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Rob Shouting Into The Void's avatar

I’ll be the first to admit that I ‘m shocked at Biden, like so many others, I assumed he’d continue with politics as is (aka continuation of Obama). I really didn't expect him to do what he did. But a much more important question is what will happen when Republicans consolidate their hold on the House/Senate and State Houses. The so called minority/majority governance model (aka South Africa) In the short term I expect they will simply block everything the Democrats propose.

Longer term is the next presidential election. Will the GOP candidate be a Trump wannabe or even Trump himself or someone who models himself on Brazilian president Jari Bolsonaro. Right on culture wars, left on economic issues.

The big unknown is how far state Republicans will go to block the Dems from winning the next presidential election. Scorched earth is what comes to mind.

Keep up the good work really enjoying the newsletter!

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Don W's avatar

The comment, "perception that progress for the average American had stalled" after the personal income graph clearly shows a steady up trend may highlight the real issue of the difference between perception vs. reality.

Your conclusion "Thus it was clear that the Reagan policy program of tax cuts, deregulation, and welfare cuts wasn’t working" is also a perception, but doesn't appear to be supported with facts. Almost any measure shows regulations have never dropped. The closest they came to a drop was staying flat:

https://regulatorystudies.columbian.gwu.edu/reg-stats

While there are regulations that are absolutely essential for our health and safety, there are too many others that seemed like a good idea at the time but have either outlived their usefulness or have had unintended consequences. It's been too long since there has been a focused effort on stripping out regulations to make government and our country more efficient. Even though Trump made a big show of cutting regulations, he still supported growing government in his other pet areas.

IMO a big reason why growth has slowed is due to a major regulation that has cut off funds from the small businesses that are responsible for most of the job growth, Dodd-Frank. As a small business owner I know this significantly reduced my opportunities and I know many others who agree. That's just one example of a regulation gone bad. I'm sure others can add many more to the list.

So here's what I don't understand. The system as we know it has been developed and directed by continuous increases to the size and scope of government. Now, public opinion seems to have decided that that system doesn't function as it should and needs to be overhauled. Bidenomics says we now need more government involvement to make it all better. Doesn't it seem the opposite is more likely what we need?

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