https://amgreatness.com/2021/05/12/biden-mocks-ancient-wisdom/
Human nature stays the same across time and space. That is why there used to be predictable political, economic, and social behavior that all countries understood.
The supply of money governs inflation. Print it without either greater productivity or more goods and services, and the currency cheapens. Yet America apparently rejects that primordial truism.
The United States has borrowed about $29 trillion in debt—about 130 percent of its annual gross domestic product. The government will run up a $2.3 trillion annual budget deficit in 2021—after a $3.1 trillion deficit the year before.
The Biden Administration still wants to borrow more—another $2 trillion in new social programs and “infrastructure.”
In the crazy last 100 days, the price of everything from lumber, food, and gas to cars and houses has soared. Yet many interest rates are still stuck at or below three percent.
Jobs are plentiful; workers are not. Is that a surprise when government cash handouts discourage the unemployed from taking a pay cut to go back to work?
After being freed from 13 months of quarantine, Americans are splurging. But meeting their huge pent-up demand is causing shortages.
Producers fear the Biden Administration’s loose talk of impending higher income, capital gains, estate, and user taxes, along with more regulations and cutbacks in energy development.
Are the old laws really obsolete, warning not to print money, while expanding government debt, keeping interest rates almost at zero, and discouraging employment, production, and thrift? That dangerous formula used to ensure inflation, followed by ruinous stagflation.
After the death of George Floyd while in Minneapolis police custody, many big cities slashed their police budgets. Mayors damned or defunded their departments. In terror of being fired or ruined for any use of force, patrol officers slowed down response times to inner-city violence,
The result?
In almost every major city—Baltimore, Los Angeles, New York, St. Louis, Washington—violent crimes and homicides have grown by double digits over the previous year.
State and local governments believed that they were exempt from primeval laws of deterrence that warned when criminals assumed they would not be caught and punished, then they committed more crimes.
The same dangers of ignoring unchanging human nature apply to foreign policy.
Aggressive opponents such as Iran, North Korea, China, Russia, and the West Bank expect that the new Biden Administration will ignore their brinkmanship. They assume it will cut American defenses. And Biden certainly sounds to them more critical of the prior Trump foreign policy than of America’s enemies. So why not take previously unwarranted risks?