So, once again, in his flippant, smiling, and condescending style, Joe Biden has instructed all of us that the Obama administration’s designated centerpiece for reelection is “leveling the playing field for the middle class.”
It is very ironic that the misguided Democrats, led by Barack Obama, who have done more to destroy the middle class for the last four years, should now trumpet themselves as the middle class saviors.
In fact, it would appear the administration has taken a page from the Federal Reserve’s playbook.
The classic Fed strategy is to intervene themselves to such an extent in both the market and the economy that a massive bubble is created.
The end result turns out to be a financial collapse of gigantic proportions, resulting in the need, ostensibly, for some kind of hero riding to the rescue.
Voilà, the Federal Reserve is chosen to save the day.
The destroyer becomes the savior, assuming most people have short memories. Just follow the trail of breadcrumbs.
Greenspan’s 1% interest rate was the rescuer of the dot-com collapse.
And then the ensuing housing bubble, followed by collapse, followed by lower interest rate rescue, followed by credit collapse, followed by rescue, followed by collapse, well…you get the idea.
As Obamacare has led to higher health care costs, from insurance to actual delivery, businesses of all shapes and sizes have greatly concerned themselves with these increasing costs. Lack of business revenue can be directly contributed, in part, to the zero interest-rate policy (ZIRP) that rewards savers with nothing for their conservative discipline.
The voluminous layers of regulation that inhibit entrepreneurship also impede the formation of new businesses, thus deterring new job creation.
In addition, it is the desire of our current administration to penalize the successful, and reward the failures.
For decades, and even centuries, the upper class, middle class, lower class, and I imagine every class, understood that opportunity is afforded to everyone, simply by the nature of the Constitution of the United States.
Anyone with a good idea, a strong desire, or a willingness to work hard, has the potential to achieve whatever it is that they’re trying to do.
It’s the government’s responsibility to make sure that opportunity is not restricted by anyone or anything, including the government itself.
Joe Biden and Barack Obama have never learned, nor will they accept, that the United States gives everyone the same chance, if they want to take it.
That is why so many people have deeply desired to come to our great country. The Constitution says we are all granted life, liberty, and the pursuit of happiness.
There are no guarantees for success and happiness; you need to achieve that on your own.
Along with his 40-years of dedication in the financial services industry, Bill is the President and CEO of GPSforLife, has recently authored a highly successful book entitled 44th: A Presidential Conspiracy, publishes his dynamic monthly financial newsletter MacroProfit, and faithfully continues his third decade on the radio with It’s All About Money, which can be heard weekdays on Money Radio in Phoenix and in podcast form on his website (and on smartphone apps) published at billtatro.com weekdays at 5pm Eastern. Bill can be reached via email at email@example.com and on Twitter @tatroshow.
In Honor of His 103rd Birthday, Here Are The 20 Best Quotes From The Late, Great Milton Friedman | John Hawkins