Economic Woes: Biden Blames Trump. Trump Blames Biden. They’re Both Right.

Long Beach container port. Photo by Charles Csavossy. Public Domain.
Long Beach container port. Photo by Charles Csavossy. Public Domain.

“The Biden administration,” Eric Garcia reports at The Independent, “is attempting to shift the blame for the nation’s current supply chain crisis at the feet of the Trump administration as the nation faces a series of problems with shipping.” White House Chief of Staff Ron Klain refers, in a tweet, to the traffic jam at US ports as “like many other problems we have inherited.”

Naturally, Trump’s having none of it. “COVID is raging out of control, our supply chains are crashing with little product in our stores, we were humiliated in Afghanistan, our border is a complete disaster, gas prices and inflation are zooming upward — how’s Biden doing? Do you miss me yet?”

Klain and Trump both omit the inconvenient fact that where actual policy is concerned — on COVID-19, on trade, on the economy, on Afghanistan (the one bright spot), on travel and immigration — Biden has thrown himself with gusto into serving Trump’s second term.

After four years of trade wars and 18 months of trashing various sectors of the economy in the name of “fighting COVID-19,” all while cranking up the fiat currency printing press and handing out fat stacks of money to all comers, the US government has attracted a flock of chickens home to roost their tailfeathers over the American economy.

Not real chickens, mind you. Poultry is in such short supply that WingStop has re-branded itself as ThighStop “to combat the volatility of chicken wing pricing.”

Ships are stacking up outside US ports, without enough longshoremen to unload them or truck drivers  to haul the cargo off to store shelves.  Health care workers are getting fired over, and Southwest Airlines pilots are conducting a wildcat strike over, vaccine mandates, even though Biden’s proposed OSHA rule has yet to actually go into effect.

In my January 19 column, I predicted that the Biden administration would be “business as usual, as usual.” I was wrong. It’s business as usual on steroids.

Government is always a drag on an economy. Every dollar it spends — after looting it from your paycheck or borrowing it in your name — is an “investment” in making us all poorer than we’d have been if left to run our own lives. Every rule it comes up with makes it harder for us to prosper.

Usually, however, we produce wealth faster than a Trump or Biden can steal it and blow it. Years of terrible trade and economic policy, combined with the eagerness of politicians to expand their power by currying and exploiting mass hysteria over COVID-19, have reversed that equation.

Government was always too expensive, but now we’ve reached the point where we clearly can’t afford it at all anymore. Not if we want to survive, anyway.

Thomas L. Knapp (Twitter: @thomaslknapp) is director and senior news analyst at the William Lloyd Garrison Center for Libertarian Advocacy Journalism (thegarrisoncenter.org). He lives and works in north central Florida.

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Raise Congressional Pay — and Tax the Rich

NYSE event and news ticker. Photo by Christine Puccio. Creative Commons Attribution-Share Alike 2.0 Generic license.
NYSE event and news ticker. Photo by Christine Puccio. Creative Commons Attribution-Share Alike 2.0 Generic license.

“Young investors have a new strategy,” National Public Radio’s Tim Mak reported on September 21:  “Watching financial disclosures of sitting members of Congress for stock tips.”

Under the Stock Act, members of Congress must disclose their own stock trades, and those of their spouses, within 45 days. One member of a TikTok investor community refers to US House Speaker Nancy Pelosi (D-CA) as the “queen of investing” due to lucrative trades made by her husband.

The obvious implication is that members of Congress often engage in “insider trading,” using information they receive pursuant to their duties, or information concerning the likely effects of upcoming legislation, to buy and sell (or have family members buy and sell) profitably and mostly with impunity (there’s an occasional ethics investigation, but seldom serious punitive action).

No wonder Congress is one of the wealthier groups in America. A majority of its members are millionaires, and their median net worth exceeds $1 million. And many of them seem to rack up a lot more wealth while actually serving in Congress (as opposed to before running for office) than the $174,000 base salary would account for.

There’s a way to fix that. Don’t hold your breath awaiting its adoption — the very members of Congress who benefit from insider trading would have to pass rules implementing it — but it’s still worth suggesting.

First, preemptively raise congressional pay: In addition to the base salary, generous allowances for dependent spouses and children (let’s say $50,000 per dependent). Not that $174,000 per year isn’t sufficient to support a family of four, but let’s head off any complaints about that.

Second, require members of Congress to put their FAMILY wealth into “blind trusts” so that they don’t know how the money is invested. Of course, congressional spouses aren’t automatically bound by congressional rules, but members could be given the option of convincing their spouses, or resigning, or being sanctioned by losing committee seats, being barred from leadership, or even being expelled.

Third, tax those blind trusts at a rate of 100% for all gains above and beyond the inflation rate. After all, the rich should pay “their fair share.”

Finally, forbid moonlighting. Congress is supposedly a full-time job. US Senators Ted Cruz (R-TX) and Elizabeth Warren (D-MA) should have to choose between serving in Congress and knocking down  book advances larger than their salaries, as both did in 2020.

Would these measures eliminate corruption in Congress? Not even close. Among other tricks, they’d still be able to sell their influence in return for cushy think tank positions or “private sector” lobbying jobs once they leave office.

But it would be a start. The goal here is for no one to leave Congress wealthier than he or she entered it.

Thomas L. Knapp (Twitter: @thomaslknapp) is director and senior news analyst at the William Lloyd Garrison Center for Libertarian Advocacy Journalism (thegarrisoncenter.org). He lives and works in north central Florida.

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“No First Use”: An Empty Gesture That Would Cost Nothing

Castle Yankee nuclear test, 1954. Public Domain.
Castle Yankee nuclear test, 1954. Public Domain.

“Debate on ‘no first use’ of nukes mushrooms in Washington,” Joe Gould reports at Defense News. “Five years after President Barack Obama turned back from declaring a ‘no first use’ as US policy for nuclear weapons,” Gould writes, “opponents say the Biden administration is considering it too, and warn that it risks alienating allies.”

Is it really a big deal for the US government to affirm that it will not use nuclear weapons first in any future conflict?

US Senator Jim Risch (R-ID) says it would signal prospective enemies  “that they can plan an attack and do whatever they want to and not worry.”

That argument might pass the smell test if anyone believed a word the US government said for public consumption, but the Washington foreign policy establishment enjoys no such credibility. The US does what it wants, when it wants, past commitments be damned, and no foreign power’s diplomats or generals (allied or hostile) are naive enough to expect otherwise.

A “no first use” proclamation, whether passed by Congress or simply announced by a president, would be the equivalent of an abusive husband buying flowers for his wife.

The flowers don’t mean he’s not going to throw her down the stairs the next time he comes home drunk, just like he did the last time and the time before that. Nor is she likely to take them that way. They’re just a nice, pretty, empty gesture.

Of course, the US government isn’t an abusive husband. It’s the world’s most powerful organized crime syndicate, and its nuclear arsenal is a key element in enforcing its global protection racket.

Like all such rackets, this one starts with a pseudo-friendly “nice country ya got there … be a shame if anything happened to it.”

And as with all such rackets, the implication is that if the victim doesn’t fork over whatever’s demanded, he can expect to get pistol-whipped or perhaps thrown through a plate glass window for starters, and eventually have his establishment burned down if he doesn’t play ball.

The maintenance of a nuclear arsenal of any significant size — that is, larger than a handful of “deterrent” weapons — covers all those bases. A supposed “no first use” policy wouldn’t diminish the actual or perceived threat in any way. It would just be a nice, unconvincing gesture. No big deal either way, so why pretend it’s a matter of weighty policy debate?

Thomas L. Knapp (Twitter: @thomaslknapp) is director and senior news analyst at the William Lloyd Garrison Center for Libertarian Advocacy Journalism (thegarrisoncenter.org). He lives and works in north central Florida.

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