Letter to the editor: ‘Bidenomics’ has learned nothing from past failures

Centrally planned economies are social welfare schemes predicated upon government intervention, regulation, excessive taxation, inhibited growth, inflation, currency debasement, deficit spending and trillions of unfunded liabilities. “Bidenomics” ignores the mistakes of the Great Society, just as the Great Society ignored the mistakes of the New Deal.

Job seekers, to the tune of 7,000, wait at the Navy Yard in Charlestown, Mass., for 25 jobs and a place on a work list April 3, 1939. “After eight years of this administration we have just as much unemployment as when we started,” FDR’s treasury secretary said in 1940. Associated Press, File

Legacy of the New Deal: The failings are best summed up by FDR’s own treasury secretary, Henry Morgenthau Jr., in 1940: “We have tried spending money. We are spending more than we have ever spent before and it does not work. … We have never made good on our promises. … I say after eight years of this administration we have just as much unemployment as when we started … And an enormous debt to boot.”

Legacy of the Great Society: The central planners delivered high inflation, unemployment, currency debasement, trillions of unfunded liabilities, stagnant markets, deficit spending and entrenched poverty. The Great Society, like the New Deal, tried spending its way to prosperity. Prosperity did not come; big government did.

Legacy of Bidenomics: Economic malfeasance that threatens our standard of living as well as our national security. A top-down social welfare state will eventually collapse. A state that does not secure its sovereign borders will do the same. Bidenomics combines the two policies that will guarantee our demise. Prosperity wanes as government expands.

Michael Ozga
Durham