National Review and Fox News worked really hard during the last election cycle. These endeavors have apparently helped allow the somnambulatory Joseph Biden to wander his demented way into The Presidency with nary the loss of a bedroom slipper.
The first bone of the chicken to jab Fox News in the windpipe involves President Biden’s Rescue Plan for America.
All that Biden’s proposal does is stimulate Washington and many of the governments in blue states in America, which have lockdown governors who have bankrupted their own states. Casey Mulligan of the University of Chicago and I estimate that at least 4 million jobs would be destroyed by the Biden bill because all of the free money makes work less essential and — in many cases — less financially attractive than getting off the couch and working. That’s some stimulus.
The Great GNON needs to send out a memorandum to financial journalists. There is no free money. It all accrues interest and individual units thereof either retain or lose value based upon the size of the stack. There is no valid MMT. A currency that is issued without reference to scarcity of value cannot store any appreciable measure of value. Issue enough script without any significant augmentation to the value of the issuing economy and we might as well use it as napkins. An infinite M1 float issued against a finite economic value will mathematically approach a unit value of zero.
Oh, and then there’s the whole $15/hour Federal Minimum Wage. Fox bloviates as follows…
President-elect Joe Biden proposed increasing the federal minimum wage from the current $7.25 to $15 an hour as part of his coronavirus relief package announced Thursday night. Such a dramatic increase would exacerbate the devastating impact economic lockdowns are having on small businesses, while doing great harm to 10.7 million Americans who are unemployed.
This is a really bad idea. But it’s only really bad if you assume the Federal Government works for people grabbing at the bottom rungs of the economic ladder. No government has ever worked on behalf of these people. They use them instead. The poor never get to throw their weight around. That weight gets picked up and chucked at whomever the cartel de jure in power seeks to see suppressed.
This is also a somewhat salvageable idea if the government employed the same rational parsimony that we see with Federal Employee salaries. If 2 GS-13 level government workers work identical jobs, they will make differing wages unless they work them from the same geographical location. These salaries consist of a baseline plus a locality adjustment to account for varying costs of living in different regions of the country.
Do this with the Federal Minimum Wage and expensive places will have high minimum wages while affordable places will have lower minimum wages. Doing this also allows low wage labor to compete better with mechanization and under the table unskilled workers. It also keeps lots of people off the government dole. Those empowered by having a mob on the permanent dole will definitely direct Senility Joe to wage that fight for $15!
But all of these objections are just silly economic philosophy. None of it address the current Amerikan Realpolitik of Who, Whom. But #NeverTrump sure got Bad Orange Man. It was a sick burn. Fox News and all the other #NeverTrumpers helped lug the wooden logs and splash the kerosene when that particular warlock got set aflame and burned.
Now, these #NeverTrumpers have figured something out. Those folks pushing Joe Biden’s Official Campaign Wheelchair didn’t endeavor for free. They pushed a platform along with the Potemkin. That platform is no more tethered to sustainable reality than any other infantile Leftwing desire for Fweedom! Now the #NeverTrumpers want to take the clown nose off and leave Clown World before the Visigoth Holiday runs out of beer.
It doesn’t work that way. Once the Romanovs conveniently die, no exit remains for the useful idiots. They’ve rented a room at The Hotel California. They can check out any time they like. They can never leave. But they can be removed when their usefulness expires.
There just isn’t a reason to keep an idiot around once he stops serving a purpose. Then the #NeverTrumpers get asked the same thing The Leninists asked the followers of Kerensky. “Who selected you?” Then, the contemptible buyers’ remorse of #NeverTrump will not save any of them at all.