The Biden Economy | Andy Puzder
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“The Biden Economy”
Andy Puzder
Author, The Capitalist Comeback
This speech was given on February 22, 2023, during a Hillsdale College National Leadership Seminar, “America’s Uncertain Future.”
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Hillsdale College is an independent institution of higher learning founded in 1844 by men and women “grateful to God for the inestimable blessings” resulting from civil and religious liberty and “believing that the diffusion of learning is essential to the perpetuity of these blessings.” It pursues the stated object of the founders: “to furnish all persons who wish, irrespective of nation, color, or sex, a literary, scientific, [and] theological education” outstanding among American colleges “and to combine with this such moral and social instruction as will best develop the minds and improve the hearts of its pupils.” As a nonsectarian Christian institution, Hillsdale College maintains “by precept and example” the immemorial teachings and practices of the Christian faith.
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"I was skeptical about Trump but he proved me wrong. Trump is the much better choice between Trump and Biden."
-The greatest economist of our day, Thomas Sowell
Thomas Sowell is one of the greatest minds or our time.
Thomas Sowell™️ is Morpheus™️ 😎 💊
Also, Donald John Trump™️ is an absolute GENIUS. His greatest strength is that his enemies believe the caricature that they’ve created of Donald Trump. They believe he’s stupid. They believe that he’s a knee-jerk reactionary.
He’s brilliant, reserved, and VERY calculating.
@@alitlweird how much did he actually accomplish during his presidency? I think the one actual bright spot was his Supreme Court appointments. Other than that, he was outmaneuvered by his opposition at every turn. He couldn't even keep Fauci from shutting the country down and making everyone wear masks endlessly, right? Did he get something as simple as a wall built? Nope. Etc.
If he was a genius, maybe he'd have been able to get something done. (And "*reserved*"? Are you drunk?)
Thomas Sowell is a middling economist at best. He doesn’t publish for pros.
Wow! This guy sounds too smart to miss so much. "Pursuing Truth"??? Really!?
Paying more for less, in the biden era.
That’s because we are in an economic recession, and for the reason you mentioned; the government likes to change the definition of words. They did this with the word inflation, vaccine, immunization, unemployment, and currently the ATF is making a rule change to change what '“engaged in the business” as a dealer in firearms other than a gunsmith or pawnbroker' means.
....more please 🙂
He is right on!
At no time does a high demand plus a low supply ever create or increase Inflation. For one very simple reason. Where manufactured goods or services are concerned, any time demand out paces the supply, the supply is increased. That SHORT TERM supply chain issue NEVER lasts very long UNLESS it is being held in place by Government. Supply chain issues seldom result in even a minor spike in prices for the affected product. Simply because there are normally too many other options.
That's modern monetary theory, and it's simply not true. For one thing, in this particular case, we artificially restricted production (reducing supply) at the same time we increased the amount of money in the system (increasing demand.)
Supply chains and global production can't just spin back up again to previous levels on a dime after being forced to shut down for months on end. (For one thing, many of the businesses that make up parts of those chains didn't survive.) Even if they could, there is no possible way that they could increase production to match the increase in money during the pandemic. Pandemic relief printing increased the supply of money in circulation by more than 40%, and that doesn't include the massive qualitative easing we engaged in at the same time. No economy ever could hope to increase production fast enough to match that and avoid inflation and price hikes.
@@utah_koidragon7117 basic economics. Inflation is the direct result of it costing more to produce the same amount of goods. When it costs more to conduct business. So the business has to raise the prices they charge in order to remain in business. TEMPORARY shortages can and do get relieved. Yes, literally ANY supply issues can and does get resolved. Usually pretty quickly. Most of the time a supply issue is found and resolved without the Customer ever knowing there was an issue. Stores of all sizes have their lists of suppliers for the things they need to conduct business. They have contracts with those suppliers. It doesn't matter if the store in question is a little Mom & Pop market or a Walmart Supercenter. They also have lists of alternative suppliers for those same or similar items. For just in case something happens and their usual supplier fails to deliver. And most of those alternative sources would like nothing better than the chance to take over the contract to that outlet.
Prices fluctuate. When gas prices go up, everything that gets shipped any real distance is going to see a price hike. But that hike is not inflation. Because as soon as those gas prices start going back down. Or alternative shipping methods are enacted. Then the prices for those goods start dropping as well.
Supply chain issues only become a problem when Government steps in. Supply chain issues seldom effect more than a very few products at any given time. And usually only those very few products from a very limited region. Oh dear, Mexico is having some issue with manufacturing disposable cameras. Make a few phone calls and you'll have all the disposable cameras you need by the time you need them.
Not a big deal.
Then you get Government Interference. That's where you have dozens of bulk freight ships sitting at anchor just off shore. The ports were not closed. They had the docks ready and the manpower on hand to unload those ships. They had the trucks waiting to pick up the containers to haul them all over the Country.
And they had hundreds of pages worth of regulations to make absolute certain no domestic producer for those goods opened a business.
Printing more money only really makes any difference depending on how easy that money is to get. Going to the grocery store does not equate to shopping on ebay or attending a public auction.
Supply and Demand. How much money you have doesn't matter if there's nothing to buy. Passing out 'Free' money will only effect the supply if they stipulate reduced production in order to get the 'Free' money.
Basic Business Common Sense. If your customer base actively want your product. And your customer base have an increase in spendable cash. You increase production to attract more sales. Raising prices NEVER results in higher profits. Because the higher the price equates directly to the fewer the sales.
@@draconusspiritus1037 that is so wrong it hurts my feelings.
@@utah_koidragon7117 you yammering about it being wrong does not make it wrong. All it does is show your ignorance on the matter. Look at the top rated College level textbooks on Economics and you'll find that each and every one of them were either based all but exclusively on Marxism. Or were inspired by works that admitted openly to being based exclusively on Marxism.
Marxist policy on the marketplace is Government Intervention (interference) being required to address abuses and excesses in the marketplace that are physically impossible without Government Intervention (interference).
That's possibly the most deliberately disingenuous analysis of our current inflation crisis that I've heard, which is a real accomplishment.
The ONLY reason we are seeing high inflation rates right now is because of our pandemic policies- namely, the economic shutdowns that were imposed across America and many, many other countries, combined with an absolutely insane increase in the money supply. The pandemic relief funding alone increased the M2 money supply by more than FORTY PERCENT. Even if we hadn't shut down any production and hadn't disrupted global supply chains, but only increased the money supply by that much, we'd be seeing catastrophic inflation rates.
But of course, we DID shut down production at the same time we printed all that money. And the idea that the global economy would just fire right back up into full production once the shutdowns were lifted is- not to put too fine a point on it- stupid. And the insinuation that production hasn't recovered because people don't want to go back to work is insulting. The fact is that a LOT of small businesses who employed people were driven out of operation permanently by pandemic measures- there are empty buildings everywhere that used to host restaurants and other businesses that employed people, and they aren't coming back.
I don't favor Biden's politics or policies, and it's true to say he's poured fuel on the fire- he continued pandemic relief money printing, his energy policies are counterproductive to reducing inflation, as is his tuition forgiveness scheme, and his Ukraine warmongering hasn't helped, either. But there is no policy that would allow us to avoid the economic consequences of shutting down a productive economy for months on end and printing trillions upon trillions of dollars basically overnight. Inflation is one of those consequences. And Trump is the one who set us on that path- he's the one who oversaw the economic shutdowns, and he's the one who started the pandemic money printing.
What a joke. Blaming Trump for a Democrat/WEF engineered destruction of the economy.
Yes, astute comment. Both Trump and Biden deserve blame for the inflation crisis (along with Covid obviously).
It's malicious intent
Andy Pudzer, Secretary of Employment 2025!
Banks closing never a good sign . 1ST REPUBLICAN BANKS as of May 1 2023 closed 100 branches. YIKES!
Fear fear fear fear fear
Woo, the former CEO of CKE Restaurants is in favor of union busting and rich man tax cutting. How odd...
Trump can come tomorrow and the economy will boom
27th, 30 April 2023
Why was my economy not
People are beginning to realize that it doesn't pay to earn more money to increase their standard of living if, IF they can rely on the government to support them.
So they just get pregnant and stay stoned. 🤠
The fact that you are saying women are just getting pregnant to be lazy…. And then saying stoned in the same sentence… That’s horrible and just plain wrong-coming from a MILLENNIAL WHO IS A MOM WHO WORKS OVER 50 hours a week. Get out into the real world- you are living in a made up one to say that comment.
Many more people retired during the pandemic than was expected. There are more retirees in this country now. If you want to be mean but more accurate then say something like BOOMERS THAT RETIRED EARLY SHOULD GO BACK TO WORK. I don’t believe that, but if you want help being correct, there you go.
@@FamilySecret-NC Did I hurt your feelings, darlin'?
(I better put that on my bucket list.) 🤠
First few minutes I learn he can’t remember anything and then I have to imagine being ignorant enough to say “the oceans being lukewarm yearround is no biggie…”
Then he admits he doesn’t even make his own PowerPoint.. this boomer is out of touch with the world and technology.
Then he said Trump gave us income equality?? The man who gave us a 2 trillion dollar deficit by cutting the taxes paid by the richest??
This whole video is insanely incorrect. If you are looking for something academic don’t bother with Hillsdale College- I can’t believe how awful their speakers consistently are!
Tax cuts hit the poorest and the middle-class too. The economy was also booming under his administration. As for the deficits, they had more to do with spending than receipts.
What economy biden hasent got a clue go trump
I REALLY hope the black community wakes up.
Why do these 15 min shorts feel like clickbait?
The link to the full presentation is in the description.
President Biden is just like having Jesus as President.
You’re a looney
You might be the only human being on planet earth that confuses Jesus with Satan.
The only thing Jesus and Biden have in common is they're older than sliced bread.
cultist.
@@earlgrayman982 Whom?