Biden’s Economic Quagmire Calls for Leadership Change

With the economy in shambles, inflation soaring and national debt ballooning, President Biden’s attempt to buy reelection by dispensing the national treasury and forgiving billions in student loans is perplexing, especially given his approval rating hovering around 30%. The paradox raises the question: why would any Americans continue to support his administration and their policies amidst a recession and bleak economic outlook?

It seems some Americans avoid reevaluating their stances, perhaps fearing changing their minds would imply past mistakes. This reluctance to adapt or reflect on historical lessons is troubling. Instead, everyone should consider the economic trajectory and reflect on historical precedents.

In the 1930’s, people were shocked that an effervescent economy could stall so woefully. As one contemporary observer put it, “It seems indeed strange that in the very midst of apparent health and strength, the whole country could suddenly come to a dead stop and be unable to move forward, and that we should suddenly wake up from our dreams of wealth and happiness and find ourselves poor and bankrupt.” Titan, Ron Chernow p. 57, quoting Stampp, America in 1857, p. 231

Historically, recessions stem from governmental failures to foresee and manage economic crises.

Since 1785, America has suffered fifty-four recessions, not including the most recent COVID-19 downturn. The shortest, the Panic of 1792, lasted two months, while the longest, the Panic of 1873, dubbed the Long Depression, lasted alternatively five years and five months to twenty-three years, concluding in 1896 and was largely the result of the post-Civil War speculative bubble, the Coinage Act of 1873 depressing the price of silver, the Great Railroad Strike of 1877 and economic problems in Europe.

President Grant’s tenure during the Long Depression exemplified how leadership affects economic recovery. Grant, known for his unwavering sense of purpose and ability to delegate, struggled with economic issues due to his lack of business experience. Despite his efforts to uphold civil rights and preserve the Union, his administration’s economic mismanagement prolonged the depression because he could not overcome his lack of business acumen.

The progressive political activist and pioneer muckraking journalist Henry Demarest Lloyd, reflecting on John Adams’ riddle to Thomas Jefferson in 1819, concluded that “Liberty produces wealth, wealth destroys liberty,” and the noble experiment of American democracy was being undermined by businesses that had grown more powerful than the state and controlled its elected representatives. A shallow conclusion based on social issues rather than economic.

As Americans prepare to vote this November, the contrast between Biden and Trump is stark. Biden’s tenure has been marred by the mishandling of Afghanistan, inflation-induced wage reductions, inadequacies of “Bidenomics,” and the southern border disaster and crisis. These issues eroded public trust and hope for prosperity.

The economic outlook under continued Biden policies would be a further disaster. Inflation remains high, eroding purchasing power and living standards. The national debt, already at unsustainable levels, threatens future economic stability. Biden’s reliance on expansive fiscal policies, government spending and the distribution of our petroleum reserves to stimulate the economy raises concerns about long-term fiscal health.

In contrast, Trump’s focus on deregulation, tax cuts and a pro-business agenda led to robust economic growth and record-low unemployment before the pandemic.

These policies fostered a favorable environment for business investment and consumer confidence, driving economic expansion. The question for voters is whether to revert to a proven business leader with a track record of economic management … or to continue with an old-style tax-and-spend politician whose policies have yet to yield any positive economic results.

As Ronald Reagan once said, “Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.” This encapsulates the current administration’s approach, which may ultimately stifle economic growth and innovation.

Americans must contemplate the economic future they desire for themselves and their children. Electing a leader with proven business and economic management skills is imperative to navigate the current economic turbulence.

The November election is a critical decision point for the nation. With the economy at a crossroads, it is crucial to choose a leader capable of steering the country toward prosperity. The lessons of history and experience suggest that a return to sound economic management and business acumen is necessary to secure a stable and prosperous future for America.

Appointed a U.S. Federal Judge and serving the Court in Richmond, Virginia, Elliot M. Kaplan now consults formulating and managing strategies in litigation, legislation, and regulatory matters.