Our Economy Drifts Away Like Biden's Busted Gaza Pier
Submitted by QTR's Fringe Finance
If you're reading this, you've likely lost all hope for fiscal responsibility from the current administration, and possibly from the country as a whole. The Biden administration's approach to spending seems to be "let's max out the credit card on a massive spending spree."
This reminds me of Michael Jackson in the documentary Living With Michael Jackson, where he enters a highly expensive Las Vegas antique store and buys every item he doesn't already own. Similarly, the trillions in tax revenue the country generates is dwarfed by the speed at which the Biden administration spends. Our national debt to GDP ratio is at record levels, surpassing those that have bankrupted other nations in the past.
The Nation's Spending Habit
Our spending has become so reckless that the Biden administration is considering taxing unrealized gains, a terrible idea that could ruin what's left of the economy. This spending spree is akin to buying unnecessary items like bronze gargoyles or $89,000 emerald chess sets. We're spending hundreds of billions on foreign countries, unaudited, to help them fight wars, we're subsidizing EV charging stations, and we're bailing out university students from their debt.
The $320 Million Pier
Perhaps the most egregious example of our spending carelessness is the $320 million pier the Biden administration built in Gaza to supposedly aid Palestinians. Despite the confusion over which side of the Israeli-Palestinian conflict the administration supports, this pier didn't even last two weeks before being washed out to sea.
Failed Economic Policies
As I watched headlines about the drifting pier, I was struck by how it symbolizes our nation's failed economic policies. The discrepancy between the meticulous planning that goes into collecting tax revenue and the lack of planning in our spending is baffling. We scrutinize small transactions, yet we lose track of massive sums of money and shrug off failed projects.
Accountability and Consequences
In the tradition of our nation's fiscal policy, no one will be held accountable for these failures. The contractors who likely overcharged the government for the pier project are probably enjoying their profits on the beaches of Tel Aviv.
The Future of Our Economy
With the Federal Reserve caught between inflation and a looming economic depression, and the dollar's reserve currency status being challenged, our reckless spending seems to have reached "end of Empire" levels.
Final Thoughts
Every day, we see countless examples of government spending inefficiency. But the image of the $320 million pier drifting out to sea stands out as a stark reminder of our nation's failed economic policies.
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