One former International Monetary Fund Deputy Director has a stunning report that doesn’t bode well for Imperial Leader Joe Biden. Every day, he notes, more economic experts are sounding the alarm over Biden’s shady socialist schemes. His plot to spend our way out of bankruptcy is driving America into a third-world, banana republic, Latin American style economy. Like in Venezuela, where after they ate the zoo animals they turned to their pets.
Biden gets report card ‘F’
Former International Monetary Fund Deputy Director Desmond Lachman gives the Biden regime an “F” in budget management on their economic report card. A “rising number” of his colleagues are urgently warning His Wisdom that the deranged progressive fantasy of printing money to cover unprecedented government spending will create unsustainable hyperinflation, no matter what Modern Monetary Theory voodoo they think they can use to make inflation magically disappear.
Americans will soon be echoing the sentiments of one Venezuelan, “what we really need is a solution, not those crazy measures the government is inventing.”
The plans Biden’s handlers already have on the drawing board are certain to rocket-plane “the U.S. budget deficit up to 15 percent per year,” like a passenger on Richard Branson’s V.S.S. Unity.
This, Lachman warns in his report, is “not a sustainable level of deficit spending, which may bankrupt the U.S.” Biden’s ready for that. He’s been saying for years “we need to spend our way out of bankruptcy” and he finally is getting his chance to try.
Biden’s plan to get the economy barreling back to Trump era levels involves killing it first. Once it comes back as a zombie it will exist forever, the MMT voodoo promises. Biden loves inflation. He needs it to justify the increase in taxes which will allegedly cover his trillions in overspending. That way, he can “pay people to stay home and not work.”
They tried that experiment before and it’s never ended well. As Congressman Greg Steube points out, We’re the ones “stuck paying the price for his irresponsibility.” He doesn’t need an economic report to tell him we’re headed down the same road as Italy, Brazil, and Venezuela.
Devaluation of the currency
As Lachlan notes in his report, “such policies lead to devaluation of the national currency and fuel poverty, as seen in many Latin American countries.” We’re already in trouble, he warns. “What we’ve already got in the pipeline is going to cause inflation.
Now if you can add infrastructure plan and the families plan, and it’s not going to be properly financed with real taxes that restrain spending, then you’re just going to be adding to the inflationary pressures.” Taxes aren’t as clear cut as they seem. Levying them and collecting them are two entirely different things which gets really tricky.
.@DonaldJTrumpJr on Biden's economy: "You will save an accumulative 16 cents on your barbecue. […] That's great as long as you don't have to drive to the end of your driveway, in which case the extra dollar per gallon of fuel will eat up that 16 cents." pic.twitter.com/pZWydY8OQi
— Donald Trump Jr. (@DonaldJTrumpJr) July 5, 2021
The Green New Deal is expected to be the nail in the coffin, exactly as happened in Venezuela. As Donald Trump Jr. explains, Under the Biden illusion of an economy, you “will save an accumulative 16 cents on your barbecue. That’s great as long as you don’t have to drive to the end of your driveway, in which case the extra dollar per gallon of fuel will eat up that 16 cents.”
Lachman’s report adds “the federal reserve would have to raise interest rates and halt money printing to curb inflation.” That still won’t work though, he says. “What I think has gone wrong in this country is that there’s no real constituency for anything vaguely approaching a responsible budget policy.”
Every report coming out of Venezuela underscores what America has to look forward to under Joe Biden. Not long ago, their inflation rate was around 9,500 percent. That means even when stores have food to sell, nobody can afford it. Carlos Alonso says his family was lucky. “We’ve been saved by the avocados and bananas growing near our house.” The communist government came up with a bright idea they called “plan conejo” or the “rabbit plan.”
They recommended people to start farming bunnies. “We want people to stop seeing these [rabbits] as pets and start seeing them as what they really are, two kilograms of meat full of protein.” It didn’t work. “Venezuelans traditionally do see rabbits as pets and not food, so in areas where the government brought rabbits to start farms people started adopting them, giving them funny nicknames, and even embellishing their long ears with colorful bows.”