’m like a little child who’s forever proclaiming “Well, my Mommy says….” followed by whatever it is that my Mommy says, which I can quote, Chapter & Verse!
Aren’t I clever!
If Trump had been in office, there would have been NO major inflation. Many of these problems are direct trickle-down effects of closing the pipeline and the consequent doubling of the price of gas.
If the pipeline haad been finished, America would be energy independent and selling gas/oil to the world, thereby raising enough revenue to start paying off the national debt, rather than running it up by the trillions
Think about it !
Explain how pipelines reduce price of gasoline given that price of oil is the most significant driver of cost of cost ….. bet you can’t.
The US remains energy independent just as it was under Trump (actual term is energy neutral). We were only briefly not so for a quarter or two in 2020 as markets were a mess at peak of covid. Note, this has never meant that we don’t purchase foreign oil.
Again, see my letter to the editor from last year on basics of gas pricing….
https://www.rhinotimes.com/letters-to-the-editor/letters-to-the-editor-june-24-2022/
Also note that the deficit increased more under Trump than it has under Biden. I wrote yet another letter to the editor on this topic last year. Read it here….
https://www.rhinotimes.com/letters-to-the-editor/letters-to-the-editor-jan-17-2023/
End of day, neither party seems to be concerned with deficit spending when they hold the White House.
It takes a heightened degree of narcissism to cite one’s own work as evidence for what one’s saying.
Ever heard of circular reasoning, Smug Chris?
Optimism is good….realism is what is being ignored.
There are term limits. It’s called voting. Feel like someone is too old? DON’T VOTE FOR THEM. Don’t like who’s in office? DON’T VOTE FOR THEM. I’m so tired of the bellyaching. Term limits are part of the system already.
Term limits are at the ballot box. But you have to show up there to make it happen. Uninformed (or misinformed {thank you, Denzel}), and apathetic voters are responsible for the Govt we have now.
I believe in term limits. Let’s limit sleepy Joe to one term for God’s sake.