An economist who is the acting director of the Grover M. Hermann Center for the Federal Budget at The Heritage Foundation, Richard Stern, is marking Thanksgiving Day 2023 with a warning that Joe Biden’s economy is putting an “astonishing burden” on American households.
In a commentary at the Daily Signal, he wrote that the traditional Thanksgiving dinner, at $46.90 in 2020, now is $61.17, “an increase of more than 30.4%.
“This price increase puts an astonishing burden on American households. However, that is only one of many price jumps during the Bidenomics era. Across all categories of food at home, prices are up more than 20% from when President Joe Biden took office, while energy prices are up well over 35%,” he explained.
Bidenomics also has “dramatically pushed up the first year’s interest cost on a typical mortgage from around $8,500 when President Donald Trump left office to well over $24,000 now,” he said.
From Reagan through Trump, annual interest payments on a new mortgage, with 20% down on a median house, were stable.
Under Biden? Up from $8,500 to almost $24,300…over 285% of the level under Trump! Thanks Bidenomics… pic.twitter.com/CegrUuLOW6
— Richard A. Stern (@RichAStern) October 28, 2023
Stern warned, “Thanksgiving is meant to be devoted to thankfulness for family and the many other blessings in each of our lives. But, as most American families sit down to a Thanksgiving meal on Thursday, they will also be met with a specter looming over their financial life—namely, Bidenomics.
“This rampant level of inflation hasn’t, however, been a random or unforeseeable occurrence. It’s the direct and predictable result of massive upticks in federal spending. Whenever the government spends, it does so by forcefully taking funding out of the hands of hardworking Americans,” he explained. “When a business or household borrows, it does so because the lender has faith that the borrower will be able to earn enough money to pay back the loan in the future. When a government borrows, however, that isn’t the case.
“Governments are not capable of earning money through merit alone. Nationalizing industries or raising taxes are clearly coercive. Printing more money is another form of theft, forcefully pouring water into the wine of every American’s life savings.
“Since these methods are coercive, government borrowing is as well. When a government borrows money, it agrees to use its unique power to pay back the loan with someone else’s money,” he noted.
It’s the Left, he charged, that has “propagated the lie that government deficit spending was a magical free lunch because the government didn’t hike taxes to pay for massive spending increases. As inflation has shown, in the end, there is no free lunch, just the government eating your lunch at the money market buffet table.”
The result is inevitable, he said. “With Biden and so many other politicians committed to deficits at such an absurd level, there is only one further policy outcome: hyperinflation or sky-high interest rates that crowd out economic growth.”
Under Biden, “prices are now up more than 20% since the pandemic started and mortgage rates have spiked from around 3% to 7.5%, pushing that pillar of the American dream, homeownership, even further out of reach for tens of millions of Americans,” he said.
His advice: “As the nation comes together this Thanksgiving to be with loved ones and count their blessings, let us recommit to the principles that led us to such prosperity. May lawmakers reduce the crushing size and scope of the government to allow Americans to keep the fruits of their labors and get back to building a brighter future for generations to come.”
Biden, meanwhile, is spending his Thanksgiving at the $34 million Nantucket island home of a friend, billionaire businessman David Rubenstein.
IMPORTANT NOTE TO WND READERS: Shortly after Hamas terrorists fired over 5,000 rockets from Gaza into Israel on Oct. 7 and then proceeded to attack the Jewish state by land, sea and air – torturing, burning, beheading and murdering well over a thousand people, including women, children and infants, and wounding and abducting hundreds more – world reaction was, in its own way, almost equally shocking.
For after the biggest one-day mass slaughter of Jews since the Nazi Holocaust, what followed was an outpouring of celebratory demonstrations, unbridled Jew-hatred, deliriously gleeful support for Hamas and bitter condemnation of the nation of Israel. Not just in the Arab-Muslim world, but throughout the Western world as well, including all across America.
Why? What is behind the explosion of anti-Israel, anti-Jewish, pro-terror sentiment in the United States, where Israel has long been one of America’s closest friends and allies? Why are hordes of young “woke” LGBT demonstrators marching in support of Hamas – when Hamas wouldn’t think twice about binding and blindfolding them and throwing them off the roof of a tall building – as they routinely do in the Muslim world?
It turns out there’s one area of agreement that is so powerful, deep-seated and all-consuming that the vast differences between the deranged left and the murderous jihadists melt away into Kumbaya harmony.
All of this and much more is completely exposed in November’s issue of WND’s critically acclaimed monthly Whistleblower magazine, titled ISRAEL VS. GLOBAL JIHAD: How Jew-hatred, radical Islam and Leftism are pushing us toward World War III. Beyond a deeply insightful dive into why leftists are surging toward radical Islam – which hates and dreams of raping and butchering them – this Whistleblower issue includes fantastic articles by everyone from top Israeli analyst (and former Israel Defense Forces officer) Caroline Glick to Harvest Christian Fellowship’s Pastor Greg Laurie on the current war in Israel and biblical prophecies regarding the End Times … which he says are now upon us.
WHISTLEBLOWER is available in both the popular print edition and a state-of-the-art digital version, either single issues or discounted annual subscriptions.
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