Let’s face it, folks. American political discourse today is riddled with empty rhetoric, poor thought, and a lack of clarity. Long gone are the days of persuasive leaders who spoke eloquently and passionately about their nation. Now, we witness politicians, including President Biden and Vice President Harris, fumbling with their words. Hardly a favorable show for our global leadership or any leader of note.
Even Jared Bernstein, the President’s Economic Group’s chair and often termed as one of the administration’s more articulate figures, leaves much to be desired. Despite being frequently televised, enthusiastically whitewashing dismal economic numbers as “Bidenomics” taking effect, Bernstein’s confident persona is clearly flustered when grappled with the basics of economics. The very core of his job!
Recently, Bernstein was at a loss of words when asked why the government borrows in a currency it prints itself. He stuttered, struggled, gave a convoluted explanation about the government printing money and selling bonds, before admitting he, too, was confused. It’s not inspiring when a government figure tasked with economic policymaking cannot explain basic concepts of economics.
Adding another layer to this grim saga is our staggering $34 trillion national debt, and the heartless refusal by Congress to trim our spending. Democratic calls for increasing taxes on corporations and the wealthy only underscore the unfortunate fact that our current leaders are not capable of righting the course of our faltering economy.
Meanwhile, globally, China and Saudi Arabia are shying away from purchasing U.S. debt. Financial analyst Ric Edelman believes this might hike our interest rates, while also arguing that the rise of stablecoins could offset the impact. However, the pattern in history suggests that no nation can continuously exist under such an enormous debt.
Moreover, revelations about depleted Social Security and Medicare funds, an open border policy, and a divided society reluctant to adhere to common moral values evoke the fall of Rome and past empires. To avoid the same catastrophe, America desperately needs to alter its ways.
Thomas Jefferson once said, “We must not let our rulers load us with perpetual debt.” Truer words have not been spoken. As Americans, we must demand and expect more from our leadership — clear and concise answers, prudent fiscal decisions, and forethought into the future of our nation. We must not allow our nation to drown in debt, leading us towards an impending doom, as have other empires before us. It’s urgent; it’s important, and we must act now. Let’s ensure our high-ranking political figures realize the urgency of this matter and take decisive action towards rectifying our American economy.
