The Economic Lies of Elizabeth Warren
There are few liars in the Senate as pathological as Elizabeth Warren. While this shouldn’t be surprising, what is most egregious is how she presents herself as a champion of common Americans while supporting policies that crush and enslave average Americans. Now she is deflecting any and all possibility of owning her harmful policies on economics and putting the blame solely on the Federal Reserve.
I am not a keen fan of the Federal Reserve, but it should be stated that the Federal Reserve doesn’t have as much monetary and economic power as sometimes portrayed by critics. Government policy, regulatory and fiscal legislation, as well as global economic conditions all contribute to our economic reality. It’s not just the Fed.
Warren is afraid that the Federal Reserve’s late-to-the-game anti-inflationary policies will cause a recession. What she doesn’t say, or anywhere acknowledge, is that the very policies she supports have had far more influence in harming our economy, leading to the economic stagnation and inflation we’re suffering under. This doesn’t even include the fact that we’re already in a recession.
High energy and gas prices are not the result of corporate price gouging as she has repeatedly claimed. High energy and gas prices are a result of logistical and infrastructural problems directly related to the Democrat attack on American energy and oil. We are underinvested in our energy infrastructure because of the Democrats desire to wage an all-out war on fossil fuel and take billionaire money for renewable energy investments that will not have any immediate help for Americans struggling with high energy prices anytime soon.
It’s not helpful to working-class Americans, as we head toward winter, to be looking for the positive benefits of solar and wind energy in the 2030s and 2040s when many Americans are struggling right now. But that’s where Warren’s head is at. Yet she has the audacity to claim she’s helping average Americans.
The astronomical spending of the Biden administration, supported by Warren, though sometimes critiqued as “not going far enough,” has done more to inflate and devalue the dollar than the expansion of the Federal Reserve’s asset balance sheet. The recent cancellation of student debt to qualified borrowers will pass the bill onto the taxpayers, working-class and middle-class Americans especially. Warren, however, wanted Biden to go all the way and cancel it all. Who, mind you, would benefit from this? The rich and not the working and middle-class Americans she claims to help who will foot the bill for the educational debt of upper-class Americans.
The fact of the matter is we are in a recession, an inflationary-induced recession, and Elizabeth Warren and her cronies are far more responsible for it than hapless Jerome Powell and the Federal Reserve, who have been caught flat-footed even though I, with just a B.A. in economics, saw the inflationary tsunami coming just like many others with basic economic comprehension.
While Warren presents herself as a crusader against the big banks, when actual challenges to the hegemony of big banks arise, as with Bitcoin and cryptocurrency, she attacks the challengers to the big banks and wants to prevent such challengers from offering new opportunities to consumers. In doing so, she protects the very banks she criticizes in the public eye. She plays a dog and pony show with her economic populism when the cameras are on but behind the scenes does little to change things. Her rhetoric is populist, but her actions reveal that she is in bed with the current financial regime.
Elizabeth Warren is the most deceitful politician when it comes to economic talk. If she were honest, she would acknowledge that her policies have caused a lot of the harm from which Americans across the country are suffering. But a “good” politician cannot do that. So instead, she still presents herself as a champion of common Americans everywhere while blaming the Federal Reserve, big banks, or American oil companies for the problems that she and her party have created and forced onto the American people.
If Elizabeth Warren wants to help Americans, she should support more investment in American oil and natural gas. If Elizabeth Warren wants to help Americans, she should support a balanced-budget amendment to the Constitution. If Elizabeth Warren wants to help Americans, she should advocate that her party restrain their current deficit spending levels. If Elizabeth Warren wants to help Americans, she should support a tax cut for American income-earners and vigorously oppose the expansion of the IRS which will assail working Americans more than any other group.
Will Warren do any of this? Of course not. She will continue to support policies that will make regular Americans suffer. And as they suffer, she will do her song and dance on the media and blame everyone else but herself. But the lies of Elizabeth Warren can only go so far. Eventually they will catch up with her and the Democrats.
Paul Krause is the editor of VoegelinView. He is the author of The Odyssey of Love: A Christian Guide to the Great Books, The Politics of Plato, and contributed to The College Lecture Today and Making Sense of Diseases and Disasters.
Image: Gage Skidmore