2020.11.07 07:56
Joe Biden economic plan: What Biden would mean for the economy,
your finances and another COVID-19 stimulus package
https://www.usatoday.com/story/money/2020/11/07/next-president-joe-biden-economy-growth-stimulus/6151943002/
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Income inequality is the major threat to capitalism. It justifies communism.
Free market allows the winner to take all. If it does, the winner's assets become worthless.
The economy dies and people starve. It happened in Great Depression.
The haves have to pay more taxes for their own survival. Minimum wage has to be
raised at least by the inflation rate. The inflation is inevitable by the design of capitalism.
The federal budget has to be balanced. Rampant government borrowing to pacify constituents
will cause excessive inflation and destroy the economy. Borrowing should be limited to the
government's ability to pay back through revenue that is dependent upon the growth rate
of economy.
Stimulus money that was infused during 2008 Great Recession was recovered more than expected
and the federal reserve board regrets that they could have done more. The money that the government
is pouring into the economy now is thought to be recovered after corovirus pandemic. Federal reserve
board is very bold because of the experience they had during 2008 GR.
There is a big assumption on this. The whole country and the world assume that COVID19 will be
under control sooner or later and the economy will get back to normal. If not, then what? I don't
want to think about it.