Classical economics breeds greed
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John Texeira's letter ("Bidenomics led to inflations, increased costs," Nov. 9) is an attempt to gaslight us about how our economy is doing. Inflation is down to about 3 percent. Europe is still dealing with 8 or 9 percent. Much of the inflation we have now is price gouging. We are at near full employment, and the experts say we need about 1 million immigrants a year to keep up.
It wasn't Bidenomics that caused this inflation, it was Putin of Russia and M.B.S. of Saudi Arabia agreeing to cut oil production because they both hate Biden and want Trump back in the White House because he is an authoritarian like them. And they are doing it again just in time for the next election.
It's true that the national debt is $33.6 trillion. But this isn't Biden's debt, it is Trump's. Trump spent like a drunken sailor on leave and the GOP-led Congress aided and abetted. Just use Google to look at the GDP since 2000.
Conservatives and corporations have been enamored with the laissez-faire philosophy of governmental noninterference in business since Jefferson brought this idea from France. This idea was fleshed out by Milton Friedman and won him the Nobel prize in 1976. It came to be known by Classical or Chicago economics or as George H.W. Bush called it "Voodoo economics." Augusto Pinochet of Chile hired Friedman to set up his economy. It was a disaster there as it has been every time it's been tried. Reagan took us off of Keynesian economics and put us on this "Voodoo" economics, which has been a 40-year Ponzi scheme that has wiped out half of the middle class while creating a billionaire class that buys Supreme Court justices and politicians at will.
Bidenomics is just a return to sensible Keynesian economics, the economics that brought us and the world out of the Great Depression after laissez-faire caused it. Classical economics has a fatal flaw: greed. When there are no governmental controls, greed takes over. Even Greenspan admitted as much after the 2008 economic meltdown.
Dan Dennis
Orcutt
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